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.