I heard, you can buy insurance, and then get all your paid money back. Is that possible?

Yes, it is possible. That is called a Return of Premium product: a person gets coverage for a specific period of time, and if still alive at the end of the specified period, gets all the paid premiums back. This type of Term life insurance is more expensive than a regular Term life insurance. However, a lot of people strongly believe into it and look at it as buying a life insurance “for free”. There are other types of insurance policies – Permanent Insurance, which can build up “cash value” – money. That grows on a tax-deferred basis and uses compounding interest. This can also be used to help supplement retirement savings