To provide affordable solutions for value conscious consumers
Protective Life Insurance Company (PLI) has released a new second-to-die term life insurance policy – Protective Survivorship Term Product (PSTP). The product is primarily designed for estate planning needs and also works well for wealth preservation.
The US-based company has said that the product insures two lives under one policy, with the death benefit payable to the designated beneficiary following the surviving insured’s death. The product can help offset the federal estate tax that would otherwise be payable at the death of the surviving spouse. This policy is expected to provide a reasonable means to help clients begin an estate plan or can act as a complement to an existing estate plan.
In addition, this product provides a conversion option to a permanent insurance plan before the end of the level premium period and in the event of divorce or changes in legislation.
John Deremo, senior vice president and chief distribution officer of PLI’s life and annuity division, said: “The introduction of Protective Life’s Survivorship Term product clearly marks our commitment to providing affordable solutions at a time when Americans need it most. People in today’s tough economic times still have estate planning needs and this product is perfect for the times.”