Knights of Columbus is one of at least three carriers that have unveiled permanent life insurance products this month.
The New Haven, Connecticut-based fraternal benefit society has introduced the Protector NLG universal life insurance policy.
The policy can provide coverage up to age 100, with a flexible premium payment schedule.
The policy comes with a lapse protection rider automatically attached at issue. The rider can ensure lifetime death benefit protection as long as the rider is active, according to Knights of Columbus.
The company will be offering the product to residents of the United States and Canada who are ages 50 through 80.
Ron Franzluebbers, chief actuary of K of C, said in a comment about the product that Knights of Columbus has designed the policy to appeal to people approaching or above retirement age, who do not need a whole life contract but who do want to keep death benefit coverage in place for their entire lives.
In other life insurance product news:
The Penn Mutual Life Insurance Company has introduced the Guaranteed Whole Life policy.
The policy can provide cash-value accumulation and lifetime death benefit production with some flexibility in the premium payment schedule, according to Penn Mutual, which is based in Horsham, Pennsylvania.
A policyholder can earn dividends.
A policyholder can also use a chronic illness accelerated benefit rider to tap the policy cash value immediately if the insured individual suffers from a terminal illness or a serious chronic illness.
The life insurance arms of Ohio National Financial Services have added a Virtus indexed universal life policy and updated the company’s V-Pro UL II policy.
The indexed policy offers access to four index accounts, including a one-year point-to-point S&P 500 uncapped account, along with a fixed account.
The policy also offers a standard loan option and an index loan option.
Purchasers ages 0 through 60 can get a 20-year, no-lapse guarantee. The guarantee applies as long as the policyholder pays the premiums, according to Ohio National.
The Cincinnati-based company says the V-Pro UL II update will lower the premiums for death benefit protection.
— Read Northwestern Mutual and Knights of Columbus Add Whole Life Policies, on ThinkAdvisor.