BOCA RATON, FL--(Marketwired - Sep 25, 2013) - Longtime insurance innovator Ted Bernstein, CEO of Life Insurance Concepts, Inc. (, has launched a new product that allows policy holders to choose how claims are paid.

"Until now, the only payout option available was a lump-sum payment," Bernstein says. "But that isn't necessarily what all policy owners want for their beneficiaries."

In addition, deferred pay-outs allow for lower premiums because the insurance company has a longer time to pay claims.

"Premiums can be as much as 50 percent less for the same amount of insurance, so policy owners can either save money or provide more for their loved ones," Bernstein says.

The Installment Life Option he created allows policy owners to designate specific payments over a period of years. That's reassuring to both policy owners and beneficiaries who worry about being able to successfully manage a large, one-time payment, especially given the volatile nature of the markets in recent years. On average, according to industry statistics, death benefits are exhausted in less than three years.

"This is the most important development in the life insurance industry since Universal Life," Bernstein says. "Policy owners can now provide their business or loved ones with a guaranteed source of income for years. It's an excellent option for people with large mortgages, families with special needs children."

The Installment Life Option allows the policy owner to choose how many years to defer the death benefit regardless of market or economic conditions. Benefits can be paid over five years and up to 40 in pre-determined amounts. Proceeds can be paid in equal installments or the policy owner can choose a larger portion to be paid upon death, followed by equal payments. 

About Ted Bernstein

Ted Bernstein has been a consistent innovator in the life insurance industry. He was also the first to introduce "no-load" life insurance in the mid-1980s. One of the few agents ever to address the Society of Actuaries, Bernstein is nationally recognized as an expert in alternative distribution strategies and life insurance product development. In the late 1980s, he launched the first fee based Life Insurance Policy Audit and Review service for Trust companies and life insurance fiduciaries. He is a member of the Association for Advanced Life Underwriting. One of Ted's most notable professional accomplishments was acting as boxer Muhammad Ali's life insurance agent.

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Ginny Grimsley