Two life insurers that are part of Sammons Financial Group have announced updates to their life insurance products.
One of the life insurers, Midland National Life Insurance Company, has added a premium deposit agreement feature for most of the company’s single-life indexed universal life (IUL) products.
The feature gives IUL purchasers a vehicle for automatically feeding enough cash into the IUL to ensure that the policy will continue to be an IUL policy, and not turn into a modified endowment contract.
The starting interest rate available on the cash is 3.25%.
A policyholder does not have to pay any extra charges to put money in a premium deposit agreement.
The feature is available in all states and territories except Alaska, British Virgin Islands, Illinois, Kansas, Marianna Islands, New Hampshire, Oregon, Pennsylvania, and Virgin Islands.
In other Sammons product news, Midland National and a sister company, North American Company for Life and Health Insurance, have announced the addition of accelerated death benefit endorsements for critical, chronic and terminal illnesses to their term products.
Midland National is adding the endorsements to its Premier Term products.
North American Company for Life and Health is adding its endorsements to its ADDvantage Term products.
The cost of the endorsements will be bundled into regular policy premiums.
The features can accelerate up to $2 million in benefits for critical, chronic or terminal illness.
The Premier Term endorsements are available in all states and territories except California, Florida, the British Virgin Islands, Mariana Islands, and Virgin Islands.
The ADDvantage Term versions of the endorsements are available in all states except California and Florida.
— Read 5 New Life Products for Spring, on ThinkAdvisor.