Nationwide and Penn Mutual Launch Permanent Life Products
One company has added a new group of universal life polices. The other, a whole life policy.
Two mutual insurers have updated their permanent life insurance lines.
The life operation at Nationwide has started a Nationwide Indexed Universal Life (IUL) family of products.
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Penn Mutual Life Insurance company has introduced the Versatile Choice Whole Life policy.
The new Nationwide IUL product family includes two products: the Nationwide Indexed Universal Life Accumulator II policy, which is aimed at people who are interested in eventually generating a substantial amount of income, and the Indexed Universal Life Protector II policy, which is aimed at people who are more interested in getting a policy with affordable death benefits.
Both IUL products offer purchasers access to seven different crediting options and a fixed account, Nationwide says.
A long-term benefits rider, the Long-Term Care Rider II rider, is available with both policies.
The policy pays cash indemnity benefits to insureds who are eligible to receive benefits. The insureds do not have to submit receipts or verify use of billable services to get the benefits.
Penn Mutual’s new permanent life product, the whole life policy, offers guaranteed death benefit protection to age 121.
The policy is comes with access to a chronic care benefits rider. The policy also comes with features aimed purchasers who will use the policy for business purposes, such as an endorsement that provides additional benefits for purchasers who will use the policy to fund qualified retirement plans.
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