NU Online News Service, June 28, 3:06 p.m. – GE Life and Annuity Assurance Company, Richmond, Va., a unit of General Electric Capital Corp., is now offering a continuation of coverage rider along with its GE Legacy single-premium variable life policy, which is designed for the estate-planning market.
In states that have approved the rider, GE Life is automatically including the rider in the GE Legacy policy , at no additional cost, at policy issue. The rider guarantees the initial death benefit, regardless of investment performance.
At age 100, to maintain the guarantee, owners must transfer all account value to the guarantee account.
Partial surrenders and policy loans will reduce the guarantee, and the rider will terminate if policy debt exceeds account value minus applicable surrender charges, GE Life says.
Other GE Legacy policy features include a choice of single-life or joint last survivor coverage, asset allocation, portfolio rebalancing programs, and self-directed charges. There are 40 sub-accounts.
The minimum premium is $25,000.
The fulfillment process allows reps to fax signed clean non-medical applications and receive a response within two hours, GE Life says.