The Combo Perm-Term Life Solution You’ve Been Missing

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By Nathan Driskill, Vice President of Individual Sales,

Customers want certainty and a sense of control, and there are thousands of untapped whole life sales just waiting for you – one simple rider can amplify the product you’ve always known and make it an attractive sale for a huge range of potential clients.

It’s my team’s goal to partner with producers like you and help you succeed – and combining the strong guarantees of permanent coverage with additional term protection is one of the most effective ways to reenergize your whole life sales. Let’s start with a quick snapshot of the market from our friends at LIMRA and LifeHappens:¹

• Whole life insurance remains the most popular insurance product, with 65% of individual life insurance owners having permanent coverage

• It’s an especially popular choice among those making less than $100K a year and younger consumers, like Millennials and Gen Z

• Many of the customers who are most likely to buy whole life – younger, less wealthy clients – are underinsured; only 45% of Millennials and 52% of people making between $50-100K have any life insurance

See a pattern? There’s a large, underinsured pocket of the market made up primarily of people growing their family or building their career. These prospects are subject to more financial instability than other more established demographics, which is where our solution comes in. Assurity Whole Life with the Level Term Rider provides the stability and reliability that makes whole life an enduring favorite and combines it with enhanced protection when your clients need it most.

The beyond their permanent coverage – for a term, they can add up to 10 times their base policy benefit in affordable term coverage. And the term benefit is fully convertible to permanent insurance.²

Think about the possibilities: additional coverage for the duration of mortgage, until student loans are paid off, or while children are in school, with the option to convert the rider if it isn’t needed. It’s a perfect solution for the ideal whole life market we discussed above – people with their whole lives ahead of them.

Here’s where it gets even better. That basic sales concept will take you a long way, but when you match the combined power of permanent and term insurance with Assurity Whole Life’s other flexible features, you end up with versatile new options. You could combine the perm/term solution with our limited pay options to give clients new ways to pay off their coverage in 10 or 20 years, or by age 65. Or give them the chance to increase their coverage with the Paid-Up Additions Rider. And those are just the optional features – living benefits for chronic and terminal illness are built into every policy.³

It’s our goal to make your job easier and provide your clients with better protection – my team and I want to remove any possible barriers to more sales. Start by learning more about everything Assurity Whole Life can do at the webpage below, then give us a call to get started on the path to growing your whole life business.

LIMRA and LifeHappens, 2022 Insurance Barometer Study, 2022.

All or part of the benefit amount may be converted to a new policy of permanent insurance without submitting evidence of insurability for a period beginning on the first rider anniversary and ending on the earlier of two years before end of term period or the insured’s 65th birthday. Premiums for the new policy will be based on the insured’s gender, age, and Assurity’s rates in effect on the new policy’s date of issue and the underwriting classification risk under which the rider was originally issued. Accelerated Death Benefit Rider is included in states where allowed. The chronic illness benefit is included through issue age 75.