VIDEO TRANSCRIPT
Selling living benefits insurance
You may have noticed over the course of the past year or so that we've been
promoting the valuable features and benefits of living benefits found in
some life insurance products.
Why?
Because you can – and should – show your clients how they can become the beneficiary of their own life insurance policy. Let me summarize what we've been sharing, including a one-of-a-kind living benefit solution that you definitely want to know about.
The first living benefit solution is found in a permanent life insurance policy that offers a long-term care or chronic illness rider. If you're already selling permanent life insurance, this is definitely something you should include in your presentations because it's affordable and one of the only ways to protect your client against long-term care insurance rate increases. If you have any clients or prospects who have liquid assets set aside for that unexpected emergency, like needing long-term care, a life policy with a long-term care rider is an effective way to leverage some of those dollars and avoid the high cost of self-insurance.
Another effective option is looking to term insurance that includes living benefits. That's right, I said it, term insurance! And there's one very special term product available that can accelerate the death benefit to three living occurrences of terminal illness, a chronic illness, or a critical illness. Think about it: Less than 3% of term policies end up resulting in a death claim. But we know that many more clients will have a chronic or critical illness event while they are still alive.
Utilizing a term policy with living benefits can be a great idea for some. And finally, there's the granddaddy of them all: the asset protector strategy, the most complete living benefits package on the market. This approach includes permanent life insurance, a return of premium feature, and two great riders. One that can address long-term care needs and another that allows for the prepayment of a death benefit while the client is still living, typically used as supplemental retirement income.
You won't find another living benefit solution that provides all of this in just one package. Let's face it, living benefits are important for your clients and prospects. As you are addressing your client's needs with life insurance, show them how adding living benefits can bring them even more value.
Let us know if you'd like to discuss selling living benefits insurance for one of your clients. What a great way to help them and also grow your insurance practice.
