U.S. insurers have kept the spotlight on permanent life products in recent announcements of new life policies and features.
Personal finance columnists and advisors with roots in the financial planning community tend to promote the benefits of term life, but some of the most heavily promoted new life products are universal life, indexed universal life or whole life products or features.
(Related: 3 Top New Life Product Announcements)
Here’s a look at five of those newly marketed products.
1. Penn Mutual Life Insurance Company
Penn Mutual has introduced the Survivorship Choice Whole Life policy.
Two spouses or partners can use the policy to insure both lives. The policy pays off after the second spouse or partner dies.
The policy can keep the death benefits and cash-value accumulation arrangements in place to age 121.
TruStage, an insurer affiliated with CUNA Mutual Group, a company formed to serve the members of credit unions, has introduced a simplified-issue whole life products.
The company has designed the product to be sold through online systems, using an automated underwriting process.
The starting issue age is 18.
The maximum coverage amount is $100,000.
3. Midland National Life Insurance Company
Midland National, a unit of Sammons Financial Group Inc., has introduced the XL-CV Max indexed universal life (IUL) product.
The new IUL comes with an Account Interest Multiplier feature. The feature can increase the holder’s interest credit by 10% in policy year six.
The policy also comes with a 1% interest bonus on the index account that starts in policy year 11, Midland National says.