Can you get your premiums back for your life insurance if you don’t die?  The answer is yes and it can be done in two different ways.   The first method is by buying a return of premium term life insurance plan.  These type of plans are usually available in different term lengths like regular term insurance.  The concept is simply get a full refund of all premiums paid if you live through your term period.   This is a great deal for the insurance company as well as for the insured.  You will pay more for this than you will for a regular term policy, but you will be pretty happy if and when the money is returned.   It is a good deal for the insurance company as they can use premium and generate a good return on your money and make a profit.  At the end of the term, they pay the insured back the contributed amount and they keep what they made for a return.

The other way to do it is buy using a permanent plan such as whole life or universal life.   After contributing for a period of time, you can withdraw money from your cash value up to your cost basis and still keep the coverage.  If you can afford to pay the permanent premiums, this can be a very beneficial strategy.    If you wait until the cash value is more than you contributed, you simply pull out the cash you have contributed and you have a full return of premium.  The problem with return of premium is that your insurance ends at the end of the term, but with whole life or universal life you can continue coverage.