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Federal Life to Issue a High-Deductible Medigap Policy

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Federal Life Group Inc. will be working with Senior Market Sales Inc. to introduce a high-deductible version of a Medicare supplement (Medigap) insurance Plan G policy.

Federal Life and Senior Market Sales will also team up to offer Medigap Plan A, Plan F and Plan N coverage, Federal Life said last week.

(Related: National Guardian Life Hires CFO for New Dental and Vision Business: Personnel Matters)

The companies hope to begin offering the new Medigap policies in at least some states by June 8, Federal Life said.

Federal Life is a Riverwoods, Illinois-based carrier that recently went through a financial reboot with help from Insurance Capital Group LLC of New York.

Senior Market Sales Inc. is an Omaha, Nebraska-based senior market products distributor. It has relationships with about 60,000 insurance and financial professionals.

Dwane McFerrin, a vice president at Senior Market Sales, said in a comment included in the relationship announcement that a high-deductible Plan G policy could be good for a client who’s carrying a health savings account into retirement, or who wants a low premium without restrictions on access to health care providers.

— Read 9 Federal Life Insurance Company Reboot Facts, for Agentson ThinkAdvisor.

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