Change The Perspective: Use The Income Protection Option
Protective Life has something unique to the industry, the Income Protection Option (IPO). With the IPO, a portion of the death benefit is paid out over a specified amount of time. The payment amount is guaranteed and it may be scheduled annually or monthly.
Click here for a Sample Illustration. For this example, we see a 35yr old male, preferred nonsmoker and fact-finding tells us he earns an annual salary of $60,000. He has 30yrs left to retirement giving a total, lifetime earned income of $1.8 million. By design, we solve for a premium providing a guaranteed lump-sum death benefit of $500,000 and a guaranteed monthly income stream of $5,000 for 30 yrs--or $1.8million. The result solves the immediate need for cash at death and provides heirs guaranteed income for 30yrs.
Two buckets of money-
Bucket 1 has $500,000 lump-sum tax free death benefit
Bucket 2 consists of $1.8 million, paid out monthly over 30yrs
Gross payout $2.3 million
Monthly premium $88!
By changing the client perspective about life insurance to income replacement insurance, you work backward into a sale. Call us to learn more or to see Protetive's IPO on your next term case.
Market facts from LIMRA: