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Empire State Insurer Rolls Out Paid-Up Rider

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NU Online News Service, Feb. 18, 2005, 3:54 p.m. EST

Bankers Life of New York, Woodbury, N.Y., has introduced a rider that can help protect life insurance policyholders against loan-related lapsation.[@@]

Bankers Life is selling the rider, the Life Protector Paid-Up rider, to customers ages 18 to 85 who own its Capitol Solution universal life policy or one of its 3 equity-indexed universal life policies.

All of the life policies offer access to policy loans.

The new rider can protect policyholder-borrowers against loan-related lapses, pay up the policy when certain conditions are met, and keep “phantom income” from generating unwanted taxable income, Bankers Life says.