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Pan-American Unveils Whole-Life Policy

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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.