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Return of Premium (ROP) Life Insurance

So you’ve decided that you want the protection that only life insurance can provide for you, now what? For the majority of Canadians what comes next is a period of online research followed by deciding which particular type of insurance will best cover their needs. The choices that you have boil down to three basic types: term life insurancewhole life insurance,  and return of premium (ROP) life insurance. If you’ve made it this far, chances are you’re more than familiar with both term and whole life insurance but a little unsure as to what exactly ROP life insurance is and the advantages it offers.

A “Hybrid” Policy

Return of premium life insurance is essentially a hybrid of term and whole life insurance. Like all life insurance policies, it guarantees a death benefit should you pass away. It is similar to term life insurance in that it provides coverage over a specific period of years, and like whole life insurance you do get money back. But unlike whole life insurance buying ROP life insurance is a lot more straight forward, in that you only select the amount of coverage you desire and for how long. If you outlive your policy’s term, you get all the money you paid in premiums returned to you.

The Cost of ROP Life Insurance

ROP is more expensive than term life insurance, but considerably cheaper than whole life insurance plans. As a rough guide, ROP life insurance is approximately 50% more than a comparable term life insurance plan. It is important that a ROP life insurance plan is not mistaken for an investment tool as it offers no returns. It is for this reason many financial advisors suggest a term life insurance, while investing the difference.

Questions about your existing life insurance policy?

Is your policy up for renewal, are you re-evaluating your coverage, or wondering if you need more life insurance coverage?

We can help!

At we know that life insurance shopping can leave most people’s heads spinning. We can help with access to our huge network of independent brokers across Canada. If you’re interested in getting the best coverage available at a price you deserve then we cap help. All we need is a little information, and we’ll take care of the rest. is simply the quickest and easiest way to life insurance in Canada.

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