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Term life insurance generally provides level insurance coverage at a fixed monthly premium for a specific length of time.
Term life insurance is often a good choice for people who need more coverage during a specific period of time or who are looking for maximum coverage for their budget.
Term life insurance is generally considered one of the least expensive types of insurance, and its simplicity makes it appealing to many people.
With term life, it’s easy to select a policy length that will cover a specific time in your life - such as when children are younger or you have a higher mortgage.
Many people choose a term life insurance policy to supplement an employer-provided policy or an existing permanent* policy at a more affordable rate.
*As long as required premium payments are timely made.
If you’re considering term life insurance, Protective has a unique alternative that offers the affordability of term life with flexibility for the future. Custom Choice UL offers level payments for coverage periods similar to term life and you can convert it to a more traditional permanent policy down the road if your needs change. Best of all it’s usually less expensive than comparable term, whole or universal life products on the market.
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Interested in discussing a life insurance policy? Give us a call and we’ll be happy to help you evaluate what type of policy might be right for you.
The death benefit from either a term life or universal life insurance policy can be used for many different purposes. Some common uses include:
Providing a few years of income replacement for families in their prime earnings years.
A safety net should something happen to you while you’re saving for your child’s college education.
Enabling business continuity by structuring it as key person insurance or with buy/sell agreements.
Policy proceeds can be used to cover an outstanding mortgage balance or other debt.
Policy proceeds can prevent your family from being burdened with covering student loans.
Satisfy requirements related to divorce, ensuring that alimony and child support can be maintained.
If you're interested in a product that features affordability and flexibility like a term product, Protective has a unique option. Try our
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Affordability and simplicity are two reasons term life insurance is so popular. But, if you choose a term life insurance policy, be sure to plan for the end of your coverage period.
That’s because at the end of what is called the ‘initial level benefit period,’ the premiums to maintain your term life insurance coverage can increase dramatically. And because you’re older, it can cost more to replace your policy.
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Protective Custom Choice UL (UL-22) is a universal life insurance policy issued by Protective Life Insurance Company, Birmingham, Ala. Policy form numbers, product features and availability may vary by state. Consult policies for benefits, riders, limitations and exclusions. Subject to underwriting. Up to a two-year contestable and suicide period. Benefits adjusted for misstatements of age or sex. In Montana, unisex rates apply. All payments and all guarantees are subject to the claims-paying ability of Protective Life Insurance Company. The tax treatment of life insurance is subject to change. Neither Protective Life nor its representatives offer legal or tax advice. Please consult with your legal or tax adviser regarding your individual situation before making any tax-related decisions.