Pacific Life Insurance Company and OneAmerica are both introducing pairs of new life insurance products.
Pacific Life is rolling out two new indexed universal life (IUL) insurance policies, and OneAmerica is adding two new term life policies.
The new Pacific Life policies are the Pacific Discovery Xelerator IUL 2 policy and the Pacific Indexed Accumulator 6 policy.
The Xelerator policy is aimed at high-income clients who want to use the policy to generate supplemental retirement income, as well as providing a death benefit.
The Accumulator policy is aimed at clients who want a high cash surrender value in the policy’s early years. That policy could appeal to clients using the policy in connection with premium financing or corporate-sponsored life insurance arrangements, according to Pacific Life.
The new policies offer purchasers access to an enhanced performance factor rider. Purchasers of the underlying policy can get interest credits linked to the performance of investment indexes. The performance factor rider determines how much of the indexed interest credit actually flows to the policyholder.
A rider purchaser who pays more will get to keep more of the indexed interest credit. Purchasers can use the rider to switch between three different performance factor levels, according to Pacific Life.
The policies also come with a menu of 15 other riders and updated policy charge and policy credit tools, Pacific Life says.
OneAmerica’s new products are the OneAmerica Term policy and the OneAmerica Premier Term policies.
Both of those products offer guaranteed level premiums and death benefits over the term period.
The Premier Term policy gives the holder the ability to covert to a whole life policy, or to a whole life policy with access to long-term care benefits.
The term period options for the OneAmerica policies are 10 years, 15 years, 20 years and 30 years.
The death benefits can range from $100,000 to $1 million.
OneAmerica is also offering a menu of riders along with the policies, including a living needs benefit rider and a rider that can waive the premium if the insured becomes disabled.
The policies are available in all states except New York and California.
OneAmerica writes the policies through its American United Life Insurance Company unit.
— Read Pacific Life Adds Universal Life Policy, on ThinkAdvisor.