Recommended Life insurance coverage
- Low cost, innovative continuation of life insurance coverage after initial period ends with guarantees
For the 10, 15, 20, 25 and 30 year options, this product is more like term insurance. It’s in essence term with an universal life extension. An illustration clearly charts out its benefit structure and guarantees.
Note: competitive premiums, usually among the lowest for whatever age and rate classification
– Flexible options at end of initial level benefit period (10, 15, 20, 25 and 30 year options only)
After the initial level benefit period ends, the guaranteed death benefit will begin to decrease while the premium payment amount remains level. The death benefit amount decreases each year until it reaches the minimum of $10,000. At that point, premiums will increase each year.
Note: This is a useful and innovative option to continue coverage after the initial benefit period ends. In typical level term coverage after the level term period ends, the conversion option, if available, entails higher premiums, or the scheduled premium, generally charted out to age 95, rises exponentially and is not usually a viable option. Here the payment amount remains level. The benefit decreases but that may be a better option to take, especially if the insured has developed a health condition.
Level Death Benefit, Level Pay, Period Options: 10 year, 15 year, 20 year, 25 year, 30 year
Option to exchange policy for a permanent universal life option from Protective Life anytime in the first 20 policy years, up to age 70, without evidence of insurability. The replacement policy will be issued with the face amount of the policy at the time of replacement. This option is commonly called conversion. The ability to replace your policy for permanent coverage becomes very important if you have developed a health problem and need life insurance coverage beyond the initial level premium period.
Only able to convert the entire face amount is a serious drawback due to its potential expense. Other carriers who offer partial conversions: the option to covert a lower face amount to permanent and retain the remaining balance of the term. Only able to replace up to year 20 on a 25 and 30 year term is a significant drawback as well. Other companies allow conversion for the full term period subject to an age limit.
Please contact me for a free and confidential quote.
Licensed Agent: Sean Drummey
phone: (910) 328-0447
email: spdrummey@gmail.com
updated: 11/6/2023