Protective Life Corp. says subsidiaries have introduced life insurance policies aimed at married couples and other customers who want to insure 2 lives.
Protective Life Insurance Company, a unit of Protective Life, Birmingham, Ala., has introduced the Protective Centennial Survivor G Universal Life policy; and another Protective Life unit, West Coast Life Insurance Company, has introduced the West Coast Golden Legacy Protector X Universal Life policy.
Both of the new policies are second-to-die universal life insurance policies, insuring 2 lives under one policy, with the death benefit payable to the designated beneficiary following the surviving insured’s death, Protective Life says.
The products provide lapse-protection options, including guaranteed death benefit coverage up to age 121 of the younger insured, regardless of policy value, provided the premium requirements are met to ensure the policy stays in force, Protective Life says.
The issuing insurers are responsible for backing the product guarantees.