Last week we revealed results of our 10 pay whole life comparison for cash surrender value and this week we have the results comparing the death benefits of various 10 pay whole life products.
The comparison uses data collected from the same policy proposals used in the cash value comparison. Male and female ages 45 and 55 with preferred risk class. Internal rate of return is calculated on the premium derived using a $1,000,000 initial death benefit.
We continue to be impressed by MetLife and Ohio National in the 10 pay whole life insurance space. They compared very favorably both last week and a few years ago when we made a similar, but much smaller scale comparison.
Also worth noting is Penn Mutual’s projected performance in this comparison. We’ve had plenty of positive things to say about their whole life product in the past, and their new product allows them to enter the bona-fide 10 pay market looks very good against the competition.
Again it’s hard to declare a definitive winner, and the breakdown of winners and losers mostly follows the same breakdown as last week in the cash value comparison .
There is, however, one company that placed first or second in almost every comparison. And it’s for this reason as well as the wide availability of their product and well-respected place in the life insurance industry that we give MetLife the nod for the winners circle on this one—congratulations to Snoopy!
Brandon launched the Insurance Pro Blog in July of 2011 as a project to de-mystify the life insurance industry. A specialist in the design and application of life insurance cash accumulation features, Brandon is one of the foremost authorities on the subject of coordinating life insurance cash values in a financial plan.