Typical term life insurance policies typically do not return the premium at the end of the term, according to the New York State Department of Financial Services. However, there are return-of-premium term life insurance policies that do so for additional fees.Know More
Term life insurance policies pay out the sum insured to the beneficiaries only in the event of the death of the insured, states Tim Maurer for Forbes.
If the insured person lives beyond the term period, the insurer does not have to pay the insured person any money, not even the premium paid, explains the New York State Department of Financial Services. However, the return-of-premium term life insurance policies return the premium you paid to the insurer at the end of the term of insurance. These return-of-premium policies either have a rider added to the term insurance policy, or the return is built into the policy itself. The cost for the return-of-premium term life insurance policies is greater than that for the pure-term life insurance policies.Learn more about Insurance
The main difference between term and whole life insurance is the length of the policy. Other lesser differences include the price, cash value accumulation and the length of the premium guarantee.Full Answer >
Life insurance policies are designed to pay beneficiaries pre-determined amounts upon the policyholder's death, but some policies accrue cash value during the policyholder's lifetime, made up of a portion of the premiums paid, according to Investopedia. The cash value can be borrowed against, be used to pay policy premiums or even be used as a tax-sheltered investment.Full Answer >
Although you can exchange one annuity for another annuity, Nasdaq reports that you cannot exchange an annuity for a life insurance policy. However, you can exchange an existing life insurance policy for an annuity.Full Answer >
Consumers should contact the customer service for Pioneer directly to find out if the policy is active, recommends the National Association of Insurance Commissioners. The covered person's name, Social Security number and state where the policy was purchased may be necessary to recover the lost policy.Full Answer >