| Customers who purchase term life insurance policies usually have good reason for doing so – most often because it is simply the best fit for their budget. However, as their life circumstances change, many of your clients may be able to afford the advantages of a permanent policy.
All of Symetra's term life policies are fully convertible through age 75, and you can help your clients convert to a permanent policy for a full commission.1 As an extra incentive, Symetra is now offering conversion credits to qualifying term policy holders that convert to a Universal Life policy. Symetra will pay up to 100 percent of the annual term premium into the new policy if the policy has been in force for at least four years.
Your Symetra term policy owners recently received notification that they may be eligible for the new term conversion credit. On our How to Convert Term site, you'll find customizable follow-up letter templates, voicemail scripts, and other information that will help you explain the benefits of conversion.
“Term life insurance makes sense for many clients, but some policy holders may not fully realize what they have to gain by converting to a permanent policy,” says Symetra’s Branden McAllister, AVP and Director, Independent Agents. “We want your clients to understand why a permanent policy may be their better option, and we’ll give you the tools and incentives to help them convert.”
So, why convert?
Many clients - especially younger families – initially opt for a term life insurance policy because of the lower cost. But over the long term, a permanent policy may be more cost effective and provide greater benefits to your clients.
Here’s what your clients should understand:
Long-term costs
While a term policy may initially cost less, as people age, even common problems such as high blood pressure, diabetes or weight gain may make term insurance prohibitively expensive or inaccessible when the time comes to renew. If a client keeps the policy until death, a permanent policy may actually be less expensive than a series of term policies.
Living benefits
If a client becomes terminally ill and is diagnosed as having less than 12 months to live or is confined to an approved hospital or skilled nursing facility for at least 180 days and confinement is expected to continue until death, they may be eligible to accelerate up to 100 percent of the available death benefit.2,3,4 (For more information, read 'Accelerated Benefits' Can Help Families Cope)
Changing lifestyle needs
A new baby or new home can increase the need for life insurance protection and a reserve of cash. Constantly changing needs require a life insurance policy that can grow in value and earn competitive interest rates to meet changing needs, while providing life insurance protection.
Cash value accumulation
Unlike term insurance, with each payment to permanent life insurance policy, clients are accumulating cash value that can be used as collateral for a loan to fund a child's college education, a vacation home, or a medical emergency. Like home-buying, it can make more financial sense to ‘own’ a permanent policy than to ‘rent’ a term policy.
Symetra offers zero percent interest on any loan after a permanent policy has been in effect for 10 years. After two years, clients can get a zero percent loan on their interest earnings. The remainder of the loan costs only two percent.
We make it simple
Visit our How to Convert Term to find out how you can help your clients convert in just a few simple steps. It’s simple for you and beneficial for them. For more information, contact your Symetra Wholesaler or the Sales Center at 1-800-706-0700 or invest@symetra.com.
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