A unit of of Legal & General Group P.L.C. is rolling out the first in a series of new universal life insurance products.
Banner Life Insurance Company, Rockville, Md., part of Legal & General, Tadworth, Surrey, United Kingdom, is introducing the Life Umbrella UL 120 policy, which is based on the 2001 Commissioners Standard Ordinary Mortality Table.
The policy offers a level death benefit plan that matures at age 120 but can be extended. It can be issued from ages 20 to 85 and is available for term conversions, the company says.
First-year commissions will be paid on a 24-month rolling target basis, Banner Life says.
The company note that it permits brokers to illustrate both limited payment options and lifetime payment options.