NU Online News Service, Oct. 2, 2003, 4:32 p.m. EDT – Columbus Life Insurance Company, Cincinnati, has introduced the Explorer II Universal Life policy, a universal life policy aimed at wealthy individuals and small business owners.

The new version of the Explorer UL policy comes with an additional supplemental coverage rider, Columbus Life says.

The policy also includes a built-in extended maturity benefit for coverage past age 100. The benefit pays either a specified amount or, if the cash surrender value is higher, the cash surrender value.

The policy offers a discount on no-lapse guarantee premiums for clients who pay on a single-premium basis or pay for their policies over a short period.

Customers who hold their policies for more than 13 years will get a higher interest bonus. Customers who hold their policies more than 20 years will get a duration-based account value interest bonus starting in the 21st year, Columbus Life says.

Columbus Life is a unit of Western & Southern Financial Group.