What is Guaranteed Refund Option Rider?
This allows clients to make fixed payments to the insurer throughout his/her life, but, more importantly, guarantees the return of the original amount paid into the policy. For instance, if you have a policy and you’ve paid off your mortgage, have retirement money, and no longer want the policy, you can close out the policy as well as receive all the money you paid into it throughout the years. You have the option to pull put your total investment in the policy, and no longer pay the premium to a policy that you no longer need. Premiums for a this rider are usually higher than other life insurance options.