The Phoenix Companies Inc. has introduced a return-of-premium option for its term life insurance products.[@@]

The living benefit rider offers refund of premiums at the end of the term period, income tax free, according to Phoenix, Hartford.

The benefit is aimed at clients who want to get some value from their policy if they no longer feel they need life insurance, the company says.

The rider is available to clients who buy Phoenix Protector Term coverage for 10, 20 or 30-year periods. The client pays guaranteed level premiums for the term selected and, if still living at the end of the term, is guaranteed a refund of all eligible premiums paid for both the base policy and the return-of-premium option.

The option also allows clients to convert to a permanent Phoenix policy within the first 3 policy years and receive a credit for eligible premiums paid for the return-of-premium option, the company says.