Phoenix Companies Inc. has introduced an optional benefit that could pay some term life customers a large cash benefit when the term ends.[@@]

Phoenix, Hartford, will be marketing the new Phoenix Return of Premium Option rider to purchasers of Phoenix Protector Term policies with 10-year, 20-year or 30-year terms.

Beneficiaries of rider purchasers will get the normal death benefit if the purchasers die while coverage is still in effect.

If purchasers live to the end of the term, they will receive a refund of all eligible premiums paid for both the base policy and the return-of-premium option, Phoenix says.

A typical male, 45-year-old policyholder might get $68,100 back when the term of a 20-year policy ends, Phoenix says.

Purchasers who convert to a permanent Phoenix policy within the first 3 policy years will receive a supplemental credit equal to all the eligible premiums previously paid for the return-of-premium option, Phoenix says.