Term Life Insurance is generally purchased to replace the income of the bread winner of the family and to provide sufficient financial liquidity for the family to satisfy any outstanding debt, such as a mortgage or medical bills.
These days, many clients are looking for ways to save money, and are cutting back on luxuries as well as many day-to-day necessities.
There is a way to keep clients covered, while at the same time saving them some premium dollars – and generating some commission dollars for you.
The Income Protection Option (IPO) is a product feature designed to help you meet the financial needs of your clients, with premiums 20-25% lower than traditional Term Life Insurance.
By merely restructuring how the clients’ death benefits will be paid out, the policies can provide a guaranteed annual income stream to the surviving heirs for as many as 30 years, or as few as five.
Income Protection Option will not fit in all sales scenarios; however, we encourage you to review the term cases you have written over the past few years. Reach out to your clients – ask if the extended death benefit payout would work for them.
Contact us today for more information.