NU Online News Service, April 25, 2005, 3:40 p.m. EDT

The Lincoln National Life Insurance Company, Philadelphia, has introduced a term life insurance policy that offers refundable premiums.[@@]

Lincoln’s new ProTerm product permits clients to buy term life insurance for a specific period of time and get all of their money back at the end of the term. Even policy owners who surrender their policies early can receive premium refunds, Lincoln says.

The return-of-premium option is a rider on the policy, which carries terms of 15, 20, 25 and 30 years.

For example: a client who elects a $500,000 30-year term policy with the return-of-premium option would pay an annual premium of $1,215 and receive $36,450 ($1,215 x 30 ) at the end of the term. If the client decided to surrender the policy early (for example, at year 20), he would still receive a return of premium payment of $10,449.