John Hancock Adds Variable Universal Life Product: Life Moves
Lincoln Financial has expanded its indexed universal life investment menu. USAA is distributing a final expense product.
John Hancock has a introduced a variable universal life insurance policy, Protection VUL. The policy can provide guaranteed death benefits up to age 100.
A purchaser can combine the policy with long-term care and critical illness benefits riders.
Policyholders who signed up for the John Hancock Vitality Program may be able to reduce their premiums by as much as 25% by exercising, getting checkups and meeting other program requirements.
The policy is available to applicants ages 35 and older.
In other life insurance moves news:
Lincoln Financial has added the Fidelity AIM Dividend Indexed Account option to the menus for two indexed universal life insurance policies — the Lincoln WealthAccumulate 2 IUL policy and the Lincoln WealthPreserve 2 IUL policy.
The Fidelity index mixes allocation of account value to high-dividend stocks with allocation of account value to U.S. Treasuries.
The new account uses a 0% floor to protect the policyholder against market-related policy value loss.
Both IUL policies also reflect a life insurance definition change included in the Consolidated Appropriations Act, 2021. That can help policyholders put more cash in the policies and accumulate more assets, Lincoln says.
USAA Life Insurance Company is selling a guaranteed issue whole life insurance policy from Mutual of Omaha Insurance Company.
USAA Life — an arm of USAA of San Antonio — is marketing the product as a form of final expense coverage.
A final expense product helps a family cope with the cost of funerals, burials, cremations and other end-of-life costs.
The policy is available to people ages 45 through 85 in most states, with death benefits ranging from $2,000 to $25,000.
Mutual of Omaha manages risk by reducing death benefits to 120% of the premiums paid for deaths resulting from natural causes during the first two years of the policy contract.
The Ensight life insurance, annuity and long-term care insurance marketplace has added the F&G Pathsetter indexed universal life insurance policy to its menu. The product is available to many applicants, up to age 50, and for up to $1 million in coverage, without a medical exam. Policy provisions can provide accelerated death benefits for people facing critical, terminal or serious chronic illnesses.
Confie — a Huntington Beach, California-based auto insurance distributor — is working with iBindQ and an iBindQ affiliate, Back Nine, to expand the number of life insurance policies it offers and to add the ability to bind coverage online.
Haven Life is working with the Happiest Baby baby gear website to market term life insurance online. Happiest Baby site visitors will be able to apply for Haven Life term policies that are written by Haven Life’s parent, Massachusetts Mutual Life Insurance Company.
(Photo: Shutterstock)