Carrier with a Good Decreasing Term Product?

[bill3173]

Why would you need a decreasing term product?

Once in a while I get a request for a true decreasing term product. It is usually someone that wants to cover a mortgage and only the mortgage.

Interesting thing about these people - if they are truly interested in decreasing term, and an agent tries to splain other things, they'll move on to someone that will do what they ask.

 

[Josh]

Once in a while I get a request for a true decreasing term product. It is usually someone that wants to cover a mortgage and only the mortgage.

Interesting thing about these people - if they are truly interested in decreasing term, and an agent tries to splain other things, they'll move on to someone that will do what they ask.

Not for nothing, but that might be for the best. For the premium difference, in the event of a claim down the road, I can't see why someone grabbing at straws wouldn't think it was negligent to sell them the product considering how little the premium difference can be. It'd be negligent to not at least show the two different options.

 

[dgoldenz]

Buy a Prudential policy and decrease it every year as needed.

 

[meclimit]

Another common need for decreasing term -- a ex-husband (or ex-wife) that is ordered by a court to have insurance in the amount necessary to secure the future payment of the alimony/child support. Some high value cases I have seen even include a schedule for the amount of such insurance needed each year, and often require the ex-spouse to be named as the sole beneficiary.

Then the client wants to buy that and only that amount of coverage -- not a penny more. Really wish more carriers offered this product. Saves an agent from having to assist the client in reducing a level term product each year. Ugh.

 

[Norwayguy]

Last time I looked and this was over a year ago National Western Life had a decreasing term product. No idea if it is still on the shelf.