Affiliated life insurers have come out with 2 new sister products that can help the purchasers structure benefits payouts in advance.

Protective Life Insurance Company, a unit of Protective Life Corrp., Birmingham, Ala., has introduced the Protective Term Income Provider policy.

West Coast Life Insurance Company, another Protective unit, has introduced the West Coast Life Income Replacement Term policy.

Purchasers can reduce the cost of coverage by 7% to 39% by having the issuer pay benefits in the form of an income stream, rather than in the form of a lump sum, according to Protective.

The policy level-premium term can last 10,15, 20, 25 or 30 years, with death benefit amounts starting at $100,000.

The payment periods can range from 5 years to 30 years.

Payments can be issued monthly, annually or through electronic transfers, Protective says.

Purchasers can buy a rider to provide an initial lump-sum payment in addition to the payment stream, and beneficiaries who decide they would prefer to collect benefits in the form of lump sums can pay extra to do so, Protective says.

Protective Life and West Coast Life are responsible for backing the product guarantees.