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Old Mutual Unit Adds Non-Assignable Life Policy

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Fidelity and Guaranty Life Insurance Company has started selling Transition Safeguard, a single-premium life insurance policy.

The policy offers purchasers a choice of 3 different income benefits structures for the beneficiary, according to the Baltimore-based U.S. arm of Old Mutual P.L.C., London, the parent of Fidelity & Guaranty.

The benefit choices are:

- Income for the life of the beneficiary.

- Income for life of the beneficiary with a 10-year period certain, whichever is longer.

- Income for life of the beneficiary or 10 years, whichever is shorter.

The income benefit is non-assignable, irrevocable and non-commutable.

The contract has no cash value and does not allow policy changes, partial surrenders or loans, according to Old Mutual.