The Advantage Choice UL product has some excellent flexibility and options built right into the policy because lives are always changing. For additional cost, you can add more enhancements to get the policy exactly how you need it.
Premium flexibility - Choose to pay the same premium for your lifetime, only for a fixed amount of time, or adjust the premiums to match a future expected income increase. You pick what works best.
Terminal Illness Accelerated Death Benefit Endorsement - Access up to the lesser of $1,000,000 or 60% of your death benefit if diagnosed with a terminal illness. This may help with the financial and emotional impact of the illness. This is considered a "living benefit". The death benefit will be reduced by the amount of money accessed early.
Income Provider Option Endorsement - Choose how you wish to have your death benefit paid out. Instead of the typical one-time lump sum payment, you may prefer your beneficiaries receive an income stream of regular payments for up to 30 years.
Build cash value - Policy builds cash value that can be accessed down the road for any reason you need it. Loans taken must be paid back with interest and will reduce the death benefit until paid back in full. Although the interest rate will fluctuate, it can never be less than the guaranteed 2.5%.
Example of potential cash build up
Penalty for missing premium payments is not severe - If you find yourself in a tight situation financially, you can borrow from the cash value as described above to make a few payments.
But if you do miss a payment, Protective prides themselves on not affecting the policy as much as competing carriers. The result of missing payments is that the age to which the policy is guaranteed is reduced.
Example of missed payment penalty
Even more flexibility is possible with the Protective Advantage Choice UL, but these options will affect your premium payment (you'll pay a little more).
Accidental Death Benefit Rider - Get up to $250,000 extra death benefit paid to your beneficiaries in the case of an unintentional injury death such as a car accident.
Children’s Term Life Insurance Rider - Provide any children living in your household, up to age 18, with their own policy up to $20,000. When they reach age 25, they have the ability to convert that coverage to a permanent policy up to 5 times the initial death benefit.
Disability Benefit Rider - In the event you become disabled, this rider provides funds to pay your policy premiums to make sure the life insurance coverage isn't lost. Available for applicants age 18-55 and can only be used up to age 60.
ExtendCare Rider - If you are diagnosed with a qualifying chronic illness, you can access a portion of the death benefit while still living to help with expenses. All policy expenses and premium payments will also be waived while on this claim.