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Life Policy Integrates No-Lapse Guarantee

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A new universal life policy is offering a built-in no-lapse guarantee to appeal to buyers who are seeking fixed life insurance.

The guarantee ensures that the death benefit stays in force for life as long as the policy owner pays the required premiums, says Nationwide Financial Services Inc., Columbus, Ohio.

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Nationwide’s new policy, the Nationwide YourLife No-Lapse Guarantee UL, features among other benefits a long term care rider, a supplemental coverage option and an option to pay premiums to age 120, to reduce the size of their payments.

Features of interest to advisors include reduced case underwriting time (23 calendar days, down from 25), illustration software and online application forms.