Return Of Premium

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 16, 2021

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Many companies offer a return of premium option at an additional cost. In effect, this addresses a possible concern that you might die before you collect a portion of the benefit equal to the premiums paid. A death benefit is paid to the beneficiary of your choice, equal in amount to the premiums you paid less the benefits you received, if any. In some policies only a proportion –such as 90% of excess premiums — would be returned. In some policies, death must occur before a certain age such as 65 or 70. Also, there may be a minimum number of premiums to be paid before the return of premium feature is payable.

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