Return of Premium riders – Getting your Money Back from an Insurance Policy

If you’re like most people, you probably don’t like paying for insurance. After all, you only get to use Critical Illness insurance when you get sick, and Disability insurance after you’ve been hurt. Neither of those scenarios is desirable. While Critical Illness and Disability insurance can certainly protect you against these potential risks, both these types of insurance can also provide you with Return of Premium riders. These riders are essentially additional benefits that you can add (for a cost) to your insurance policies. In the case of Critical Illness insurance, a Return of Premium rider will allow you to get a full refund of all your premium payments, if you never get sick and use the insurance over the lifetime of the policy. With Disability insurance, a Return of Premium rider will allow you to get a refund of up to 50% of your premium payments at the end of every 7th, if you never get hurt and use the insurance. Adding a return of premium rider to these types of insurance might help make the idea of paying for insurance a little easier to stomach. If you’d like to know more about Return of Premium riders, please let us know and we would be happy to help.