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
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Cumulative Premium
(40 Years)
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Return of Premium
(Year 40)
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Lifetime Assurance Univeral Life
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Male Age 60 Preferred Non Tobacco $250k DB – 25 year term coverage
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Cumulative Premium
(40 Years)
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Return of Premium
(Year. 40)
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Lifetime Assurance Universal Life
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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.
