If I have a 10 year term life insurance policy and don't use it can i get any of my money back?

Question

10 yr. term will be 10 yrs next month

Answer 1

Is it a return of premium policy?  If not, no.  Just like when you buy a lottery ticket, if it doesn't come in, you don't get your money back.

Term insurance is super cheap, because it's PURE insurance.  If you buy the return of premium insurance, it's much more expensive - if you invest the difference, you'll come out ahead.

Answer 2

With life insurance, you will never get the chance to use it, whether you live or die. It will only pay a death benefit to your beneficiary when you die.

Term insurance works like car insurance. You pay premiums for income protection. You will never get any money back from it.

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Answer 3

Not unless you added a return of premium rider when you first got your policy.

Term Life insurance (same as car insurance) won't give you any money back (unless specified as a rider or benefit).

Answer 4

No.  Unless there is a return of premium rider on the policy.

Answer 5

You’re not going to “use” life insurance an any event. It is only useful if you die. Only your beneficiary could use it to pay for expenses you leave behind, such as a funeral, and to replace your lost income, if it is important for them to have it. I suspect you would know if you had a return of premium rider, but review your policy or ask your agent just in case. If you do, then you get money back. If not, then no. This is the problem with term life insurance. It is cheap, but unless you die during the term, the money just disappears. In addition, each time your term life policy expires, it will be harder and more expensive to get another. If you develop a serious disease, such as cancer or heart disease, during your term you might become uninsurable when it comes to an end. This is why many people recommend permanent life insurance, such as whole life or universal life. With them, you are insured until death, period, no matter what happens in the future. Permanent life insurance is much more expensive, but it also accumulates cash value. The amount is small, but it is guaranteed. To those who say to buy term life and invest the difference, ask if the words Bear Stearns mean anything to them.

Answer 6

No.  That's the nature of term insurance - it doesn't build any cash value, but the premium is much lower than whole life.

Answer 7

Nice try my friend.

You can generally cancel a policy anytime and be refunded a PRO-RATA amount on the balance of time of the policy.

Since it expires in a month, you'll get back very little.

The reason why people get insurance is to insure against a unforeseeable event. If the event doesn't happen, you protected what you have successfully (in this case, your life), and the insurance company keeps all the premiums for taking on the risk of potentially having to pay your beneficiaries a considerable sum of money.

Answer 8

No.  It doesn't work that way.

Answer 9

based upon your situation,I think you should find something useful here.http://lifeinsurance.online-helpers.info...

Answer 10

No you won't receive a penny back unless you paid a little extra for a Return of Premium rider. A term policy is a pure insurance policy- there is no "savings" attached to it. You are covered for the length of the term in case you die. It was not intended for the insurance to make any more money from the policy than that which you pay each month. Had it been a "cash value" policy or whole life policy, the company would have made a lot of money off the "savings account" attached to the policy. That is why agents and companies push those products so much- to line the pockets of the agents and the companies.

I'm just wondering why your agent set you up with a ten year term rather than one longer.

FYI:  Unless you cancel in the first 30-90 days the pro rata thing DON"T work, except maybe with whole life products. With term you get what you get- straight, pure, true insurance. You pay the company and they pay your beneficiaries when/if you die. THAT is insurance.

Answer 11

No.  Term only pays at death.  Whole life policies can have a cash payout if you discontinue the policy.

Answer 12

It may depend on your age if you are old enough you could settle policy in a secondary market.  If that isn't a realistic option then there may be value of  converting the term to a permanent product.