Nationwide Financial Services Inc. and John Hancock Life Insurance Company are updating their life insurance menus.
Nationwide, Columbus, Ohio, has introduced the Nationwide YourLife Term Insurance product.
Buyers can choose to keep premiums level for a term of 10, 20 or 30 years.
After the term is up, premiums will be guaranteed, but they will increase each year until the insured is 95, Nationwide says.
Riders available with the product include a 20-year term spouse rider, a children’s term insurance rider and a rider that can waive premiums for insureds who become disabled.
Holders can convert to whole life coverage without providing evidence of insurability, Nationwide says.
Hancock, Boston, a unit of Manulife Financial Corp., Boston, is offering level-premium terms of 10, 15, 20 and 30 years with its new term life products.
Premiums are lower for non-smokers at many issue ages, and premiums also will be lower for policies with death benefits over $3 million for insureds ages 45 to 65.
Hancock also has added a new Standard Plus Non Smoker risk class.
Holders can convert to permanent insurance without providing evidence of insurability, and Hancock also is offering a total disability premium waiver rider.