In this post, we're bringing you another great strategy to help your clients get more for their money.
Back in June, we told you about Protective's Custom Choice UL. In that post, we explained how Custom Choice UL can help fulfill a buy-sell contract, as well as meet your client's changing financial needs. This time, we'll explain how Custom Choice UL can help your client cover a different type of changing financial need: their mortgage.
Mortgage Protection – Custom Choice UL
Looking for life insurance coverage to protect your clients’ mortgage that eventually decreases along with their mortgage balance? Protective offers your client more coverage than they need for the mortgage, along with a decreasing face-amount feature down the road…all for a lower premium.
With Protective Life’s Custom Choice UL, your clients can afford a bigger death benefit. This covers not only the mortgage, but other outstanding debt during the years when it's crucial – raising young children, college, etc.
How does this work?
Protective’s Custom Choice UL has a decreasing face amount after the level benefit period. For example, instead of buying a 30-year term, your client can purchase a 20-year term with a higher face amount for less premium. After the level benefit period (starting in year 21), the decreasing face amount is comparable to the decreasing mortgage balance. It’s a win-win!
Here's how it works. In the image below, you'll see a comparison between Protective's Custom Choice UL 20 and Legal & General's OPTerm 30. The cumulative premium for years 1-30 for Legal & General is $12,768, while it's only $9,930 for Protective. Both scenarios assume male, age 35, preferred non-tobacco. Check it out below:
- More life insurance coverage to protect not only a client's mortgage, but other outstanding debt.
- Your client pays the same premium they would to cover the mortgage, while getting MORE life insurance coverage during the years they need it most.
- After the level benefit period, the face amount decreases and closely aligns with decreasing mortgage balance.
That's our look at Protective Custom Choice UL!
We hope this sales idea helps you show prospects they can get coverage, flexibility, and competitive rates.
Have questions or need an illustration? We can help! Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.