An insurer is introducing a universal life insurance policy.
Old Mutual Financial Network, Atlanta, a unit of Old Mutual P.L.C., London, has started selling the Value Master Universal Life policy.
The product, issued through Old Mutual’s OM Financial Life Insurance Company unit, offers a choice of 4 no-lapse guarantees and a “catch-up provision” for holders who have put off making payments, Old Mutual says.
The no-lapse guarantee menu includes options for 15-year, 30-year, Age 90 and Lifetime guarantees, the company says.
Some of the other riders available with the product are accelerated death benefit, accidental death benefit, waiver of monthly deduction, ultimate income and children’s level term life riders.