(Photo: Bill Ingalls/NASA)

United of Omaha Life Insurance Company, a subsidiary of Mutual of Omaha, is putting a second indexed universal life insurance policy on the market

(Related: 18 Reasons for Making Indexed UL Part of Your Portfolio)

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.

Guardian Life Aims 2-Life Policy at Estate Planning Market

Guardian Life Insurance Co. of America has introduced the Guardian EstateGuard Whole Life Insurance policy, a policy designed to cover two people.

The cash value of the policy increases after the death of the first insured.

During the first four years a policy is in effect, a policyholder who buys extra death benefit coverage may be able to get that coverage for half the usual price, through a 100% death benefit match feature.

The death benefit match feature can provide up to $5 million in extra death benefit protection, Guardian says.

The New York-based company says in a product brochure that the minimum death benefit is $100,000.

The product is available for issue ages from 20 to as high as 90.

Premiums will stay the same until the younger insured turns 120, Guardian says.

Guardian identified Andrew Gordon, head of life product and pricing, as a company manager with an interest in the product.

Fabric and Quilt Start Life Sales Sites

Two companies, Fabric Insurance Agency LLC and Quilt Inc., have started digital life sales operations.

Fabric, a New York-based company, has started selling life insurance through MeetFabric.com.

Consumers who meet the purchase requirements can get accidental death insurance from the site immediately, for prices starting at $6 per month for $100,000 of coverage.

Consumers can then go through underwriting and replace the accidental death insurance with term life insurance from Vantis Life Insurance. 

Quilt, a Boston-based company, says it’s now using its GetQuilt.com website to sell life insurance from Generation Life Insurance Co. of West Chester, Pennsylvania, an affiliate of Swiss Re, through a process that takes about 15 minutes. Customers can get $50,000 to $1 million in term life coverage through the site, for level-premium terms ranging from 10 to 30 years. 

— Read Time to Revisit Cash Value Life Insurance on ThinkAdvisor.