Two life insurers that are free from the need to report quarterly earnings to shareholders have introduced new whole life insurance products.
Northwestern Mutual Life Insurance Company — a Milwaukee-based, policyholder-owned mutual life insurer — has introduced the Whole Life Plus policy.
Knights of Columbus — a nonprofit fraternal life insurer based in New Haven, Connecticut — has introduced two new whole life policies in the Knights Advantage series in the United States and Canada: the Limited Pay Whole Life policy and the Single Premium Whole Life policy.
(Related: Ohio National Extends Whole Life Line)
Northwestern Mutual’s Whole Life Plus policy offers a number of customization features, such as a blended term feature, which can increase coverage early on, and an accelerated care benefit, which can help pay for long-term care.
The policy also offers a waiver-of-premium feature for policyholders who become totally disabled.
The policies are designed to pay dividends.
Northwestern Mutual says it will also be adding new universal life products this fall.
The new Knights of Columbus whole life policies are also designed to pay dividends.
The minimum payment period for the Limited Pay Whole Life policy is five years and can last till the insured has reached age 100. The policyholder can use any dividends earned to buy additional paid-up insurance.
After the payment period is complete, the policy is guaranteed to be paid up, with no further payments required.
The single-premium version of the product is similar but is designed for a purchaser who will make just one premium payment.
— Read National Life Introduces Whole Life Product, on ThinkAdvisor.