A carrier is selling a new coverage guarantee feature along with several universal life and variable universal life insurance policies.
Jackson National Life Insurance Company, Lansing, Mich., a unit of Prudential P.L.C., London, says its new Jackson Policy Preserve lapse-protection rider can keep a policy from lapsing if the policy’s loan value exceeds the accumulated cash value.
The Policy Preserver rider is available at no additional charge within Jackson National’s Jackson Accumulator UL policies, and also within the company’s Perspective Investor VUL, Ultimate Investor VUL and JNL Generations VUL policies.
Jackson National will attach the rider automatically to the base policy of new qualifying policies at no charge, the company says.
Jackson National also is attaching the rider to existing, in-force policies that qualify for the feature.
Jackson National is responsible for backing the rider guarantees.