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Russell Said:

What's the point of paying my premium if my term life insurance is expiring next month?

We Answered:

the only point would be to have coverage in that last month. You could get hit by a car tomorrow...you never know. The other point would be if you are looking to convert the coverage to another term or to a whole life product after it expires if that is an option available to you. By converting it you don't have to provide medical information or any other underwriting in most cases, which might be important if you have any health issues, etc.

If you don't plan on renewing/converting it and you feel pretty invinsible for the next month, then I suppose it'll save you a couple bucks by not paying it.

Sandra Said:

return of premium term insurance?

We Answered:

1st of all, term does not provide any forced savings b/c it has no cash value like whole life does. W/ the ROP (return of premium rider), you are not saving anything. You are simply geting a refund with no interest. If it paid interest, then it could be thought of as a savings, but that is a stretch.

Depending on age, likelyhood of survival after term & cost, it could be a good deal. It may not be too bad a deal with someone under 40 & it does not cost too much extra. But I think after the term is up & you get your money back, use most of it to buy a single premium paid up policy. That way you still have insurance & a small windfall.