How does money back policy work in Brampton?
Money back insurance policies seem attractive! Want to know what they are, how they work and how they can benefit you? Read on to find out!
The money back policy is another name for the “Return on Premium” rider which is slowly gaining recognition in the insurance world as a beneficial product. Why is it getting popular? Because it offers the two things people need from a life insurance policy:
✔️Adequate coverage
✔️Money back after the end of the policy
Harpreet has been more than an Insurance agent to us. She is very empathetic and understanding. She tries her level best to meet the clients expectations. I trust her advise and have my full faith in her that she will guide us to the right direction when it comes down to investing money in the right insurance policies. She is truly amazing!
Nadia Nazeer
Since it isn’t a very well known option in the market, many people tend to miss out on the benefits. An insurance advisor could actually help you in such cases. They are well aware of the plans and can suggest one which suits your requirements as well as benefits you the most.
Consult Harpreet Puri with a simple call and get the best money back policy plans available!
How does a money back policy work In Brampton?
Money back policy is a rider which is added to a general term life insurance policy. To explain how this rider works, we will first look into how a term life insurance works.
Term life insurance has a very simple working process. Once you have decided what kind of policy you are looking for and have optimized the number of years, coverage and other aspects according to your needs, you will need to start paying a premium amount. This premium will contribute towards your final benefit amount.
The benefit amount will be received by your family only upon your death. If you outlive theterm of your policy, it will simply terminate without giving you any amount in return.
These policies usually last for a pre-determined period.
The problem with these policies was that people usually tend to outlive them. While that is a good thing, the policy takes up a large amount in premiums and can cause financial strain.
The “money back policy” option has changed this and given the insured an option to get all their money back even if they live! It is a win-win situation!
For example, if Mr.A pays $50 for premium every month for say a 20 year period, he would end up paying a large amount finally towards a small payout. If he manages to outlive this period, he would end up getting nothing with a term life insurance.
Now, if Mr.A had added a Money back policy rider to his insurance policy, he would end up getting the premiums he paid, with the amount spent on the rider option and also the benefit. At just a little extra per month, Mr. A could get the full benefit of the policy!
How does money back insurance policy benefit you and should you get it?
- Get your death benefit whether you die or not
- The premium is refunded
- Adds to monthly savings
- They have cash value and can be used for loan purposes
The money back policy is very beneficial and can prove to be a blessing during hard times!
Find the right money back policy for you with Harpreet Puri! Call now!
Looking for right money back insurance policy?
Call me now
