Return of Premium Term Life
Liberty Series Passport Plus is term insurance that combines the advantages of traditional term coverage with something called a premium benefit. It means you’re eligible to get back 100% of the premiums you pay for your policy when you reach the end of the policy’s term period, or a percentage of premiums if you surrender your policy early.1 Because of this feature, this type of insurance is also called ‘return of premium’ term life insurance.
Passport Plus is available for 20- and 30-year term periods.
Here are some commonly asked questions about Liberty Series Passport Plus:
Will I get 100% of my premiums back?
At the end of the 20- or 30-year term period, you’re eligible to receive a one-time refund of 100% of the base premiums you’ve paid.1
Is this type of coverage more expensive than traditional term life?
Yes, return of premium term is generally more expensive than traditional term life insurance because of the return of premium feature.
What are some of the other advantages of Passport Plus?
• Guaranteed level premiums for the length of the term.
• A built-in guarantee that allows you to convert to a permanent policy.
• A choice of riders, including Liberty's Living Benefit, a feature that allows you to receive up to 90% of the death benefit early if the insured becomes terminally or chronically ill. 2
You need the Flash plugin to view this content. Please click here to download it.
Liberty Life Assurance Company of Boston, a member of the Liberty Mutual Group, issues Liberty Series Passport Plus, a term life insurance policy, on policy form TERM 2005105 and state variations identified by state code. Home office: Boston, Mass. Service Center: Dover, N.H.
1The premium benefit payment amount is expressed as a percentage of the premiums you pay on your policy, including your policy fee. Percentages vary by plan and increase each year, beginning with the fifth year with Passport 20 Plus and with the sixth policy year with Passport 30 Plus. Premium paid refers to the base plan of insurance only. It does not include additional premiums for riders, optional benefits and substandard ratings for the term period.
2 Liberty's Living Benefit, an Accelerated Death Benefit rider, may vary by state. This benefit will be added to your contract at no extra charge unless you decline it at time of application. There will be a one-time processing fee of $100 for an accelerated benefit claim. The amount you receive will be less than the amount elected because it is an early payment that is adjusted for interest, the processing fee and a portion of any contract loan balance. Maximum benefit payable is $250,000. Minimum $10,000 must remain after accelerated payment. Receipt of the accelerated death benefit may be taxable and may affect eligibility for public assistance programs. You should consult your tax advisor regarding any tax implications.