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UL Guaranteed To Age 120

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A new universal life policy is offering a death-benefit guarantee up to age 120, with no premiums required after age 100.

Issued by Midland National Life Insurance Company, Sioux Falls, S.D., the contract offers lower premiums than previous Midland UL policies in nearly all cases, according to the insurer.

The product, Essential Guaranteed Universal Life, also offers relaxed underwriting for the preferred class, preferred underwriting criteria for ages 71+, and 5 underwriting classes, the company says.

The policy is designed for customers seeking affordable coverage, such as insureds needing to meet family obligations on a limited budget, Midland says.

However, it also includes a guaranteed exchange privilege feature, the company says. This allows owners to exchange the policy to an accumulation-type UL without evidence of insurability or surrender charge.

Minimum death benefit is $25,000. Maximum issue age is 85.

Midland National Life Insurance Company is owned by Sammons Enterprises Inc., Dallas.