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.