That's right. People don't buy life insurance because they are going to die, but because someone they love will continue to live.
People are buying life insurance because the death benefit can be accelerated. In other words, you don't have to die to collect. Here’s an example: a 62 year old female places $100K in a Single Premium Life policy (this is for simplified issue... full underwriting gives a larger benefit) would have a death benefit of around $200k. And yes, because she "loves her heirs," she doesn't want to be a burden in the event of a chronic illness. What a great product. Plus, some have return of premium. and, if the insured doesn’t get sick? Beneficiaries get $200 tax free instead of $100k that could be subject to taxation. Plus... there are continuous pay products for those that don’t want to do a single premium.
Watch my SPL sales tip video titled:
Until next time... good selling!