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Do I get a cash value if I reduce the term of my insurance?

By Compuquotes Team on April 19th, 2010

Q: I'm considering a 20-year term life policy, but if I decide in 15 years that I don't want it, do I get back any cash value?

Rick, California

A: No, there's no cash value component built into term life insurance - and the lack of cash value is one of the factors that makes term

life less expensive than whole life insurance.

However, if you are confident you will likely outlive your policy term, and you want money back, consider return of premium term life insurance. If you're still living after 20 years, you'll get all

your money back. You'll pay more in premiums for this feature, but you gain both life insurance protection and a "refund" if you don't use it!

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