Is Return of Premium Life Insurance a new product? Does anyone know anything about this? My gut tells me it's a great deal for the insurance agent, but not so great for the client. I plan to stick with term, but my agent keeps talking about this ROP.
Also, I am 39; my DH is 41. Our youngest is only 2 months old. Want to know if we should get DH a brand new 20 year policy with double the coverage and scrap old 20 year policy that has 16 years left. Or just add a second 20 year policy with the same amount of coverage as the first. A brand new policy will be about $300 per year more than two separate policies. I really don't know how to decide if it's worth it for 4 extra years of coverage.
For me, it was actually cheaper to scrap mine and get a brand new one for double the amount. That is a no-brainer.