Innovative New Term Life Insurance Policies Now Available from Protective Life and West Coast Life
November 17 2008 - 5:59PM
Business Wire
Protective Life Insurance Company and West Coast Life Insurance
Company announced the release of a two new innovative life
insurance policies designed to meet the changing needs of today�s
consumer. The Protective Term Income ProviderSM and the West Coast
Life Income Replacement TermSM are term life insurance policies
that provide a guaranteed income stream death benefit to designated
beneficiaries. Priced more affordably than traditional lump sum
term life products, Protective Term Income Provider and West Coast
Life Income Replacement Term give consumers the ability to help
their families satisfy immediate financial obligations and provide
for ongoing income needs. The Protective Term Income Provider and
West Coast Life Income Replacement Term allow policy holders to
select the amount, duration and frequency of guaranteed income
payments. Plus, the policies include the option to provide for an
initial lump sum distribution in order to help meet immediate needs
such as a mortgage, autos, tuition, and final expenses. �Industry
research shows that 66% of consumers purchase life insurance to
replace income,�* says John Deremo, Senior Vice President and Chief
Distribution Officer of Protective Life. �Our own focus groups
confirmed this finding and gave us additional insights into
consumers� concerns both about making sure their families can pay
off large debts, such as final expenses and mortgages, as well as
providing a secure, guaranteed source of income to pay for on-going
expenses of daily living. The Term Income Provider and Income
Replacement Term can provide a more complete solution to consumers�
needs. Plus, they give policyholders the ability to customize the
products to address their individual debt and income concerns.�
With the Protective Term Income Provider and West Coast Life Income
Replacement Term, consumers will enjoy premium cost-savings that
can range from 7% to 39% over traditional term life insurance
policies, depending upon the options selected. The savings makes it
affordable for families to purchase an adequate amount of coverage,
when it otherwise may not have been possible. Protective Term
Income Provider and West Coast Life Income Replacement Term offer
several options for customizing a policy. Level premium periods
include 10, 15, 20, 25 and 30 years with coverage amounts of
$100,000 or more. The purchaser can select the amount and duration
of the guaranteed income stream death benefit payments at the time
of issue. The payment periods range from 5 years to 30 years, and
the frequency of payments can be monthly, through electronic
transfers, or annually. An initial lump sum payment is also
available though an optional rider, which is available at an
additional cost. The beneficiary is allowed to commute future
benefit payments at an additional cost. �We feel the time is right
for the Term Income Provider and Income Replacement Term,� Deremo
continued. �They provide a great option for value-conscious
consumers at a time when we need it most. The products� value,
flexibility and simplicity should have very broad-based appeal.�
About Protective Life and West Coast Life Insurance Companies
Protective Life Corporation was established on a profound belief in
the American dream: provide quality products with excellent service
and success will follow. This unwavering commitment to treating
people the way we would like to be treated has been rewarded with
stable, long-term relationships and growth. Today, our employees
nationwide are dedicated every day to proving the wisdom of our
collective vision: Doing the right thing is smart business.�
Protective Life Corporation offers a broad portfolio of life and
specialty insurance and investment products through its insurance
company subsidiaries, Protective Life Insurance Company and West
Coast Life Insurance Company. *Source: LIMRA International�s
Finding New Customers. Who�s buying Individual Life and Why?
(2005). Policy form TL-16 and state variations thereof, is a term
life insurance policy issued by Protective Life Insurance Company,
2801 Highway 280 South, Birmingham, AL 35223. Product features and
availability may vary by state. Consult policy for benefits,
riders, limitations and exclusions. Subject to underwriting.
Subject to up to a two-year contestable and suicide period.
Benefits adjusted for misstatements of age or sex. In Montana,
unisex rates apply. Policy form WC-T16 and state variations
thereof, is a term life insurance policy issued by West Coast Life
Insurance Company, 343 Sansome Street, San Francisco, CA 94104.
Product features and availability may vary by state. Consult policy
for benefits, riders, limitations and exclusions. Subject to
underwriting. Subject to up to a two-year contestable and suicide
period. Benefits adjusted for misstatements of age or sex. In
Montana, unisex rates apply.
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