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Conseco Adds Whole Life Product

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An insurer has unveiled a product aimed at older consumers who need modest amounts of insurance.

The Conseco Insurance Company arm of Conseco Inc., Carmel, Ind., says the new Conseco Providence whole life insurance policy offers $5,000 to $30,000 in death benefits for insureds ages 50 and 85.

The policy comes with a simplified underwriting process, and applicants who cannot qualify for level benefits may qualify for “graded final-expense benefits,” Conseco says.

If applicants get graded benefits, Conseco will pay reduced benefits if the insureds die of illness within the first 2 policy years, Conseco says.

Policies automatically include an accelerated benefit rider that pays 75% of the death benefits to insureds who are terminally ill.