A large insurer has added to the competition in the universal life market.

Nationwide Financial Services Inc., Columbus, Ohio, has introduced the Nationwide ULtimate Universal Life policy.

The ULtimate policy comes with a “no-lapse” guarantee that can keep coverage from lapsing as long as the holder keeps making the required premium payments, according to Nationwide.

An Automated Premium Monitor feature can help holders ensure that they are making the payments necessary to keep the coverage in force, Nationwide says.

Nationwide notes that its underwriters may offer a standard rating to healthy clients with well-controlled diabetes or history of certain types of cancer, such as breast cancer.

The menu of optional riders includes a long term care indemnity insurance rider. After an insured covered by the LTC rider needs long term care for at least 90 days, Nationwide will start making accelerated policy benefits payments directly to the policy owner, the company says.