A new single-premium whole life policy includes accelerated benefits riders that allow access to the policy’s living benefits if the insured is diagnosed with terminal, chronic or critical illness.
Called LifeBuilder 1, the policy offers these riders as an option, and at no additional cost.
The policy is underwritten by National Life Insurance Company, Montpelier, Vt., a member of National Life Group.
The company says it is using new, streamlined underwriting requirements with the policy. For clients up to age 75, for instance, the company bases medical requirements on the net amount at risk, rather than the face amount.
When the accelerated benefits riders pay out a benefit, this reduces the cash value and death benefit otherwise payable under the policy, the company says.
The chronic and critical illness riders are not available in all states.
The policy guarantees are dependent upon the claims-paying ability of the issuing company.