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The Commoditization of Term

The Commoditization of Term

There is no doubt many clients are buying term insurance based upon the cheapest price.  All term insurance is not the same.  If you want to build in flexibility for the future it is important to have the Right Fit™ policy.  At IIC we follow our Right Fit™ process to do just that.  It starts with an accurate prescreen of a client’s overall health, followed by certain design questions.  We can help you ask the right questions, provide education to you and your clients and help them find the Right Fit™ policy.

Learn more by reading the following article recently published in NAPFA Advisor magazine: Commoditization makes quality term life insurance harder to identify.


Review Group Term

Today, people acquire more of their life insurance from group coverage.  Recently the total in-force group term life insurance coverage surpassed individual life insurance.  We know group term is typically a limited amount of coverage (with maximums often being 3 times income) and banded in 5-year increments.  Other limitations to group term include the lack of price guarantees and portability.  The bottom line is most people can buy an individual term policy at a better price, with more benefits and have total control of their policy.  If you leave your place of employment you won’t need to worry about portability or poor conversion options.

Read our Integrated Insights™- Group v. Individual Term to learn more.



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