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Single premium term life insurance

Enhance the overall loan experience and grow your business

As your go-to for innovative solutions that help you provide access to life insurance in a convenient, manageable way, we’re thrilled to now offer Access Term Life™ a single premium term life insurance to you and your customers.

The right solution at the right time 

Single premium term life insurance provides a convenient opportunity for your customers to easily purchase life insurance. By offering this insurance, you’re helping to give them – and their loved ones – financial security at a time when they may need it most.

Not only does providing access to life insurance enhance the overall loan experience for your customers, it also helps you grow your business.

The need is real

According to the 2023 LIMRA Insurance Barometer study, 101 million U.S. adults reported needing life insurance (7 in 10).1 Yet 27 million reported being underinsured and 74 million reported having no life insurance at all.1

While the need is widespread, it is highest among the following consumer segments:

  • Households earning under $50,000 per year
  • Those that identify as Hispanic or Black
  • Millennials and Gen Z (ages 18-42)
  • Women – specifically single mothers

You can help fill the need and offer beneficial coverage to your customers with our single premium term life insurance.

How it works

Single premium term life insurance is offered to borrowers at point of sale during loan closing. It can be offered as a complementary product to credit insurance, giving your customers the option to have both payment protection and traditional term life insurance which benefits their loved ones.

This insurance provides practical, cost-effective protection for a specified period of time. There is no cash value accumulation with term life insurance and the benefit is paid if the policyholder dies during the “term” of the policy. Benefits paid to the beneficiary are generally income-tax free and coverage stops at the end of the term.

Additional benefits for your customers

  • Convenient one-time payment (not an extra expense they have to manage)
  • Benefits are paid directly to the beneficiary to be used how they wish
  • Variety of terms and coverage amounts are available to fit customer needs and budget
  • Modified guaranteed issue (limited health questions)
  • If they pay off the loan early, they still have the coverage for the life of the policy
  • An opportunity to learn more about life insurance and how it can financially protect their loved ones

Benefits for you

  • Enhances the customer experience
  • Differentiates you from your competitors – this product is currently not widely offered in the finance company market
  • Opportunity to educate and provide access to life insurance to an underserved market

Take the next step

Learn more about single premium term life insurance and how you can add value to your loan programs.

Contact our sales team

1. Leyes, Maggie, Wood, Steve. 2023 Insurance Barometer Study, Focus on Life Insurance: Ownership, Behaviors, and Attitudes. LIMRA, 2023.

Product availability and features may vary by state.

Coverage is made available under policy form series ICC23-51448, and any state variation thereof.

This information should not be considered as tax or legal advice. Clients should consult their tax or legal advisor regarding their own tax or legal situation.

DOFU 4-2024