NU Online News Service, March 18, 2003, 4:54 p.m. EST – Pan-American Life Insurance Company, New Orleans, has introduced Wealth Transfer Life, a single-premium, whole-life policy aimed at customers between the ages of 50 and 85.
Pan-American is billing the policy as a stable alternative for consumers worried about the market risk associated with stocks, bonds and mutual funds.
The minimum premium is $10,000. Options include a rider that will pay out up to 75% of the face amount if the policyholder suffers from a terminal illness or enters a nursing home.
Pan-American is issuing the policy through its Pan-American Assurance Company and Pan-American Life Insurance Company units and selling the policy through independent insurance agents.
The company is starting by selling the policy in Texas and Louisiana.