NU Online News Service, May 20, 2005, 4:05 P.M. EDT
Columbus Life Insurance Company announced the introduction of 3 new life insurance products.
Pinnacle II is a new variable universal life policy that offers 52 subaccount choices and a portfolio of new riders available for addition. Riders offered include Accelerated death Benefit Plus Rider, which provides advances for specified terminal illnesses or for critical illness or nursing home confinement.
Enhanced Cash Value Rider is a life product capable of providing higher cash values and no surrender charges in the first policy year when used with Columbus Life universal life products such as Explorer II, Mainsail or the new Pinnacle II. When used with the new Capital Transfer II product, there are increased cash surrender values in the early years of the policy along with a lifetime no-lapse guarantee.
Capital Transfer II is a wealth transfer tool available only on Explorer II. This rider provides a death benefit guaranteed for life. Stipulations for this guarantee include no loans or withdrawals and sufficient premiums in the contract to meet the premium test from the fifth policy anniversary through the tenth policy anniversary.
Capital Transfer II may be combined with Accelerated Death Benefit options to allow for early access to benefits without affecting guarantees.
All these products were designed to appeal to the affluent personal and business markets, Columbus Life says.