The Omaha, Nebraska-based company’s Life Protection Advantage Indexed Universal Life Insurance policy offers purchasers three options for adjusting the product interest rates. All of the crediting rate options are based on the performance of the S&P 500 stock index.
The policy also offers holders a fixed account option.
Policyholders who pay a minimum level of premiums can guarantee access to coverage until age 85.
Some purchasers can buy a guaranteed refund option rider. Customers who buy that rider can get half of their premiums back if they surrender the policy on the 15th policy anniversary.
Consumers who buy the refund rider can get 100% of their premiums back on the 20th anniversary. They can also get 100% of the premiums back on the 21st, 22nd, 23rd, 24th or 25th policy purchase anniversary.
If the surrender value of the policy is higher than the guaranteed refund amount, a purchaser of the refund rider will get the surrender value, Mutual of Omaha says.
The policy automatically includes an accelerated death benefit rider.
The policy is available in all U.S. jurisdictions except for New York state and the Virgin Islands.
In a product brochure, Mutual of Omaha suggests the product might be of interest to consumers who want to use the cash value to supplement retirement income or an education fund.
Mutual of Omaha identified Joe Kenny, a Mutual of Omaha vice president, as an executive with an interest in the product.
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