The decision to purchase life insurance is often a simple one when you have loved ones who depend on your income. After all, it's important to ensure that your family has what it needs financially after you die. But while life insurance may seem like something you buy primarily for the protection of others, that's not the only reason to purchase coverage. For example, your life insurance could also benefit you while you're alive.
For example, you may be able to add a return of premium rider to your policy. That way, if you outlive your policy's term, you can receive a refund for some or all of the premiums you paid while your policy was active. Let's say you purchase a 20-year term life insurance policy while in your 40s. That policy has $300 monthly premiums and includes a return of premium rider.
Source: Insurance Report (insurancereport.net)
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