Return of premium policy
This product is for individuals that think that they will outlive the term and don’t want to lose the premiums. Example, Subha age 35 buys a $1 million of coverage for 30 years for $2000 a year in premium. The policy is good for the next 30 years. If Subha passes away in the next 30 years, his family will get $1m death benefit income tax-free. But, if he is still alive after 30 years, the insurance company will return 100% of the premiums paid by Subha. $2000 a year for 30 years = $60,000 tax free. It’s a win-win situation for Subha and the insurance company.