At Illinois Mutual our focus is on providing first-class service and financial stability to our policyowners and agents. Yet, throughout our nearly 100 year history we have never lost sight of the importance of constant innovation and improvement. As a leader in the life insurance industry, Illinois Mutual was one of the first companies to introduce the revolutionary Return of Premium Term Life Insurance product almost ten years ago. This product is a combination of traditional term insurance and a rider that provides a return of all premiums at the end of the term period if the insured is still living. It has been one of the Company's most popular life insurance solutions since it was introduced and continues to be today.
Most Americans understand the need for life insurance and recognize term insurance provides an affordable solution and death benefit for their loved ones after they are gone. Many people are accustomed to paying auto or home owners insurance premiums with no opportunity to receive a return of premiums but our Return of Premium Term Life Insurance offers a departure from this custom that has been overwhelmingly well received by our customers.
The cost for this product is affordable which surprises some because it is so innovative. For a regular return of premium 20 year term policy with a $100,000 death benefit, a 35 year-old male would pay $340 per year and receive a return of all premiums paid totaling $7,188 at the end of the term period. It’s a solid product with a win-win solution—protection if you need it, a return of premium if you don’t.
While shopping for life insurance, be sure that you take time to research the options available to you and find an agent that will help you target a product that will be meet your needs of affordable coverage. Return of Premium Term could be an excellent choice for you and your loved ones. It's another sign of Illinois Mutual’s innovative approach to meeting our customers' needs.