You give your clients term that will accept 1035 money! Term with a Twist
Did you know Protective’s Custom Choice UL (term on a UL chassis) takes 1035 money?
It’s the only “term” product in the industry that can take a lump sum of money.
Below is an example where it might make sense for a client (same premiums….more DB).
$500k Protective Life Indexed Choice UL – Guaranteed to 93* with $10,800/mo ExtendCare benefit
- $36,000 1035 exchange
- Ongoing premiums of $7,350/yr
Total Benefit $500,000
$375,000 Protective Life Indexed Choice UL – Guaranteed to 93* with $10,800/mo ExtendCare benefit.
- Ongoing premiums of $7,350 annually
- $265,000 Protective Life 20yr Custom Choice UL (term on UL chassis) – single payment of $36,000 1035 exchange
TOTAL benefit $640,000
Here are your sample illustrations
For the same premium dollars, Option 2 offers $140k (28%) more Death Benefit in the first 20 years. This option isn’t for everyone, but it is an interesting alternative for folks that have a need for more benefit on the front end – – – debts are higher early on, they still have kids/grandkids living at home, etc.
*IUL easily makes it to 120 based on an assumed interest rate of 5.60%.