LegacyShield Solutions LLC and two life insurance companies affiliated with Sammons Financial Group Inc. have introduced new permanent life insurance products this week.
LegacyShield — a Jacksonville, Florida-based personal document storage company — has worked with the Savings Bank Mutual Life Insurance Company of Massachusetts to develop a LegacyLife permanent life insurance policy.
SBLI has already been encouraging its policyholders to use the LegacyShield online document storage system.
The new life insurance program will combine permanent life insurance that automatically comes with access to the LegacyShield Life’s Mission Control system, LegacyShield says.
The life insurance policy includes a guaranteed death benefit, guaranteed cash value, and a return-of-premium level term rider, LegacyShield says.
LegacyShield says SBLI will use a fast underwriting process to write the coverage.
The typical underwriting process should take about five days, LegacyShield says.
The Life’s Mission Control package will give the user the ability to create a will, powers of attorney, advance directives and HIPAA authorization forms.
The Sammons Units
Midland National Life Insurance Company — a Sammons unit based in West Des Moines, Iowa — has launched the Strategic Accumulator Indexed Universal Life insurance product.
North American Company for Life and Health Insurance, which is also based in West Des Moines, has introduced the Builder Plus Indexed Universal Life 2 insurance product
The new Midland National indexed universal life (IUL) policy offers a return-of-premium death benefit option, along with accelerated benefits for policyholders who need chronic care or have a critical or terminal illness.
The policy includes a new version of the company’s Account Interest Multiplier feature.
The old version began to apply in the sixth policy year. The new version starts to apply in the first year.
Midland National will offer the product through an accelerated underwriting program.
The company predicts that the typical underwriting process will take about 6.5 days.
The new North American IUL policy offers a similar package of benefits and features, including access to North American’s versin of the Account Interest Multiplier feature and the accelerated underwriting program.
— Read Lincoln’s New MoneyGuard Product to Be Great for 121-Year-Olds, on ThinkAdvisor.