While insurance isn’t exactly rocket science, one may still have to wade through a number of parameters before arriving at the right policy. And that, lately, is the term policy – the one that’s time-bound.
Many lean towards the term policy since it’s probably the least expensive, but there’s one more option that is looked upon with doubts – the ROP life insurance. ROP stands for return of premium, and that’s what exactly happens at the end of the insurance period – you get back every cent of the premium you paid.
So what’s the catch? I personally see no ‘catch’, other than the fact that the ROP costs a little more than term. Then again, compared to getting nothing back out of a term life, it’s a great deal to get back all the premium. Which only means you got the entire coverage over the years for free.
