Pan-American Hires Two, Starts Division

Pan-American says its senior markets division will start by selling simplified-issue life insurance to consumers between the ages of 50 and 85. The policies will pay death benefits ranging from $2,500 to $25,000.

The division will also sell “graded death benefit” whole life policies to applicants who are not healthy enough to qualify for the simplified-issue policies. The graded policies will pay 30% of the face amount if the insured dies in year one, 70% if death occurs in year two, and the full face amount after year two, Pan-American says.

The simplified-issue policies will be available in 22 states, and the graded death benefit policies in 19 states.

Pan-American notes that the senior markets division will be organizing new broker networks as well as developing new products.