You probably have many clients who enjoy the guaranteed income options provided by annuities. You might also have clients that have life insurance, but they don’t know the many tax-free income options available with Index Universal Life Insurance. What if you could show them a product that combines the best of both products? Well, you can.
The Life of the Southwest’s FlexLife IUL with a Lifetime Income Benefit Rider can provide various income options while still offering the death benefit protection of traditional life insurance. Your client can access thecash value in the policy in two ways: tax-free loans or guaranteed income for life using the LIBR. In addition to being the only carrier with a LIBR on an Indexed Universal Life policy, LSW also has an impressive mix of living benefits included at no extra cost. Why should you have to DIE to use LIFE insurance? By electing to use the Accelerated Death Benefit Rider, the insured is protected from chronic, critical and terminal illnesses.
What triggers using these benefit riders?
- Chronic Illness: If you can’t complete 2 out of 6 activities of daily living for at least 90 days, then you can accelerate benefits under this rider.
- Critical Illness: If the insured is diagnosed with cancer, end-stage renal failure, have a severe heart attack or stroke, or undergo major organ transplant, then you can accelerate a portion of the death benefit with this rider.
- Terminal Illness: If the insured is terminally ill with less than 24 months to live, then they may accelerate benefits under this rider.
The FlexLife contract also uses the power of indexing to grow the cash value. Your client has the option to choose between index crediting methods – four based on the S&P 500 and one based on the MCSI emerging markets index. The client can also choose the funding of the contract through level annual payments, a single premium payment, or by maximizing their payments to provide significant tax-deferred cash value growth.