Just like the real estate and mortgage industries, the life insurance industry is also constantly changing and evolving to come out with new products to meet the needs of consumers.
When shopping for life insurance, consumers have a wide range of options and choices when it comes to choosing a policy.
Whatever your financial situation, age or lifestyle, you can surely find a life insurance product that suits your needs.
Now, one of the biggest life insurance conglomerates is now introducing a new life insurance product – Guaranteed term life insurance.
A recent article from The Insurance Newsnet, “Penn Mutual introduces guaranteed term 10-15-20 life insurance,” discusses this new life insurance product that is now available to consumers.
There are two main types of life insurance available: term life insurance which protects the insured for a specified amount of time, and then whole (sometimes called permanent or universal) life insurance that protects the insured for the remainder of their lifetime and pays a death benefit to their beneficiaries when they pass away.
There are also many other types of policies that stem from the two main types.
With term life insurance, if the insured person does not die within the specified period, then no benefit is paid out.
But now, Penn Mutual has introduced guaranteed term life insurance that combines the best of both of these types of products.
“The Penn Mutual Life Insurance Company (Penn Mutual), the country's second-oldest mutual life insurer, recently added Guaranteed Term 10-15-20 to its competitive line of life insurance and annuity products. Introduced to help consumers meet their immediate needs for financial protection and security with term insurance, the policy also provides them with options for permanent coverage in the future. All guarantees are based upon the claims-paying ability of the issuer.”
Life insurance premiums have been greatly reduced recently, since people are living longer than ever before, so if you have not yet taken out a life insurance product, now is the time to do so. And this new policy is an affordable option for those who need a fairly large amount of coverage.
“The fixed, or level, annual premium can make obtaining high levels of coverage surprisingly affordable. This makes it ideal for young families or new businesses with limited resources who need a certain amount of life insurance protection, but may feel put off by the cost.”
You can make the transition into a permanent policy through a variety of ways. You can either do so in small increments or all at once, the choice is completely up to you.
“First and foremost, the conversion from term can be made in gradual increments. This means the insured can maintain two different kinds of coverage simultaneously, with the ratio of term to permanent coverage changing as needs and circumstances change.”
This is a great policy for anyone who has been unsure about life insurance in the past, but is ready to take the next step.
“‘This policy purchases more than just protection,’ says Frank Howell, MSM, CLU, ChFC, senior vice president of the company's Sales Support Operation. ‘It buys peace of mind.’”
“Because we offer the flexibility of several conversion features and a broad array of permanent life products to choose from, our Guaranteed Term 10-15-20 policy can help ensure that a family's immediate and long-term plans will be realized today - and - tomorrow.”
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