ING has introduced its new return of premium term life insurance in the state of New York. The policy offers a fixed death benefit with a level policy premium for a pre-determined period of time, typically 15, 20, or 30 years.

Unlike traditional term policies, return of premium term policies build up a cash value, which will equal the full amount of insurance premiums paid at the end of the term period selected.

Dan Mulheran, president of life distribution division at ING, said: This type of term insurance appeals to people who are concerned about buying a product they think they may never need. At the end of the level term period, they get back what they’ve paid for the policy. For many people, it is like buying a home versus renting an apartment.