Protective Life Introduces a New Survivorship Term Product
July 20 2009 - 4:51PM
Business Wire
Protective Life Insurance Company announced the release of a new
second-to-die term life insurance policy, the Protective
Survivorship Term.
The Protective Survivorship Term product is a second-to-die term
life insurance policy, insuring two lives under one policy, with
the death benefit payable to the designated beneficiary following
the surviving insured�s death. This product is primarily designed
for estate planning needs and also works well for wealth
preservation. The Protective Survivorship Term product can help
offset the federal estate tax that would otherwise be payable at
the death of the surviving spouse. This policy provides a
reasonable means to help your client begin an estate plan or can
act as an excellent complement to an existing estate plan.
Without Survivorship Term, your clients� heirs may not only lose
a large share of their legacy to estate taxes, but in order to meet
the estate tax bill they may also incur additional tax burdens.
Survivorship Term provides a death benefit that can be used to help
pay estate taxes and other settlement costs. In addition, this
product provides a conversion option to a permanent insurance plan
before the end of the level premium period and in the event of
divorce or changes in legislation that nullify the advantages of
Survivorship Term in estate planning situations, there is a policy
split option.
�The introduction of Protective Life�s Survivorship Term product
clearly marks our commitment to providing affordable solutions at a
time when Americans need it most,� said John Deremo, Senior Vice
President and Chief Distribution Officer of Protective Life
Insurance Company�s Life and Annuity Division. �People in today�s
tough economic times still have estate planning needs and this
product is perfect for the times.�
The Survivorship Term product offers a lower premium than your
clients would pay if they were insured under two separate policies.
Additionally, an uninsurable life may benefit from more lenient
underwriting requirements, making it easier to get life insurance
on an individual who otherwise would not medically qualify.
Whether the need is for estate planning, wealth preservation, or
business insurance applications, the Protective Survivorship Term
product can play an important role.
Drawing on over 100 years of service, Protective Life delivers a
competitive line-up of innovative, consumer-friendly life and
annuity products, backed by a wide array of high-value sales tools,
and dedicated marketing support. Protective Life remains committed
to providing quality service and being a company that is easy to do
business with � making Protective Life the choice for top financial
advisors, life insurance agents, brokers and their clients.
Protective Survivorship Term, policy form TL-15 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. Not available in all states, including Montana.
Information in this summary is based on current tax laws. The
taxation of estates and life insurance is subject to change. PLICO
does not render legal or tax advice. Consumers should consult their
tax advisor to understand any impact of estate tax law on their
individual situation. All payments and all guarantees are subject
to the claims paying ability of Protective Life Insurance
Company.
About Protective Life Insurance Company
Protective Life Insurance Company was established on a profound
belief in the American dream. Since 1907, Protective Life Insurance
Company has remained true to its core beliefs: quality, serving
people and growth. 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, Protective Life is one
of the nation�s leading insurance companies, proving the wisdom of
our Company�s vision: Doing the right thing is smart business.�
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