The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) is resisting the current terror of offering products with built-in benefits guarantees.
The Woburn, Massachusetts-based life insurer has introduced a final expense whole life insurance.
SBLI says it will pay the beneficiaries of the policy a guaranteed death benefit. The beneficiaries can use the benefits for any purpose, not just to pay burial, cremation and funeral expenses.
The coverage amounts available range from $2,000 to $35,000.
SBLI is offering the policy to consumers ages 50 to 80.
SBLI is starting by distributing the policy online, through an application process that involves medical underwriting.
The application system asks applicants about their height, weight and substance use; whether they engage in activities such as scuba diving, mountain climbing and boat racing; whether their parents or siblings had certain serious health conditions before age 60; and whether they have a history of medical conditions such as asthma, depression, or diabetes.
SBLI says that, for some applicants, it may reduce the benefits amount available during the first two to three years that the policy is in force.
When SBLI imposes a health-related benefit amount restriction, it will still pay the full death benefit amount if the insured dies as the result of an accident, the company says.
In other life insurance product and digital service news:
Transamerica, Baltimore, is providing a new funeral concierge benefit for holders of many Financial Foundation IUL indexed universal life insurance policies, at no direct cost to the policyholders.
The new Concierge Planning Rider provides access to funeral planning and purchasing services from Everest Funeral Package.