Return of Premiums

Return of premium riders are available from many insurance companies on certain types of insurance contracts. Return of premium was first available on life insurance coverage.  The return of premium rider or feature is a provision that ensures all premiums paid by the insured individual is paid back to the policy owner if a claim was not made at the end of the contract or specified time period.

This return of premium rider has made the sale of disability insurance in Canada easier.  

Individuals should base the amount of disability insurance required not by taking into account a return of premium rider, but rather by a needs analysis. It is important to note that premiums for disability illness insurance will be significantly higher on policies that have a return of premium. 

Return of premium can offer individuals both, a return of the full insurance premiums paid, or a portion of premiums paid, depending on the insurance return of premium rider selected.

Return of premium can be repaid at withdrawal or expiry and in some cases at death. 

In most cases, the return of premium feature returns 100% of all insurance premiums paid into the contract after a specified period of time or at a certain age provided you have not made a claim for benefits during that time.

Individuals and families should discuss their insurance needs with an experienced life insurance agent. Disability illness insurance coverage and premiums differ from insurer to insurer. Ensure you compare pricing and features with a few insurers. Always deal with reputable and experienced financial and insurance specialists. 

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