A New England company is aiming a single-premium whole life insurance policy at the estate planning market.
Liberty Mutual Group, Boston, says its Liberty Life Assurancy Company has started selling a revised version of the Liberty Series Estate Maximizer single-premium whole life insurance policy.
The single premium immediately buys a death benefit that is larger than the original payment, the company says.
For a 65-year-old woman, paying a $50,000 single premium would guarantee beneficiaries a payment of $102,105, the company says.
Liberty Life Assurance will lock in the interest rate for a full year and is offering a 100% return-of-principal guarantee.
Purchasers can buy an accelerated death benefit rider that can pay up to 90% of the death benefit to an insured who becomes terminally or chronically ill.
Liberty Life Assurance is responsible for backing the products guarantees.