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.