I purchased a term life insurance policy in Laurel, MD, which has expired. Shouldn’t the company refund some of my money since no claims were ever filed?

When you purchase a term life insurance policy in Laurel, Maryland, you are buying life insurance for a specific amount of time. If you should die during that period of time, and have paid your premiums according to the terms of the contract, your beneficiaries will be able to collect the face amount of the policy. You are covered from the day the policy is issued until the day that it expires.

Many term life policies can be twenty years or even longer in length. If you are fortunate enough to remain alive and in good health when the policy expires, you should count your blessings. But, normally, you should not expect to get a refund because you did not exercise the benefits of your term life policy.

If you live in Washington D.C. and purchased a term life policy in the District of Columbia, your policy came with certain features. All term life policies provide a level premium throughout the life of the policy. The rate you pay depends on the amount of coverage you seek, your age, and your health.

When the insurance company calculates the premium, it is based on the chance of you dying at any point within the term of the policy. The reason why The incidence of claims that are paid on term life policies is far lower than that of whole life policies.

While most term policies do not refund money after the term has expired, that is not always the case. You can buy a term life policy that includes a provision for a refund of some or all of your premium when the policy has expired. This return of premium is a rider or addition to the standard term policy and is not free.

As your independent agent, we can get you quotes on term life insurance from a number of highly regarded insurance companies. For some people, it is worth paying a little higher premium to get a refund of some or all of their premium. Please give us a call and an independent agent can further discuss the refund option and any additional costs.