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Term life with a twist

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In an effort to meet the needs of people who shy away from term life insurance because they think they may never need it, ING has introduced a return-of-premium term life policy. Designed to act like traditional term – with a fixed death benefit, level policy premium and predetermined length of contract – ROP term allows policyholders to get back what they’ve paid, minus flat extras.

Unlike traditional term, this policy builds cash value, which, ING says, will equal the full amount of premiums paid if the policy is kept for the length of the term. Two ROP options are offered: basic and enhanced. Other features include the following:

  • Conversion option to a cash-value policy up to age 80
  • Reduced paid-up benefits
  • Six underwriting classes
  • No policy fee
  • A loan feature, which provides the ability to borrow from cash value
  • Guaranteed level premium for 15, 20 or 30 years

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