Protective Life Custom Choice Universal Life Insurance
Protective Life’s Custom Choice Universal Life (UL) insurance policy is an alternative that guarantees a level premium and coverage during a specified period of time. It offers the comfort of knowing the premiums won’t suddenly increase after the initial coverage ends. Payments will stay level for an extended period and flexible options are available to adjust in the future, should your needs change.
Level term life insurance generally provides level insurance coverage and level premiums for a limited period of time generally ranging from 10 to 30 years. While more affordable than permanent insurance during the term period, the cost to maintain coverage at the end of the term increases substantially.
How does the Protective Life Custom Choice UL differ from traditional level term life insurance? The Protective Life Custom Choice UL provides the ability to maintain the same premium as the amount paid during the initial period, however, the face amount reduces to a lesser amount for those individuals whose life insurance needs may have reduced but still want to maintain a death benefit for their family. This feature does not require medical approval or a conversion of the policy to another. The death benefit will decrease each year until it reaches the minimum of $10,000. Premiums will increase annually once the death benefit reaches the minimum amount.
The Protective Life Custom Choice UL can be exchanged to a permanent Protective Universal Life product within the initial 20 years, up to age 70 without any medical exams. This option may be valuable if you want to maintain the current death benefit beyond the initial period.
The Protective Life Custom Choice UL offers the option of adjusting your death benefit without having to purchase a new or separate policy if your needs change. After the first policy year, the face amount can be increased, subject to underwriting or decreased, subject to policy minimums and charges after the third policy year.
About the author: Ken Buccico holds a LUTC designation and has been in the life insurance business for 39 years. His wealth of experience empowers clients to make best possible decision regarding a life insurance policy. To explore the best life insurance option, contact Ken at 1-800-651-1953 or KBuccico@Pivot.com.