Unlike health insurance premiums that are increasing at an alarming rate, life insurance premiums are enjoying significant rate reductions due to improved overall health and increased life expectancy.
Because of this, existing policies, especially those more than three years old, should be reviewed to make sure you are not overspending. Just like refinancing a home mortgage to get a better interest rate and lower your monthly payment, we work with you to source the best life insurance carriers and provide you with a free cost comparison to see if money can be saved if you qualify.
At OFM Benefits Consulting, we focus on the following life insurance products:
- Guaranteed Level Premium to Age 100 (Protection for the rest of your life)
- Term Life Insurance (Specific protection for a specific period of time)
- Return-Of-Premium Term Life Insurance (the “New Term”)
The “New Term”
The problem with term insurance is that people just don’t think they are going to die while the policy is in force. Statistically speaking, most of them are correct. They will outlive their policy and get nothing in return. The reason for the recent popularity of Return Of Premium Term Insurance is that when you don’t die during your term, all of your premiums are returned to you tax free.
A 35-year-old female in excellent health approaches OFM Benefits Consulting requesting quotes on a $500,000 30-year term life insurance policy. We source our best carriers and here are the results:
|Regular Term Life Monthly Payment:
|With Return Of Premium, her monthly payment:
|A difference of:
|Her Return of Premium Amount (a tax-free check)
at the end of 30 years:
If you would like a free life insurance quote or policy review, click here to complete our quick Life Insurance Quote Form or call 888-293-7923.
*Quote example based on actual Preferred Term Plus ROP rate from our most competitive, A+ rated life insurance carrier, dated August, 2007.