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F&G Adds Universal Life Policy

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NU Online News Service, June 3, 11:15 a.m. – Fidelity & Guaranty Life Insurance Company, Baltimore, a unit of Old Mutual P.L.C., London, has introduced the WealthMaster Classic universal life insurance policy.

The policy comes with a no-lapse premium guarantee to age 100, Fidelity & Guaranty says.

When a customer buys the extended maturity feature, the entire death benefit will remain in force beyond age 100, as long as there is a minimum of $1 of cash value, the company says.

The policy also provides a surrender charge waiver feature; “no cost” loans after the 10th coverage year; 0.5 percentage points of additional interest in years 11 through 20; and 1% of additional interest each year after the 20th year.