Return of Premium (ROP) Term Life Insurance:

Return of Premium (ROP) term life insurance is a relatively new product that combines the advantages of traditional term life insurance such as affordable, guaranteed level premium periods (10, 20 or 30 years), with a return of premium feature. At the end of the level premium period, 100% of the premiums paid will be returned to the policy owner (excluding substandard fees and any extra charges).
Of course, there is a price to be paid for this added benefit. The premiums for ROP policies are higher than premiums for standard term life policies. The insurance company will generally invest these additional premium dollars during the term of the policy, which allows them to return your premiums to you at the end of the term period.
One factor to consider is term life insurance rates have dropped considerably over the past decade, mostly because people are living longer. If you own a standard term life policy, there's really no harm done in dropping that policy in favor of a newer and cheaper term life policy. But if you own a ROP policy, dropping the policy before the full term has expired means that you will have paid a high price for your life insurance coverage and the premiums you've paid may only be partially refunded.