Why this policy and not just a level term life insurance policy?
Simple. The Custom Choice policy with Protective Life will provide for the policy to continue beyond the level term period with the same guaranteed premium. The only change is the death benefit will start decreasing each year.
Why is this better?
With traditional level term life insurance, the policy's premium will increase after the initial level term period ends. So if you have a 10 year level term life insurance policy, then the premium stays the same for the first 10 years and then jumps substantially in the 11th year and thereafter. They usually jump to a premium that is completely unaffordable. But with the Protective Custom Choice, your policy wouldn't do this. The premium will remain the same after the initial level period but your death benefit will start deceasing annually until it bottoms out at $10,000. After it reaches $10,000, the premiums will start increasing.
Do you still have an option to convert this policy like most term life insurance policies?
Yes. You have the option to exchange the policy for a permanent universal life insurance option from Protective Life anytime in the first 20 years or up to age 70, without going through more medical exams.
Check out this brochure from Protective Life and call me to apply for this plan. You can also get free online quotes from Protective Life and our other carriers by going to our QUOTE WEB PAGE. Call me, Larry Freudenberg at 843-556-6232 today or go to our QUOTE WEB PAGE to get started.