NU Online News Service, Nov. 4, 2003, 11:35 a.m. EST – The Guardian Life Insurance Company, New York, has introduced a universal life insurance policy.
Guardian, which says the policy is its first UL product, is issuing the policy through its Berkshire Life Insurance Company of America subsidiary.
Built-in features include a policy maturity age of 121 and a five-year, no-lapse guarantee for policyowners who meet minimum premium payment standards.
In the past, most life insurance policies matured at age 100, or even earlier. An advanced maturity age protects older insureds against the possibility that policies will cause tax headaches by maturing while the insureds are still alive, Guardian says.