While term insurance is extremely popular and economical, it is only temporary. Nevertheless, no one can truly predict what the future holds and everyone's financial story is different; term insurance alone might not be the best solution. There are good reasons to consider a permanent type of life insurance - including the potential for lifetime coverage.
Your clients and prospects are the youngest and healthiest they will ever be today, and leveraging that now can pay off later. Help your clients keep their financial independence. Don't put them in the difficult situation of still needing life insurance coverage after the level term (or conversion) period expires and not being young enough or healthy enough to afford it.
Let's use the example of Principal Financial's latest announcement to exit the individual life insurance market by end of Q3 this year... Most term policies have a guarantee of conversion, but there is no guarantee of what permanent products will be available to convert to. As carrier's pull out of the market, the permanent product availability becomes narrowed and potentially expensive.
Help your clients understand the important features of a permanent life insurance policy. While permanent life insurance may be more expensive compared to term life insurance, keep their best interest on point. Discuss their options to determine the best balance of life insurance coverage for their unique situation.