Long-Term Protection with Partial Cost Recovery
This makes the cumulative premium more attractive, and the client can surrender coverage at any time after the 10th anniversary (no 60-day window).
With its built in Return of Premium Endorsement of 25% starting at the end of year 10, and low cost, long-term guaranteed death benefit protection, Protective’s Lifetime Assurance UL can be a compelling alternative to term insurance:
Male Age 45 Preferred Non Tobacco $500k DB – 40 year term coverage
| Annual Premium | Cumulative Premium (40 Years) |
Return of Premium (Year 40) |
Net Premium | |
|---|---|---|---|---|
| Classic Choice Term 40 | $2,843.58 | $113,743.20 | NA | $113,743.20 |
| Lifetime Assurance Univeral Life | $3,492 | $139,680 | – $34,920 | $104,760 |
Male Age 60 Preferred Non Tobacco $250k DB – 25 year term coverage
| Annual Premium | Cumulative Premium (40 Years) |
Return of Premium (Year 40) |
Net Premium | |
|---|---|---|---|---|
| Classic Choice Term 40 | $2,686.63 | $67,165.75 | NA | $67,165.75 |
| Lifetime Assurance Universal Life | $3,471 | $ 86,775 | – $21,694 | $65,081 |
Benefits of Lifetime Assurance UL compared to Term Insurance:
- Potential Lower overall cost when factoring in the Return of Premium Endorsement
- Longer death benefit guarantees than term (minimum guarantees to age 90, up to Lifetime)
- ExtendCare Rider for Chronic Illness can be added for more protection (not included in these examples)
This concept works best at ages 45+ with longer term durations.
Reach out if you are working on any Term cases where Lifetime Assurance UL would provide more value to the client, or for additional marketing materials.
