An End To Term Limits – Expansive Accelerated Benefit Riders!
Back in the early 20th century a product known as Duck Tape was used simply and solely to waterproof footwear. Its popularity jumped dramatically during the Second World War when a factory worker named Vesta Stoudt improved it for use in war zones to better secure ammo boxes against moisture. Today the product, better known as Duct Tape, has a cult following with websites whose content address nothing more than suggestions for additional uses ranging from wart prevention to serving as a fabric for prom dresses and tuxedos.
Likewise, term insurance originated for only one use: to economically provide for a cash payment in the event of death.
The life insurance market evolved with products providing lifetime benefits, but those advantages were limited to more costly permanent products.
All that has changed!
Consider an automatic term policy rider that will accelerate lifetime cash payments to assist the insured with the following lifetime circumstances:
- Terminal Illness – Where life expectancy is less than 24 months.
- Chronic Illness – Where there is an inability to perform two activities of daily living.
- Critical Illness – Where certain qualifying diseases impact life expectancy.
- Critical Injury – Where the results have impacted life expectancy.
- Alzheimer’s – Including Lewy Body Dementia.
Accelerated benefits are paid without evidence of incurred expenses and can be used in any manner best serving the insured!
Don’t keep selling single-purpose term policies. Find how you can better serve your clients with this multi-dimensional term product. Bring your casework to Tom Virkler, JD, Director of Advanced Markets, at tom@cpsadvancedmarkets.com or (706) 614-3796
For What It’s Worth: This year the total global market for duct tape will be in excess of $5 billion increasing annually by 5-7%.