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A traditional term policy may give you the option of 1year up to 40 years at a fixed rate but if you outlive the policy term you will have to either convert to a whole life plan, pay a higher rate or just walk away with nothing expect the satisfaction that you had coverage for a period of time in case you died.
However a ROP policy or a ROP rider to an existing policy will return most or all of the premiums that you paid in, so in essence you had the coverage for the length of the term & now you lived & you get your money back. These plans for obvious reasons are more expensive but offer a nice alternative to a whole life plan. When getting a life insurance quote your agent should always quote both plans so you can make an informed choice.
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