We usually associate hybrids with clients that can afford larger premiums since these products are usually available as short-pay or single pay plans. Likewise, we propose ULs with riders for clients with less cash flow. You might be surprised to learn that for most of your clients, the hybrids provide a better value even though the initial premium may be slightly higher. The lowest initial premium is not always the best option for every client.
Final Expense Alternative
What if you could offer clients seeking burial insurance more coverage for their money? Well, you can! Clients under age 70 have additional options for their final expense needs. Some companies offer Guaranteed Universal Life (GUL) with no exams for clients under age 70. The premiums are guaranteed to remain level and the coverage will last the client’s entire lifetime. Better yet, you clients may be able to realize a 23% savings compared to a traditional final expense whole life insurance policy.
Which Life/LTC Insurance Combo is the Best?
How do you know when to use universal life insurance with a LTC rider or a true hybrid life/LTC product?