Too often we are offering just term insurance to our clients because of price. Sure they like the low cost now but they won’t like what happens at the end of the level premium period when they still need life insurance! Have you ever thought about that?
Being in the business over 30 years and talking to a lot of orphaned clients, I can tell you many are not happy at the end of a term level premium period. They are now 15 to 20 years older and the cost for the same amount of insurance increased by 50 to 70 percent if they are still healthy and even more than that if they are not. Many are now on a fixed income as well, and although they still feel they need life insurance, it is now unaffordable for them.
Purchasing even just a bit of permanent life insurance at a younger age can guarantee a lesser cost for their lifetime. Why not give them the opportunity to lock in the price for some permanent insurance now? I know for a fact they will appreciate you when they are at the end of their level premium term, still need coverage, and now have health issues that would cause new coverage to be unaffordable.
Benefits of Permanent Life Insurance
“Permanent insurance” is really a catchall phrase for a wide variety of life insurance products that contain the cash-value feature. Within this class of life insurance, there are a multitude of different products. Whether it is Guaranteed Benefit Universal Life, Index Universal Life, Accumulation Universal Life or Whole Life, there are many advantages to permanent life insurance. Here are just a few.
- Death Benefit Protection – protection for pennies on the dollar paid to the named beneficiary income tax free!
- A savings plan through cash accumulation – policies that have cash accumulation allow the policy owner to access that cash at their discretion.
- Protection against market loss – benefits can be guaranteed!
- Tax deferred cash value growth – you can’t say that about too many non-qualified products.
- Tax free access to cash through policy loans.
- Cash values are protected from creditors, judgments, and lawsuits.
- Creates a forced savings plan – not enough Americans are saving for retirement like they should!
- Premium can be guaranteed – get pure protection for a lifetime.
Help your clients make a smart decision about buying some permanent life insurance today, before it is too late!