A next-generation planning tool: unique features make PruTerm WorkLife 65 ideal for financial professionals with Gen X, Gen Y clients.
Unveiled this spring, Pruco Life Insurance Company's WorkLife 65 convertible term life product is a new kind oflife policy. Developed based on extensive consumer research, customer feedback and advisor input, WorkLife 65 is a flexible, choice-laden and comprehensive policy designed to help be responsive to the most pressing needs facing younger consumers, while still providing a death benefit and convertibility at a competitive price.
Along with the traditional value proposition of a term policy--a meaningful death benefit--WorkLife 65 addresses other realities and risks that face consumers, including disability and loss of employment/ income. It offers a waiver of premium payments for one year in the case of unemployment and in the case of disability, will waive payments until the disability ends or the policyholder turns 65. This gives policyholders all-important peace of mind. And for advisors, that means greater client satisfaction and loyalty, which in turn can translate into follow-on sales and referrals.
"The unemployment feature [of WorkLife 65] isn't really anywhere else," says financial planner Stephanie Sherman. 'And then the added value of coverage in the event of disability really speaks to the issues."
It's an all-too-prevalent trend: resource-limited clients purchasing inadequate life coverage, leading to coverage gaps. What advisors and their clients say they need is a versatile product that helps close those gaps without breaking the bank. WorkLife 65 is designed to help fill that need. It's flexible, affordable and perhaps most importantly, easy for advisors to explain and easy for clients to grasp.
"My experience with WorkLife 65 is that it's very easy for people to understand," says advisor Philip Rosenau. "The client does not have to decide on the length of the term. They're covered 'til retirement."
WorkLife 65 provides affordable life insurance protection until age 65 no matter when purchased. Certain unemployment and disability premium-payment protection comes with each policy. Premium payments remain level until age 65, with the option of converting to permanent life insurance, an important consideration in legacy planning. Customization features include are also available.
The new generation of term life insurance has indeed arrived, ready to meet the planning needs of Gen X and Gen Y clients.
The ABCs of X & Y
Members of Generation X and Generation Y:
* Don't want their 'parents' policy'
* Don't want to be 'sold'
* Want to be educated
* Want an 'advisor relationship'
* Want a multifaceted, multi-solution policy
* May not realize full coverage needs
* Are time-pressed and highly distracted
* Are often financially squeezed, i.e., the Sandwich Generation
* Change jobs voluntarily or out of necessity
* Carry debt, i.e., mortgage, college loans
* Feel invincible but understand need for coverage
WorkLife 65 Fast Facts Issuing company Pruco Life Insurance Co. (Pruco Life Insurance Co. of New Jersey in NY, if available) Level premium period Coverage to 65, regardless of age at which policy is purchased Minimum & maximum face $100,000 min.; amount $3 million max. Issue age range 25-55 (35-55 in WA) Built-in riders * Waiver of premium payments for one year in the case of unemployment * In case of disability, payments waived until disability ends or the policyholder turns 65 Premium payment period At the end of the level period (age 65), premiums increase annually for 20 yrs.; annually increasing premiums are guaranteed. Coverage ends at age 85. Optional riders * Living Needs Benefit (LNB) * Accidental Death Benefit (ADB) * Children's Protection Rider Conversion options Convertible during the level premium period; partial conversions permitted.
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|Title Annotation:||Conversation: Issues and Opinions on Life Insurance Planning|
|Publication:||Agent's Sales Journal|
|Date:||Jun 1, 2011|
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