That's right. People don't buy life insurance because they are going to die, but because someone they love will continue to live.
But now, there is an additional reason people are buying life insurance...because they might get sick. I know what you're thinking, Ray has been out in the sun too long. He thinks we're talking Medical Insurance. Okay, let me be more clear. People are also buying life insurance because they night have a "chronic illness." You know, the inability to perform 2 of the 6 activities of daily living. So, why would they buy life insurance? Thought you would never ask... read on.
People are buying life insurance because the death benefit can be accelerated. In other words, you don't have to die to collect. Here’s an example: a 62 year old female places $100K in a Single Premium Life policy (this is for simplified issue... full underwriting gives a larger benefit) would have a death benefit of around $200k. And yes, because she "loves her heirs," she doesn't want to be a burden in the event of a chronic illness. What a great product. Plus, some have return of premium. and, if the insured doesn’t get sick? Beneficiaries get $200 tax free instead of $100k that could be subject to taxation. Plus... there are continuous pay products for those that don’t want to do a single premium.
People are buying life insurance because the death benefit can be accelerated. In other words, you don't have to die to collect. Here’s an example: a 62 year old female places $100K in a Single Premium Life policy (this is for simplified issue... full underwriting gives a larger benefit) would have a death benefit of around $200k. And yes, because she "loves her heirs," she doesn't want to be a burden in the event of a chronic illness. What a great product. Plus, some have return of premium. and, if the insured doesn’t get sick? Beneficiaries get $200 tax free instead of $100k that could be subject to taxation. Plus... there are continuous pay products for those that don’t want to do a single premium.
Watch my SPL sales tip video titled:
Financial Veg-A-Matic Increases Cross-Sell Opportunities with Current Clients
Need some help? Want to see some proposals? Give us a call at 1-877-844-0900 to learn more about Single Premium Life because someone that we love will continue to live.
Until next time... good selling!
Until next time... good selling!
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