Using Term Insurance to Build
Your Business Insurance Practice
Brian McKenna
Early in my career, I had the opportunity to work with one of the top producers in the life insurance business. During the course of our relationship, he shared with me his strategy of using term insurance to build his business insurance practice.
His goal was to develop many new business relationships with successful companies, owners, and key employees each year by selling them term insurance initially. As time passed, he leveraged these relationships through term conversions, cross-selling initiatives, and constant requests for referrals.
Life Insurance
updated 5/12/2010
Universal Life
National Life Group introduced its latest addition to its fixed universal life (UL) portfolio, “LSW IncomeBuilder UL.” It is designed with strong death benefit guarantees along with the potential for cash value accumulation. With the addition of the new, optional Death Benefit Protection rider, the client can be guaranteed 20 years of death benefit protection. For more information, call 800-906-3310 or visit www.nationallife.com.
updated 2/24/10
Flexible Universal Life
American General Life announces a universal life insurance product, “ContinUL.” It offers affordable death benefit coverage with secondary guarantees and flexible features that allow for customization. For more information, visit www.americangeneral.com.
updated 2/17/10
Flexible Universal Life Product
American General Life introduced a universal life insurance product that offers affordable death benefit coverage with secondary guarantees and flexible features that allow for customization. Policyholders select the amount of coverage, the duration of the death benefit guarantee, and the length of time to pay premiums. For more information, visit www.americangeneral.com.
Term Insurance
Nationwide Financial is launching Nationwide “YourLife Term II.” It gives clients the ability to convert the base policy and the spouse and children’s term life insurance riders from temporary to permanent. Nationwide added a 15-year term option, which can be a perfect fit for clients who have a mortgage loan that would need to be paid off in case of an unexpected death. Clients have the option of a 10-year, 20-year, or 30-year term. For more information, visit www.nationwide.com.
Simple Term
Farm Bureau Financial Services is launching simple term life insurance. Signing up usually involves answering a few questions online, generally without a medical exam and with minimal paperwork. Minutes later, the clients can have a death benefit that can help cover their mortgage, vehicle payments, college tuition or personal loans. For more information, visit www.SimplifyMyInsurance.com.
updated 2/11/10
Single-Premium Whole Life
John Hancock Life Insurance launched LifeCare, a single-premium whole life insurance product. It provides protection for life insurance and long-term care (LTC) insurance needs in a single policy. The policy can often be issued in as little as eight days with no exams, labs, or doctors’ statements. For more information, visit www.johnhancock.com.updated 11/18/09
Term Life With Guaranteed Level Premiums
American General lowered rates for AG Select-a-Term. The policy fee was lowered to $64. This term life insurance product offers guaranteed level premiums for 17 term durations: 10-year and 15- through 30-year durations. For more information, visit www.americangeneraltermlife.com.
New Breed of Life Insurance
Genworth Financial is offering “Colony Term UL,” a new breed of universal life insurance that is very competitive with term life insurance. It provides affordable coverage for specified durations of 10, 15, 20 or 30 years, maximum issue ages five to 15 years higher than in typical term life products, and the benefit of premium payment flexibility available in universal life insurance. For more information, visit www.Genworth.com.
updated 11/04/09
Life Settlement Alternative
Life Settlement Extra is offering a policy analysis service to help advisors find out whether life insurance policies qualify for extra contractual loans. Getting an extra contractual loan is an alternative method of life insurance policy monetization that often allows for either or both, a lump sum distribution, and ongoing premium payment relief without selling the policy. For more information, visit www.Lifesettlementextra.com
updated 10/7/09
Universal Life Insurance
Genworth Financial introduced new survivorship products, “GenGuard SUL as well as GenGuard UL. The company says that its goal is to make life insurance affordable, predictable and accessible to the underserved Main Street consumer market. Consumers can select the death benefit guarantee period. Consumers can lower the premium by shortening the guarantee period. For more information, visit www.genworth.com.
updated 9/2/09
No Lapse Guarantee UL
Nationwide Financial Services Inc. is launching Nationwide YourLife No-Lapse Guarantee Universal Life. It offers permanent protection with a built-in, no-lapse guarantee to help clients achieve their wealth transfer, wealth creation, and estate-planning goals. For more information, visit www.nationwide.com.updated 8/19/09
Life Settlement Portfolio Pricing
Model Actuarial Pricing Systems released MAPS Portfolio Edition 4.2, the latest version of its life settlement portfolio valuation model. It includes the following features:
- A design that allows users to append new policies rather than recreating the entire portfolio.
- Portfolio expense handling enhancements.
- Expanded cash flow reporting.
- Improved actual claim reporting.
- Expected NPV reporting on an individual policy basis.
For more information contact Dave Hart at 866-525-7115 or email info@mapspricing.com
updated 8/12/09
Premium Financing
Succession Capital Alliance expanded its credit facilities with multiple lenders to offer life insurance premium financing to companies and affluent families. Succession Capital is an affiliate of CMS. A multiple lender platform gives SCA and CMS the ability to customize and meet the suitability requirements for each client. For more information, call 949-794-1882.
Protection UL-G and Protection SUL-G
John Hancock launched new Protection UL-G and Protection SUL-G products.
Each offers death benefit guarantees with affordable premiums and flexible design options and riders. For more information, visit www.manulife.com.updated 8/05/09
Universal Life
Principal is offering a universal life policy that offers flexible protection and greater cash accumulation potential in one product. It offers adjustable death benefit protection and flexible premium payments. An additional rider focuses on long-term cash accumulation. For more information, visit www.principal.com.
updated 7/22/09
Universal Life
American General launched a universal life insurance product, “ContinUL Extend Plus.” Death-benefit coverage can be guaranteed regardless of fluctuations in interest rates or policy value if enough premium has been paid to maintain the guaranteed death benefit. The product also features a flexible guarantee period, which allows policyholders to choose the number of years or age to which the death benefit is guaranteed. For more information, visit www.americangeneral.com.updated 7/15/09
AG Select-a-Term Offers Guaranteed Level Premiums
American General Life Companies (American General) launched updated “AG Select-a-Term.” This term life insurance product offers guaranteed level premiums for 17 term durations: 10-year and 15 through 30 years. Additional enhancements include:
- A low band of $100,000 to $249,999 with the most competitive band now starting at face amounts of $500,000 instead of $1 million.
- Expanded issue ages for many durations.
- An endorsement that permits conversions to AG ROP Select-a-Term during the first two years of coverage without evidence of insurability.
The policy is now convertible to fixed, index and variable universal life policies to the earlier of the end of the term period or attained age 70. For more information , visit www.americangeneral.com.
updated 7/8/09
Survivorship Variable Universal Life Product
Nationwide Financial Services Inc. launched "Nationwide YourLife" Survivorship VUL. The variable universal life product is for couples who want a cost-effective way to insure both their lives or for the couple with one person who has a medical condition that could make getting individual coverage difficult. Generally, the client is looking for death benefit protection in amounts starting at $2.5 million. The client has a tolerance for moderate to high-risk investments, but those tolerances may change as they age, so they want cost-effective but flexible, extended death benefit guarantees, as well as accumulation potential. For more information, visit www.nationwide.com.
updated 6/3/09
Universal Life
John Hancock Life launched a current assumption universal life insurance product that offers low-cost permanent death benefit coverage with the security of a 10-year extended no-lapse guarantee. The new product remains very competitive at older ages, but now also appeals to younger clients seeking affordable death benefit protection. For more information, visit www.johnhancock.com.updated 5/27/09
Report on Voluntary Term Life Products
Eastbridge’s “Voluntary Term Life Products 2009 Spotlight Report” is designed to help carriers understand today’s competitive landscape around term life plans sold at the worksite. The report provides data from 16 different carriers active in the market. The cost of the report is $3,000. For more information, visit http://eastbridge.com/spotlight/archives/p_2009voltermlife.htm.updated 5/20/09
Corporate VUL
ING Life Companies relaunched its corporate variable universal life insurance product (ING Corporate VUL, policy form series #2516) with enhanced pricing. The enhancement follows the recent additions of a dedicated online site called “The Executive Benefits Resource Center,” and a training manual. The ING Corporate VUL is designed to generate a strong early-surrender value. For more information, call 866-ING-SELL.Group Life Insurance
The Hartford Financial Services Group Inc. is offering funeral-planning benefits to workers at no additional cost through employers that add group life insurance coverage to their employee benefit offerings. Called “Life Conversations from The Hartford.” This new service is offered with Everest Funeral. For more information, visit www.thehartford.com.updated 5/06/09
Variable Universal Life
John Hancock Life Insurance says that its new variable universal life policy (Protection VUL) offers excellent cash value accumulation potential with strong death benefit protection options. The policy has multiple uses for individual and business clients. Individuals can use the policy to plan for future needs, including wealth transfer or college funding. The potential for growth also makes this policy suitable for spousal irrevocable life insurance trusts. The policy includes key person insurance. For more information, visit www.johnhancocknewyork.com.
updated 4/22/09
NAIFA Membership
The National Association of Insurance and Financial Advisors (NAIFA) and Allianz Life have partnered to offer an additional benefit to Allianz producers. The program will enable Allianz producers to use their performance incentives, also known as producer perks, toward NAIFA membership. For more information, e-mail amandeville@naifa.org or visit www.naifa.org.
Guide to Life Settlements
David Isaacson wrote, “Understanding Life Settlements: Uncovering the Treasures In Unwanted Life Insurance Policies.” The guide for consumers and their advisors provides an overview of the industry, identifies main parties of the transaction, and gives pointers for people considering selling a policy. It also discusses controversy in the industry, its niche market, and its future. The guide includes a special section for advisors. For more information, visit www.authorhouse.com.
updated 4/16/09
Universal Life
AXA Equitable Life’s Athena UL is now designed with a built-in no-lapse guarantee rider available at no additional charge, ensuring coverage will not lapse for a period of up to age 90, depending on the issue age. This rider remains intact even if the policy's account value falls to zero and as long as a certain level of premiums is maintained and certain policy requirements are met. For more information, visit www.axa-equitable.com.updated 4/8/09
Wealth Transfer Program
Sun Life Financial launched its enhanced Wealth Transfer Program and advanced markets calculators to help producers use life insurance for estate planning. The program covers four estate planning strategies including annuity maximization, the leveraged credit shelter trust, the muni-bond alternative, and stretch IRAs. For more information, call 800-786-5433 ext. 7253, or visit www.sunlife-usa.com.
Universal Life
AXA Equitable revamped its flagship Athena Universal Life (Athena UL) policy. AXA calls it an innovative, hybrid development in universal life coverage, offering cost-effective, long-term guaranteed protection, cash value accumulation, a long-term care funding option, and the ability to leave a charitable legacy. For more information, visit www.axa-equitable.com.
updated 3/11/09
Survivor VUL
Lincoln Financial Group introduced a survivorship variable universal life product, “Lincoln PreservationEdge SVUL.” It offers an efficient approach to death benefit protection, wealth transfer, and tax-deferred growth potential. The product was developed in response to traditional variable universal life producers who prefer managing risks through asset allocation rather than secondary guarantees. For more information, call 800 444-2363 or visit www.LincolnFinancial.com.
updated 2/25/09
Multi-Life Insurance
Genworth Financial introduced a worksite long-term care insurance platform. The flexible multi-life program is available to as few as three employees or as many as five hundred. It is designed to provide essential long-term care coverage in a number of environments, including home and facility-based care. It features a zero-day elimination period for home care. The plan can be 100% employer paid or 100% employee paid. If purchased in a state where the plan meets requisite State Partnership Program minimums, individuals may be able to take advantage of those benefits. For more information, visit www.genworth.com/longtermcare.
Middle Income Life Insurance
Symetra Life Insurance Company launched Symetra Mortgage Protector and Symetra Protector Term Life Insurance. The products are designed to help meet the life insurance needs of middle-income Americans. The products provide death benefit protection for 15-, 20-, or 30 years and premiums remain level throughout the selected level term period. For more information, visit www.symetra.com/client/individualsandfamilies/ourproducts/life/.updated 2/18/09
Accumulation Universal Life
John Hancock Life launched its accumulation UL product. The universal life policy offers cash accumulation potential to address varying financial needs. It is designed to perform especially well in short-pay, highly funded cash-value accumulation scenarios. For more information, visit www.johnhancock.com.
updated 2/11/09
Universal Life
John Hancock Life launched of its Protection UL-G product, which offers competitively priced death benefit guarantees for the insured’s lifetime. The product offers lifetime guarantees and competitive premiums. For more information, visit www.manulife.com.
Travel Resource Services
Fort Dearborn Life introduced a program of emergency travel services available 24 hours a day, seven days a week to group life insureds traveling more than 100 miles from home.
It is available to all new group life clients with 10 or more insured employees. The program provides a wide range of services, including the location of a medical professional; medical evacuation; emergency travel arrangements for the insured, travel companion and dependent children; return of mortal remains; replacement of medication and eyeglasses; emergency cash advances, location of lost or stolen items; location of an attorney and bail advances; interpretation and translation; and pre-trip information on culture, weather conditions, and foreign exchange rates. For more information, visit www.europassistance-usa.com.
updated 2/4/09
Life Insurance Sales Support
ING Life Companies is offering Web-based tools that allow general agencies, brokerage companies, and producer or intermediary groups to integrate ING sales support resources easily into their own password-protected Websites. For more information, call ING Life Sales Support at 866-ING-SELL.
updated 12/23/08
VUL
John Hancock Life Insurance launched an accumulation VUL product. The company says that it offers superior cash value and retirement income potential to pre-retirees. The policy is geared toward supplemental retirement income, bonus plans, deferred compensation plans, and supplemental executive retirement plans. For more information, visit www.johnhancock.com.
updated 12/17/08
Universal Life
Lincoln has updated universal life (UL) and indexed universal life (IUL) products with new features including a change of insured rider, a guaranteed insurability rider, a supplemental coverage rider, and a level term insurance rider. For more information, visit www.LincolnFinancial.com.updated 12/10/08
New Kind of Life Insurance
Future System Advisors, LLC received a patent based for the “FutureSystem Life Model.” The company says that the product is an entirely new form of life insurance that solves many of the problems caused by traditional product chassis, such as UL and VUL. For more information, visit www.futuresystem.com.
updated 11/19/08
Term Life
Protective Life and West Coast Life are offering life insurance policies designed to meet consumers’ changing needs. The Protective Term Income Provider and the West Coast Life Income Replacement Term provide a guaranteed income stream death benefit to designated beneficiaries. They are priced more affordably than traditional lump sum term life products. For more information, call 205-268-3029 or e-mail eric.miller@protective.com.
Whole Life
Mass Mutual’s Whole Life Legacy 65, Whole Life Legacy 10 Pay, and Whole Life Legacy High Early Cash Value offer several enhanced rider options. They are now available individually or in combination for increased flexibility and affordability. For more information, visit www.massmutual.com.
updated 11/05/08
Investment Options for VA and UL Customers
The U.S. division of Sun Life Financial introduced multiple new funds and investment options for its variable annuities and variable universal life products including three dynamically managed fund of funds developed and sub-advised by Ibbotson Associates. The company is offering a new fund family portfolio and an enhanced Build-Your-Own portfolio option. The Enhancements give advisors more choices in diversifying customers’ investments to create the potential for a lifetime income stream or to build wealth protection. For more information, visit www.sunlife-usa.com.
updated 10/29/08
Universal Life insurance
Nationwide Financial is offering “Nationwide YourLife Accumulation
Universal Life.” It is an individual, flexible premium, and adjustable universal life product. For more information, visit www.nationwide.com.
updated 10/22/08
Universal Life Insurance
Nationwide Financial Services Inc. unveiled “YourLife Accumulation Universal Life,” an individual, flexible premium, adjustable universal life product. It is geared to consumers who want flexible and cost-effective permanent protection that can offer some return. The typical age of the consumer is 40 to 55 with incomes ranging from $50,000 to $100,000 per year. For more information, visit www.nationwide.com.
updated 9/24/08
VUL
Lincoln Financial Group introduced the “Lincoln AssetEdge” VUL. With an extensive range of variable investment offerings, this product is designed to enable clients to align their portfolio to match conservative, moderate or aggressive goals, while retaining the flexibility to change allocations as their needs change. For more information, visit www.LFG.comupdated 9/17/08
Universal Life
Banner Life launched “Umbrella UL 120.” It combines lifetime, no-lapse, and guaranteed coverage with limited or lifetime payment options. The level death benefit plan matures at age 120, but can be extended. It can be issued for ages 20 to 85 and is available for term conversions. The product has high target premiums that are commissionable. First-year commissions are paid on a 24-month rolling target basis.
For more information, visit www.lgamerica.com
Life With LTC Riders
Unum’s “Interest Sensitive Whole Life 08” and “Voluntary Individual Universal Life 08” have been enhanced with riders offering long-term care options and a living benefit as well as an accidental death benefit rider. For more information, visit www.unum.com
Group Universal Life And Whole Life
Colonial is offering enhanced group universal and whole life products. The universal life policy includes improved target premiums, less restrictive underwriting, higher commissions, a new long-term care benefit, and restoration of benefits riders, among other enhancements. The whole life policy features better rates for non-smokers, less restrictive underwriting and immediate claims payment of $3,000 on all face amounts, and a long-term care benefit rider, among other enhancements. For more information, visit www.coloniallife.com
updated 9/10/08
Whole Life
MetLife launched a Whole Life policy. The company has also transitioned all MetLife life insurance products to the 2001 Commissioners’ Standard Ordinary Mortality Table. It offers a permanent life insurance policy with lifetime protection as long as the policy remains in-force. The policy offers annual non-guaranteed dividend payments. If paid, they may increase the cash value and death benefit over time.
For more information, visit www.metlife.com.
updated 8/27/08
Variable Universal Life
The Penn Mutual Life Insurance Company introduced Diversified Growth VUL, a variable universal life product (VUL) designed to maximize accumulation potential and ensure protection from significant financial risk. Additionally, Penn is offering new and enhanced optional riders to help maximize retirement income and protect income against inflation. These new variable products also offer expanded investment options. For more information, visit www.PennMutual.com.Variable Universal Life
Updated 8/20/08
Pacific Life Insurance Company is offering "Pacific Select Exec IV,1.” The new variable universal life insurance policy included a rider that establishes a minimum level of earnings for a maturity period between 10 years and 15 years. The policyowner chooses the maturity period. They can also extend the maturity period for another 10 to 15 years at an additional cost each time the rider matures until the insured reaches age 70. For more information, visit www.PacificLife.com
Index Interest Universal Life
AIG American General introduced AIG Elite Global Plus and AIG Elite Global Survivor. Along with a global indexing feature, the two products offer increased allocation options, greater case design flexibility, monthly index options, a no-lapse guarantee of 30 years or to age 90, and strong look-back illustrated rates. For more information, visit www.aigag.com/EliteGlobal.
Term Life
Old Mutual is offering “Value Select,” a super-preferred term life insurance product. It provides a level death benefit and rates that are fully guaranteed to remain level for the term period. It is available in 15, 20, and 30 year periods.
updated 8/6/08
Variable Universal Life
Nationwide Financial Services Inc. launched its “Nationwide YourLife” accumulation VUL. It provides death benefit protection and potential cash value growth plus living benefits as part of a long-term planning strategy. For more information, visit www.nationwide.com
Universal Life
John Hancock launched its Protection UL-G product. It offers a cash-value advantage rider, a new fixed loan rate, and reductions in limited period guarantee premiums. For more information, visit www.manulife.com.
updated 7/2/08
Estate Resolution Services
MetLife enhanced its group life benefit portfolio. The estate resolution service is now a standard feature on its supplemental term life, group universal life, and group variable universal life insurance products. It involves everything from estate planning, such as will preparation, to the actual distribution of an estate’s assets. Executors and administrators have access to attorney services with MetLife Estate Resolution Services, offered through Hyatt Legal Plans. For more information, visit www.metlife.com.
updated 6/25/08
Term Insurance
Transamerica reintroduced its Trendsetter Super Series term insurance portfolio with industry-high maximum issue ages. It includes rate reductions up to 50% and discounts for purchasing multiple policies. It is geared toward older consumers. For more information, call 866-545-9058.
updated 6/18/08
Universal Live
Genworth Financial introduced a more flexible version of its universal life (UL) insurance product, Lifetime FlexPlus. Lifetime FlexPlus II offers the following enhancements:
- Combined benefits of excellent non-guaranteed cash values with a long-term secondary guarantee.
- Lower premiums.
- Improved secondary guarantee design that is more resilient against the adverse effects of loans, withdrawals, and policy changes.
- Competitive rolling target premiums.
For more information, visit https://pro.genworth.com/index.html.
updated 5/28/08
Fixed Indexed Life Insurance
Aviva USA received a patent for its “Maximization of a Hedged Investment Budget for an Index-Linked Insurance Product.” The patent involves Aviva’s risk management processes related to the minimum guarantees on its indexed universal life insurance products. These processes allow Aviva to offer customers indexed universal life insurance products with minimum interest rate guarantees that have more benefits at lower costs. For more information, visit www.avivausa.com.Term Life Insurance
updated 5/21/08
Principal 20 year term is now available until age 65 and Principal 30 year term is available until age 55 (non-tobacco only), up five years from previous policies. A couple with two term policies from The Principal can convert policies into one survivorship universal life (SUL) policy. For more information, visit www.principal.com.
ROP Term Product
AIG American General is offering AIG ROP Select-a-Term underwritten by American General Life. Owners choose the term duration. Applicants can choose from 17 term durations, which include a 15-year term or any length from 20 through 35 years. For more information, visit www.aigag.com/ROPselect-a-term.
updated 5/14/08
Universal Life
MetLife launched a universal life policy, “Guarantee Advantage UL (2001 CSO),” in all 50 states. It offers enhanced flexibility with guaranteed protection through customizable durations of coverage and premium payments (including the ability to carry over a loan on 1035 exchanges), as well as design innovations that allow policyholders to create a policy that best meets their needs. For more information, please visit www.metlife.com.
updated 5/7/08
Whole Life
John Hancock launched a whole life product with the following advantages:
- New payment options (10-pay, 15-pay, or 20-pay).
- A long-term care rider that is not usually associated with whole life policies.
- A product that is easy to illustrate, sell, and service.
For more information, visit www.manulife.com.
Premium Financing
Life Brokerage Partners has three additional carrier approved premium finance programs. “New relationships with Peachtree, Polaris, and UNF offer our agents increased options and greater flexibility when considering the insurance needs of their clients…,” said Ravi Malick, President, Life Brokerage Partners. For more information, visit www.lifebrokeragepartners.com.
Updated 4/30/08
Premium Finance Programs
Life Brokerage Partners is offering three additional carrier approved premium finance programs with Peachtree, Polaris, and United National Finance Inc. These new relationships offer agents more flexibility when considering the insurance needs of their clients. For more information, visit www.lifebrokeragepartners.com.
updated 3/12/08
Survivor Life
Transamerica improved the premium structure on TransACE Survivor 2008. The no-lapse, second-to-die universal life insurance policy pays upon the death of the surviving joint-insured. It now features an age nearest birthday pricing advantage. Issue ages are 16 to 85 (increased from 80) for the Preferred and Standard classes with the level death benefit option for the younger joint insured. Issue ages are 16 to 89 for the older joint insured. Issues ages are 16 to 80 for the Select Nonsmoker class with the level death benefit option and for all risk classes with the Plus Premium death benefit option. The minimum face amount is $250,000. For more information, call 866-545-9058.
updated 3/05/08
Term Insurance
American General introduced five additional term periods for its term life insurance product, AIG Select-a-Term. Previously, terms were available for years 10, 12 and 15 through 30, but now customers may also choose from terms of 31 to 35 years (depending on issue age and tobacco use status). For more information, visit www.aigag.com/Select-a-Term.Variable Universal Life
Sun Life launched Sun Protector Variable Universal Life (VUL). It offers protection, growth potential, and guarantees. It includes what the company calls a highly competitive, limited duration no-lapse guarantee on the base policy’s face amount. An optional no lapse protection rider guarantees coverage for a lifetime. For more information, visit www.sunlife-usa.com.Variable Universal Life
American General launched AIG Protection Advantage VUL. It offers long-term guaranteed death-benefit protection while allowing clients to choose their investment allocation. The advisor and consumer can identify the consumer’s risk tolerance and select the appropriate allocations from a suite of professionally managed portfolios. For more information, call 1-877-TEAM-VUL to speak with a VUL marketing specialist or visit www.aigag.com.Customer Service in Spanish
Survivorship Life
ING is providing bilingual call center representatives who can service accounts in Spanish or English for customers with individual life insurance and group life, group disability and other workplace-based insurance policies. For more information, visit www.ing.com.
AXA Equitable unveiled its Athena Survivorship Universal Life III insurance product. It is designed to deliver cost-effective death benefit protection to couples and business partners for their estate planning, business planning, and charitable planning needs. It can be used to pay sizeable estate taxes and other expenses. It offers the Preferred Plus underwriting class. For an additional charge, policyholders can get an optional lapse protection rider. For more information, call 212-314-2968
updated 2/27/08
Universal Life
Sun Life Financial enhanced its Sun Universal ProtectorPlus universal life product with an optional long-term care rider. It can provide up to $20,000 in monthly benefits for qualifying insureds and reduce premiums from 3% to 8% for non-tobacco issue ages 35 to 65. For more information, visit www.sunlife-usa.com.
updated 2/12/08
Universal Life
With the addition of a standard plus non-smoker risk class, John Hancock Life Insurance has enhanced its Protection SUL-G and Performance UL policies. Healthier clients who were classified under the “Standard Non-Smoker” risk class may qualify for the “Standard Plus” risk class at much lower premiums. For more information, visit www.manulife.com.
updated 2/06/08
Affordable LTC Insurance
Genworth Financial Inc. enhanced its Cornerstone Advantage long-term care insurance product. Deductible and co-insurance features make coverage easier for consumers to understand. For some policyholders, these features can lower premiums up to half that of conventional long-term care insurance products. A rider is available for coverage of room and board expenses in an assisted living facility. For more information, call 888-GENWORTH or visit www.genworth.com/longtermcare.
updated 1/9/08
Survivorship Universal Life Insurance
Nationwide unveiled a lower-cost, low-maintenance, life insurance product that offers death benefit protection, a no-lapse guarantee and unique legacy, estate and business planning solutions. For more information, visit www.nationwide.com.
updated 12/12/07
Small Group Life
The Guardian Life enhanced its small group life product for groups with two to nine lives. Guardian offers guaranteed issue of up to $50,000 for these small groups without medical examinations while requiring limited underwriting. Guardian is also offering protection in the event of severe disability. For more information, visit www.GuardianLife.com.
updated 11/28/07
Lower Term Rates
ING lowered premiums in most issue ages and underwriting classes for its ING TermSmart term life insurance products. ING TermSmart is offered at 10-year, 15-year, 20-year, and 30- year terms. It can be converted to select cash-value policies issued by a member of the ING family of companies without evidence of insurability. For more information, visit www.ing.com.
updated 10/31/07
Disability
Assurity Life introduced “AssurityBalance” simplified disability income insurance. It is designed to be easy to understand and easy to sell, starting with a very basic, short application. Assurity guarantees a four-day turnaround on qualified applications, or it will award the writing producer $100. A streamlined underwriting and issue process strips away most of the detailed medical and financial information needed for traditional disability income insurance. For more information, call 800-276-7619
Term Life
MetLife announced a number of portability enhancements to its group term life and accidental death and dismemberment (AD&D) insurance benefits plans. Central to the enhancements is an increase in the number of circumstances for which a person is eligible for portability and a doubling of the maximum amount of life insurance that can be portable. For more information, visit www.metlife.com
Survivor Universal Life
The Hartford introduced an updated version of “Hartford Advanced Last Survivor Universal Life.” It is designed for affluent consumers. The new version features 20% lower rates for insureds older than 65, offers no-lapse death benefit protection for long-term security, and comes with flexible features designed for use with estate planning. The policy insures two people, usually a couple, and is useful for a wide range of wealth transfer objectives, including liquidity to pay estate taxes, equalization of inheritances, security for special needs children, charitable giving and others. All guarantees within the policy are based on the claims-paying ability of the issuing company. For more information, visit www.thehartford.com.
Group Limited Benefit Plan
Colonial introduced a group insurance product to help pay many routine, non-catastrophic health care expenses. It is not a replacement for major medical coverage. It is designed to pay for a limited set of benefits with a fixed benefit amount. Coverage is available for the following:For more information, visit www.coloniallife.com. updated 10/24/07
- Doctor's office visits
- Outpatient diagnostic and lab tests
- Inpatient hospital stays
- Surgery
- Prescription drugs
Universal Life
AXA Equitable introduced employer-sponsored universal life insurance. The flexible-premium universal life insurance product is designed for employer-sponsored business insurance cases, in which at least five business owners and key executives are to be insured. It is usually part of an executive benefit plan. Common uses include deferral plans, supplemental executive retirement plans, multi-life split dollar plans, and multi-life executive bonus plans. For more information, visit www.axa-equitable.com.
updated 10/10/07
COLI Variable Universal Life
Nationwide Financial Services Inc. unveiled a corporate-owned life insurance (COLI) product called “Next Generation Corporate Variable Universal Life.” COLI producers can now configure the product and create illustrations in minutes. A patent-pending, graphical interface provides real-time feedback, showing how changing the blend of components affects premium loads, asset-based charges, and other expenses before the illustration is run. For more information, visit www.nationwide.com.
updated 9/19/07
Whole Life
Nationwide Financial Services Inc. launched a whole life insurance product that’s designed to be easy to understand, to be affordable, and to allow consumers to make simpler choices. For more information, visit www.nationwide.com.
updated 8/22/07
Permanent Life Insurance
Nationwide Financial Services is providing higher retention limits on its permanent life insurance products to meet the specialized needs of high-net-worth clients. Retention is the amount of non-reinsured risk retained by the insurance company. “It has been a hot issue recently and we're responding to our customers' needs by doubling our retention across our individual life policies and nearly doubling our retention on survivorship policies. By increasing our retention limits, clients who need very large amounts of life insurance can do all their business with Nationwide. This means fewer policies for the producer to manage and a simpler underwriting process,” said Peter Golato, senior vice president for Nationwide Financial. For more information, visit www.nationwide.com.
Whole Life
MassMutual unveiled “Whole Life Legacy 100.” The whole life product combines traditional guarantees with new flexibility, such as the ability to increase or decrease coverage according to changing needs and to customize the policy with riders. For more information, visit www.massmutual.com/life.
updated 8/15/07
Whole Life
MassMutual unveiled “Whole Life Legacy 100.” It combines attractive traditional guarantees with new flexibility, such as the ability to increase or decrease coverage based on changing needs and the ability to customize the policy with riders. For more information, visit www.massmutual.com/life.
Updated 8/1/07
Return-of-Premium Term
AXA Equitable introduced return-of-premium term life insurance, available for 20-year, 25-year, and 30-year level periods. AXA Equitable's return-of-premium products are priced between the company's traditional level term and permanent life insurance. During specified periods, the policy is convertible to permanent life insurance, without the insured having to furnish additional evidence of insurability. For more information, visit www.axa-equitable.com.
updated 7/18/07
Term life
Nationwide Financial Services launched a term product for consumers seeking low-cost life insurance with high death benefit protection. They can choose 10-year, 20-year or 30-year level term life insurance with a guaranteed level premium for the length of the selected term. Afterward, premiums are guaranteed, but they increase annually to age 95.
Several riders are available. For more information, visit www.nationwide.com.
Permanent Life
The Hartford Financial Services Group Inc. doubled the amount of coverage it will retain for risk management purposes on permanent life insurance policies from $5 million to $10 million for those up to 75 years of age. The limits have also been increased from $2 million to $5 million for those 76 to 80 and from $2 million to $2.5 million for those 81 to 85. Permanent life insurance policies from The Hartford include variable universal life, universal life, and whole life. For more information, visit www.thehartford.com.
updated 7/3/07
Life Insurance Products
Foresters launched “Lifefirst1.” The level term life insurance product includes a common carrier accidental death rider and a family health benefit rider as standard protection features. It will be marketed exclusively through leading national marketing organizations. For more information, visit www.foresters.com/membership.
updated 6/27/07
Universal Life Analyzer
Fee Advisors Network is offering an Excel based system that can analyze a UL policy by allocating costs into their related fields of classification (premium load/expenses, fixed policy fees, etc.). It recalculates the annual cost of insurance. For more information, visit www.feeadvisorsnetwork.com
updated 6/20/07
Guaranteed Universal Life
Mutual of Omaha's new Guaranteed Universal Life insurance (GUL) provides affordable guaranteed protection. There are two versions of the plan ? one with simplified issue and one offering a larger death benefit. GUL Express is for clients who want quick approval with minimal underwriting requirements. GUL Complete is for those who want a larger death benefit of $100,000 or more. Full health underwriting is required. For more information, call 402-351-5940.Variable Universal Life
Flexible Spending Accounts
The Hartford Financial Services Group Inc. introduced a rider to select variable universal life insurance policies. The LifeAccess Accelerated Death Benefit Rider allows policyholders to use, or accelerate their policy's death benefit for daily living needs. It is the newest of five riders available on The Hartford's VUL policies, which provide benefits during chronic or terminal illnesses and disabilities. For more information, visit www.thehartford.com.
The Guardian Life Insurance Company of America introduced a debit card and Web tools as part of its FlexPlan Flexible Spending Account program. Clients can pay for eligible healthcare expenses with the Benny Pre-paid MasterCard card. Guardian's FlexPlan offers point-of-service access to money employees have set aside in their FSA. They can pay for co-payments, deductibles, prescriptions, eyeglasses and other eligible healthcare expenses with just one swipe of their Benny debit card. For more information, visit www.GuardianAnytime.com
update 6/13/07
Survivorship Universal Life
Transamerica Occidental Life Insurance introduced a version of its flexible premium, second-to-die universal life insurance policy, ?TransACE Survivor.? Enhancements include a return-of-premium death benefit option and reduced premium rates for ages under 75. Upon the death of the second insured, beneficiaries can get the face amount plus the premiums paid net of any refunds, partial surrenders, loans, and premiums due and unpaid, up to a maximum death benefit of four times the face amount. For more information, call 888-862-1936.
update 5/30/07
VUL Rider
The Hartford Financial Services Group Inc. is offering a rider on select variable universal life insurance policies. The LifeAccess Accelerated Death Benefit Rider allows policyholders to use their policy's death benefit for daily living needs. For more information, visit www.thehartford.com .
Updated 4/25/07
Group Life Coverage. Lincoln National added travel assistance services to its group life insurance policies. TravelConnect benefits include travel, medical, and safety-related services for covered employees and family members. These services are available when traveling more than 100 miles from home regardless of whether it's for business or leisure. For more information, visit www.medexassist.com.??????????
Birthday Insurance. Assurity Life Insurance introduced a unique insurance product. Grandparents purchase AfterThoughts Birthday Insurance so that after their death, each named grandchild gets a personalized birthday card and check for every year on their birthday. The cards and checks for a predetermined amount, such as $100, $250, or $500, keep coming each year throughout the grandchild's life.
Craig Lack, executive vice president of Commemorative Life Insurance Services said, ?This is simply the best door opener I've ever seen?once that prospect purchases birthday insurance from you, it's much easier to transition into sales of annuities, long-term care insurance, or other products that can benefit that new client.? Commemorative Life Insurance Services did extensive product testing and focus group research throughout the United Sates and found that more than two-thirds of grandparents were very enthusiastic about purchasing the product for their grandchildren. For more information, visit www.birthdayinsurance.com.
updated 11/08/06
updated 2/23/07
Universal Life. John Hancock has re-priced its Accumulation UL policy. The universal life insurance policy is designed for high net worth individuals and business owners who want death benefit protection and the potential to accumulate significant policy cash value. With its improved pricing, the Accumulation UL offers better cash value accumulation potential, attractive retirement income, and high early surrender values at all ages and funding patterns.
Whole Life. John Hancock launched “Protection Whole Life” -- a fully guaranteed whole life insurance product that combines affordable lifetime death benefit protection with guaranteed cash values. It offers an affordable product for clients and a straightforward design that makes it easy for brokers to sell and service. For more information, visit www.jhancock.com.
Whole Life. Pacific Life Insurance Company introduced a whole life insurance product with an extended insurance provision. It provides more flexibility in premium payment amounts and structure to respond to modifications in the design of benefit plans or changes in cash flow. For more information, visit www.PacificLife.com.
Survivorship Universal Life. RiverSource Life Insurance Company, a subsidiary of Ameriprise Financial, launched a survivorship universal life insurance policy. “Succession Protector” insures two lives and pays out at the second death. Beneficiaries get tax-free life insurance proceeds without going through probate. For more information, call 612-671-1359.
updated 11/15/06
Universal Life
Thrivent Financial for Lutherans launched “Thrivent Financial Universal Life–Lifetime Protector,” a universal life insurance product that provides an affordable, predictable premium and guaranteed death benefit protection. The death benefit is designed to help with a number of member needs, including retirement income protection, education funding, charitable giving, and estate protection. For more information, visit www.thrivent.com.
Healthy Life Insurance Discounts
A body mass index (BMI) in the healthy range of 19 to 25 can help consumers save up to 20% on life insurance costs under a program announced by The Phoenix Cos. Inc. The Healthy Measure Reward is available on Phoenix Accumulator UL, Phoenix Edge VUL, and Phoenix Individual Edge policies with a minimum face amount of $500,000. Customers who qualify as a preferred risk can earn additional discounts on their premiums if they maintain a favorable body mass index. They get a five percent discount on the cost of insurance if their BMI is in the target range on the fifth policy anniversary. The BMI is measured again in years 10, 15, and 20. Customers will earn an additional 5% discount -- up to a total of 20% by remaining in the target range. The discounts continue as long as the policy remains in effect. However, a customer who misses a BMI target on any of the five-year anniversaries will not qualify for future discounts. For more information, call 860-403-6015.
updated 11/01/06
Universal Life
Transamerica introduced ?TransProtector,? a modified single-premium universal life insurance policy for those who pay a single premium of $25,000 or more. The product is expected to appeal to people who want to transfer wealth at death and have specific assets they don't expect to need for income during their lifetime. TransProtector offers simplified-issue underwriting based on premium limits, which vary by issue age for the single-premium payment option, and by issue age and premium payment-duration period for the scheduled required premium option. For more information, visit www.transamerica.com.
updated 10/18/06
Universal Life
New York Life Insurance and Annuity Corp. introduced "Instant Legacy" -- a single premium universal life insurance policy. Customers can easily convert and transfer assets from various savings, money market accounts, and certificates of deposit into a life insurance policy, which leverages these funds in a death benefit. For more information, visit www.newyorklife.com.
updated 9/27/06
Life Insurance
Aetna launched ?Aetna Life Essentials.? It provides access to financial advice and planning for group members and their beneficiaries. With an accelerated death benefit, those with a terminal illness (life expectancy of 24 months or less) get as much as 75% of their combined basic and supplemental life benefit amounts up to $500,000. They also get access to a licensed social worker. The enhanced accelerated death benefit is available to members upon the group's renewal date. Members get access to online estate planning tools; information on preventing and responding to identity theft; access to in-office legal representation for the most common estate, property, and family legal needs; and access to vision, hearing, and fitness center discounts. For more information, visit www.aetna.com.
Life Insurance with LTC Rider
Bankers Life and Casualty Company introduced a tax-qualified long-term care accelerated death benefit rider with its Life SP Whole Life Insurance product. The rider provides access to the policy's death benefits while the policyholder is receiving covered qualified long-term care services. Monthly benefits are paid directly to the policyholder after a 90-day elimination period. Payments are based on the death benefit at the time of qualification, and can be received for up to 25 months. Accelerated long-term care benefit amounts that are paid to the policyholder reduce the cash value of the policy. For more information, visit www.bankers.com.
updated 9/6/06
Term
Lincoln Benefit Life Company significantly decreased TrueTerm premiums for face amounts below $500,000. In many cases, these rate reductions reflect savings of as much as 15% to 35%. For more information, call 847-402-5600.
Updated 8/23/06
Term Life
The Principal Financial Group introduced an updated line of term life insurance products including 15-year and 30?year term products, an enhanced conversion provision to age 70, and a new Super Standard risk class. The latest features for 2006 are designed with affordable pricing and competitive underwriting. For more information, visit www.principal.com.
Instant Term
ING introduced term life insurance to be sold through banks and credit unions. The company says it aims to create an easier way for low-income and middle-income customers to buy life insurance. No medical exams or lab tests are required. For more information, call 610-425-3868 or e-mail al.lurty@us.ing.com.
Updated 8/10/06
Universal Life
ING introduced a universal life product with a no-lapse death benefit guarantee. Known as ?ING Guaranteed Death Benefit Universal Life,? the product aims to be a highly competitive, death benefit-oriented universal life insurance product with flexible no-lapse death benefit guarantees up to a lifetime. The no-lapse death benefit guarantee is available for all issue ages. At any time, policy owners can use a catch-up feature to extend the guarantee period. For more information, call 866-ING-SELL.
(updated 8/02/06)
ROP Term Life
Transamerica introduced a 30-year return of premium (ROP) term life insurance policy. “Trendsetter ROP 30” is a level-death-benefit policy that is guaranteed renewable to age 95. The premiums are guaranteed level for the first 30 years and increase annually thereafter until age 95. The policy offers age of last-birthday pricing. ROP cash values begin in year six and increase each year to 100% of the eligible premium at the 30th anniversary. Trendsetter ROP 30 refunds the client’s eligible paid premiums at the end of a 30-year level-premium period. If a policy is canceled after year six, the policy refunds a portion of the eligible premiums paid to date. Returned premiums are income tax-free. For more information, visit www.transamerica.com.
Universal Life
John Hancock launched an assumption policy called “Performance UL.” The product is designed for clients who want low cost death benefit coverage and the potential of accumulating cash value. The policy is priced and designed based on the 2001 CSO mortality table, which allows for an extension of the premium-paying period to age 121. Policies priced and designed with this table have more flexibility, which often results in a more affordable annual premium. For more information, visit www.manulife.com or call 617-663-4748.
(updated 7/21/06)
Premium Funding
Disability RMS filed a patent application with the Patent and Trademark Office for its new group long-term disability (LTD) funding solution, “Premium Share.” Premium Share is a shared premium plan between the employer and employee. The employer can drastically reduce sponsored benefit costs and realize bottom-line savings, while the employee pays the same employer group rate to better manage costs and keep coverage strong. If a participating employee files a long-term disability claim and gets the disability benefit, their out-of-pocket expense is tax-free. For more information, visit www.disabilityrms.com
Premium Finance Loan
Ridge Capital Group, LLC unveiled a premium finance loan program to address the needs of insurance carriers and insureds. The loan program allows high-net-worth seniors to finance life insurance for up to 10 years. It offers clients a variety of flexible financing options. It is designed to meet the needs of seniors who have large insurance requirements, large estates to preserve, illiquid assets they are reluctant to liquidate to make premium payments, or need a way to achieve life-insurance planning goals without significantly affecting their investment portfolios or business assets. These people may also have insurance needs in excess of what their cash flow can support. It is not a program intended for people seeking free insurance and clients must have a verified need justifying the amount of insurance for which they have applied. For more information, call Kurt Gillhaus at 818-227-5155.
(updated 7/05/08)
Term
For its “ING TermSmart” products, ING reduced prices, added an underwriting class, and liberalized certain underwriting guidelines. The products feature the following:The product is offered at 10, 15, 20, and 30-year terms. It can be converted to select cash-value policies issued by an ING life insurance company without evidence of insurability. For more information, call 866-ING-SELL.
- Reduced rates in most ages and classes.
- A select no tobacco underwriting class.
- A policy fee, which is $60, is commissionable for $100,000 to $199,999 face amounts.
- A non-commissionable policy fee of $50 at face amounts of $200,000 and above.
- Liberalized our age and amount criteria.
- The elimination of criteria for cancer deaths and deaths of siblings for super preferred and preferred no tobacco classes.
- Increased weight maximums, especially for women.
- Increased maximum cholesterol limit. It allows treated cholesterol for Super Preferred No Tobacco.
Variable Universal Life
TIAA-CREF launched a “Intelligent Life” variable universal life insurance plan. It offers expanded investment choice, easy-to-understand product design, and enhanced ease and flexibility. The company notes that TIAA, along with its subsidiary TIAA-CREF Life Insurance Company, is one of just two insurance companies to receive the highest credit ratings from all major rating agencies. For more information, call 212-916-5986.
(updated 6/21/06)
Single Premium Life
Old Mutual Financial Network (OMFN) launched a single premium life insurance product through Fidelity and Guaranty Life Insurance Co. “Transition Safeguard” is for consumers who want to control the disbursement of a portion of their estate. It can also serve as solution for customers seeking to qualify for government assistance. The policyholder can choose from the following: income for the life of the beneficiary, income for life of the beneficiary with a 10-year period certain (whichever is longer), or income for life of the beneficiary or 10 years (whichever is shorter). For more information, visit www.omfn.com.
(updated 6/7/06)
Group Executive Life Insurance
MassMutual's Strategic Group Universal Life insurance product can now be sold by non-registered representatives. Professionals in the health insurance field, disability income insurance, long-term care insurance, and the like -- who most often have established relationships with employers – can add MassMutual's Strategic Group Universal Life insurance product to their portfolios. A minimum of 30 participating key employees is required. With Strategic Group Universal Life, employers can reduce costs by carving out the executive team, which often includes older employers from the group term life insurance pool. For more information, call 800-665-2654.
Guaranteed Issue Life
Colonial Supplemental Insurance is offering post-enrollment guaranteed issue life for new public sector accounts with 100 or more employees. As long as the account has 10% participation, employees and family members can get level term life insurance regardless of their health. With a voluntary level term life product, employees can choose higher coverage amounts at lower premiums to protect their families during life stages when coverage needs are greater. For more information, call 803-798-5555, ext. 8448, e-mail MLFrancis@ColonialLife.com, or visit www.coloniallife.com.
Is It Possible to Calculate a Woman’s Worth?
Prudential Financial is offering “The Value of All You Do” calculator tool to help families select the right amount of life insurance coverage. It estimates the economic value of many services women provide for their families, such as managing the home, caring for children, running errands, preparing food, and tutoring. In addition, a 2006 study by Salary.com concluded that the value of the things mothers do can amount to an average annual salary of $85,876 for working mothers and $134,121 for stay at home mothers. For more information, visit www.prudential.com.
(updated 5/31/06)
Universal Life
“Protector III” is the latest addition to a portfolio of universal life insurance products from the Principal Financial Group. It offers a low cost guaranteed death benefit combined with the flexibility of a universal life product design for businesses and individuals. It features guaranteed death benefit protection up to age 121, issue ages up to age 85, premium payment options, and a number of other features. For more information, visit www.principal.com.
(updated 5/16/06)
Term
The Hartford Financial Services Group introduced a term life insurance policy with competitive rates. It features coverage amounts from $100,000 to more than $1 million for coverage periods of 10, 15, 20, and 30 years. The premiums are guaranteed to remain level for the duration of the coverage period. For more information, call 860-843-8993.
(update 5/04/06)
Guardian Expands Small Group Sales
Guardian Life expanded its small group sales initiative, which serves 48 geographic markets, up from nine in the beginning of 2005. The program offers customized benefit programs for companies with as few as two employees, sales support that takes into account the needs of small business owners, two-day turnaround on proposals and phone messages returned within an hour, dedicated staff for in force business, and rate discounts for multiple lines of coverage. Brokers continue to work with local Guardian group representatives for groups with 16 or more lives. For more information, visit www.guardianlife.com.
Survivorship Universal Life
John Hancock introduced a survivorship universal life insurance policy, “Protection SUL-G(1).” It is designed for clients who need competitively priced, lifetime guaranteed death benefit coverage for two lives. The policy was designed using the 2001 CSO mortality table, which allows for an extension of the premium paying period and death benefit guarantee duration to age 121 of the younger insured. This flexibility often results in the most affordable premium possible. For more information, visit www.johnhancock.com.
Universal Life and Long Term Care
Genworth Life launched an insurance solution that merges features of universal life insurance and long-term care insurance into a single product. “Genworth’s Total Living Coverage” (TLC) can provide a death benefit, payment of benefits for long- term care expenses, or a combination of both. It provides a complete return of the initial premium if the customer terminates the policy in the first 15 policy years. The limited death benefit is payable even if the entire benefit amount has been allocated to a customer’s covered long-term care expenses. It also includes inflation protection and a lifetime coverage option. For more information, visit www.genworth.com.
(update 4/26/06)
Whole Life
Ohio National Financial Services has introduced a guaranteed premium whole life insurance product, “Prestige Performance.” Prestige Performance is suitable for personal and business needs. It offers strong dividend potential early on and throughout the life of the policy for competitive guaranteed death benefits and cash values. For more information, visit www.ohionational.com.
Term Loan Rescue
A.I. Credit Corp., a member company of American International Group Inc. (AIG), enhanced its “Loan for Life” program. It is a mechanism used to finance life insurance premiums to include policies previously financed by term lenders. “Term Loan Rescue” allows life insurance producers who have sold life policies using a term premium finance loan to offer their clients favorable renewal terms through A.I. Credit. Term Loan Rescue allows policyholders to maintain their life insurance policy instead of selling it in the life settlement market and losing the insurance benefit. For more information, call 212-770-3141.
Sarbanes-Oxley Compliance
RiskWatch Inc. introduced a new version of its software for organizations that are required to comply with Sarbanes-Oxley requirements. The software allows smaller firms to self-assess and then correct any identified deficiencies before their formal audit. For more information, call 410-224-4773, x105, e-mail chamilton@riskwatch.com, or visit www.riskwatch.com.
(updated 4/19/06)
Variable Universal Life
The Penn Mutual Life Insurance Company added a rider to its “Cornerstone Variable Universal Life IV” policy, providing its policyholders with supplemental income for retirement. The guaranteed withdrawal benefit can ensure a minimum amount of supplemental retirement income in addition to death benefit protection. Traditional life insurance policies without living benefit riders usually only pay the beneficiaries at death. This rider appeals to Baby Boomers who may be wary of equity markets due to the unstable market conditions of the late 1990s because it offers protection against market risks and volatility. For more information, visit www.pennmutual.com.
(updated 4/12/06)
Term Life
Conseco introduced two new level-premium term life products: “Conseco Term” and “Conseco Mortgage Term.” Conseco Term offers a guaranteed level premium and death benefit for periods of 15, 20, or 30 years. After the guaranteed level premium period, it is renewable to the age of 98 and can be converted until the age of 70. Conseco Term features five underwriting classes and seven riders, including disability income, accelerated benefits, and spouse/business partner coverage. Conseco Mortgage Term has level premiums and death benefits that are guaranteed for periods of 10, 15, 20, or 30 years and the policy is renewable to the age of 98. Conseco Mortgage Term offers simplified underwriting with unisex rates (non-tobacco and tobacco). For more information, visit www.conseco.com.
VUL Riders
In response to the desire of variable life insurance buyers for long-term performance and protection from potential stock market volatility, Pacific Life Insurance Company recently introduced three new riders. These riders are now available with the company's single life variable universal life insurance products – “The Minimum Earnings Benefit rider” and “The Guaranteed Minimum Distribution rider.” They provide new choices and benefits to buyers who are attracted to the upside potential of variable universal life but want protection from prolonged downturns in the market. The Long Term Performance rider maximizes the potential long-term cash value accumulation of a client's variable universal life insurance policy. For more information, visit www.PacificLife.com.
Fixed Annuity
The Hartford Financial Services Group Inc. is offering The Hartford Income Security, a fixed payment annuity that guarantees lifetime income starting at a future point and continuing for the rest of one's life. The Hartford Income Security has no cash or surrender value and does not allow for withdrawals. For more information, call 860-843-5150.
(updated 4/03/06)
Whole Life
Philadelphia American Life launched its guaranteed issue single premium whole life policy, “Advantage Life.” It has no underwriting and offers the benefits of life insurance with the ease of an annuity. Flexibility is also a key feature. The minimum premium is $5,000 and the policy owner can purchase face amounts of up to $100,000. All California seniors up to age 85 can use life insurance for transferring wealth tax free. For more information, call 800-470-3732 or visit www.transferyourwealth.com.
Financial Planning
Jackson National Life launched an educational initiative that is designed to help advisers develop customized retirement income and wealth transfer plans for their clients. The “Choose Your Direction program,” includes a client questionnaire and a brochure to share with clients when discussing their options. Retirement specialists support adviser inquiries at 888-4EZ-ROLL.
(updated 3/29/06)
Affordable Life Coverage After Prostate Cancer
The Hartford is offering life insurance at regular rates to eligible men treated for prostate cancer. Thanks to improved screening and aggressive treatment of the disease, 93% of men with prostate cancer can expect to live at least 10 years, according to the National Cancer Institute. In recognition of these improvements, The Hartford Financial Services Group Inc. has become the first insurer in the nation to offer life insurance at standard rates to men age 60 and older who have been surgically treated for moderate levels of prostate cancer. Previously, these survivors often had to wait several years to become eligible to buy life insurance and pay significantly more for their coverage. For more information, call 860-843-8993.
(updated 2/22/06)
Survivor Life Calculator
MetLife’s Guaranteed Survivor Income Benefit calculator pinpoints the amount of life insurance a person needs to guarantee their survivors an income that they can't outlive. MetLife developed the calculator and a life insurance rider based on research showing that most people buy life insurance to replace their income. However, many people are presented with a lump-sum life insurance benefit that must be invested based on uncertainties, such as interest rates. For more information, visit www.metlife.com.
Universal Life
John Hancock introduced a universal life policy, “Accumulation UL” for high net worth individuals and business owners who are looking for strong cash value-oriented life insurance. The policy account value is credited with a current interest rate based on a high-quality investment portfolio. The policy also offers tax-deferred growth of policy values and tax-favored treatment of policy withdrawals, a 5-year no lapse guarantee, and zero net cost loans. For more information, visit www.manulife.com.
Korean Language Website
New York Life Insurance Company launched a Korean-language Website (www.newyorklifekorean.com). It provides the latest details about New York Life’s products and services. Additionally, New York Life built a comprehensive internal Website to support agents working in the Korean market. The Korean-language intranet offers over 100 in-language materials for agents to best serve their clients. For more information, visit www.newyorkkorean.com.
Voluntary Life Insurance Benefits
Trustmark Voluntary Benefit Solutions launched a universal life product that doubles the monthly benefit for home healthcare and adult day care and has an assisted living benefit. Trustmark's Universal Life with Living Benefits accelerates 4% of the death benefit monthly for assisted living, home healthcare, adult day care, and nursing home care. For more information, call 800-840-4692 or visit www.trustmarksolutions.com.
Hybrid Variable Universal Life
The Hartford Financial Services Group introduced a hybrid variable universal life insurance with guaranteed death benefit protection and the potential for tax-advantaged wealth accumulation. “Hartford Quantum II” features a competitively priced no-lapse death benefit guarantee typically available in universal life insurance policies. Policyholders can make additional premiums in order to accumulate cash value through 51 investment options plus a fixed account. For more information, visit www.thehartford.com.
(updated 2/8/06)
Life-Exchange Enters Secondary Market
Life-Exchange Inc. implemented its electronic business-to-business exchange for the life settlement industry. The goal is to bring neutrality, transparency, and efficiency to the life settlement transaction. For more information, call Nicole Whitehead at 305-604-8682 or visit www.life-exchange.com.
(updated 1/19/06)
Life Coverage for Law Firms
Minnesota Life Insurance Company is providing a group life insurance program to law firms nationwide through American Bar Insurance Plans Consultants Inc. The group life insurance program is available to ABA-member law firms in all 50 states. The program includes variable group universal life insurance, group universal life insurance, group term insurance, and coverage for spouses and children. For more information, e-mail margaret.jensen@minnesotalife.com
Manual to Help Agencies Negotiate with Carriers
The National Assn. of Independent Life Brokerage Agencies (NAILBA) developed a manual to help agencies negotiate fair contracts with insurance carriers. The 45-page document titled, “Contracts for the Independent Life General Agent,” was written by NAILBA general counsel Steven John Fellman after years of reviewing and comparing dozens of carrier contracts. This manual is an update of the version NAILBA initially developed with Fellman two years ago. For more information, visit www.nailba.org.
(updated 11/30/05)
Life Settlement Forms Available Online
Coventry First is the first secondary market provider to make life settlement transaction forms available through the life insurance industry's online clearinghouse, iPipeline. The move, which is intended to significantly increase product accessibility and efficiency for brokerage general agents, points to the continued growth of the secondary market and the demand for related products, says Coventry. www.coventryfirst.com www.ipipeline.com .
Life Insurance Planning Tools
John Hancock's Advanced Markets group launched a comprehensive charitable planning virtual sales tool kit. The kit, available on CD-ROM, includes new sales, marketing, and educational materials to demonstrate how clients can use life insurance to provide a lasting benefit for their favorite charity while enjoying tax advantages for themselves and their families. For more information, call 888-266-7498, Option #3.
(updated 11/16/05)
Life Insurance with no Medical Exam or Blood Test
The Hartford Financial Services Group is streamlining its underwriting requirements including the elimination of medical exams and tests for some applicants. The underwriting initiatives are designed to make The Hartford's underwriting processes more convenient, less intrusive, and more responsive to customers' circumstances, according to Chris Graham, vice president and chief underwriter for The Hartford's Individual Life Division. For more information, visit www.hartfordlife.com .
( updated 11/9/05)
The Genworth Financial companies launched a term life insurance product that builds cash values and returns all available premium and fees at the end of a 15-year, 20-year, or 30-year guaranteed level premium period. VantagePoint term life insurance provides features not seen in other "return-of-premium" products, such as: the return of all premiums, including riders and table ratings (excluding flat extras and outstanding loans), an option to accelerate the cash value schedule with an enhanced cash-value rider; and the ability to request policy loans, including automatic premium loans. The new "return of premium" term life product also offers the ability to request policy loans. For more information, call 203-708-3460.
(updated 9/21/05)
Variable Universal Life
Nationwide is offering a managed asset allocation service available on certain variable universal life products. It helps consumers match their risk tolerance with their investment goals. For more information, visit www.nationwide.com.
(updated 9/21/05)
Life Insurance Supports Breast Cancer Research
The Phoenix Companies Inc. will donate a minimum of $250,000 to The Breast Cancer Research Foundation (BCRF), based on a percentage of annualized premiums from life insurance policies issued to women. The program, called Phoenix Pink Ribbon Premiums, will run from September 2005 to September 2006. For more information, visit www.PhoenixWealthManagement.com.
(updated 9/14/)
Variable Universal Life
Nationwide Allocation Architect is a managed asset allocation service available on certain Nationwide variable universal life (VUL) products. Policy owners have their variable contract assets invested according to one of five asset- allocation models. There is no additional charge for this service. Working with their financial professionals, consumers can determine their risk tolerance to decide which asset allocation investment model makes sense. For more information, visit www.nationwide.com.
Term Rider on Whole Life Products
MassMutual introduced a renewable term rider to its whole life and modified-premium whole life insurance products. The new rider provides a level amount of term insurance for one year in addition to the base whole-life policy coverage. It is renewed automatically each year until the insured reaches the designated age, unless the insured makes any changes to the face amount of term coverage. Policyholders can get the added protection at a lower premium than what they would pay for an all-whole-life policy. For more information, call 413-744-5427 or visit www.massmutual.com.
(updated 9/02/05)
Universal Life
The Principal Financial Group launched ?UL Protector II.? It gives people choices in guaranteed death benefit protection up to age 121; it has extended the issue ages to age 85; and includes various premium payment options, riders, and provisions. As needs change, customers can increase or decrease their coverage and the length of guaranteed coverage. For more information, visit www.principal.com.
(updated 8/23/05)
Equity Indexed Universal Life. Pacific Life is offering ?Pacific Indexed Accumulator.? It combines higher crediting rate potential without direct participation in the equity market. It is designed for clients who want the potential of earning higher interest in their policy cash values, but want to limit the affect of negative returns to 0%. For more information, call 949-219-3222 e-mail Stacy.Klein@PacificLife.com
Equity Indexed Universal Life. Old Mutual Financial Network introduced a product that can be offered through the life and annuity sales channels. ?HeritageMaster? combines the ease of a single premium universal life policy with many advantages. It is designed with a guaranteed death benefit that will allow for wealth transfers, inheritance equalization, and ongoing support of a favorite charity. For more information, e-mail salesmarketing@omfn.com or visit www.omfn.com.
Whole Life. The Guardian Life Insurance Company of America launched Executive Strategies Whole Life. It provides higher cash values, offers a paid up additions rider, and allows customers to structure the funding of their nonqualified plans according to their needs. For more information, visit www.GuardianLife.com .
Lifestyle Funds. Lincoln National Life Insurance Company launched the ?Lincoln VIP Profile Funds.? The four risk-based asset allocation strategies will be available in select Lincoln variable products. Lifestyle funds are generally highly diversified mutual fund designed to remain risk appropriate for investors throughout a variety of life circumstances. Lifestyle funds can be aggressive, moderate, or conservative. Investors can shift invested funds among different risk profiles to manage risk effectively as they move from youth to middle age and then to retirement. For more information, call (877) ASK LINCOLN or visit www.LFG.com.
Universal Life. West Coast Life Insurance Company added LifeTime Platinum 120 LP & SP universal life products to its portfolio. The individual universal life insurance products combine reasonably priced, flexible premiums and death benefit protection with a built-in lapse protection feature that can last until a policyholder attains age 120. For more information, call (800) 366-9378 or visit www.westcoastlife.com.
Variable Universal Life. ING U.S. Financial Services revamped its fund line-up for its variable universal life insurance sub-accounts with 55 funds sub-advised by asset managers. ING says the fund line-up will create enhanced consistency across its life insurance companies in the United States -- ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of York , and Security Life of Denver Insurance Company. Clients with variable life insurance policies can choose from more than 60 investment options. ING offers fund portfolios sub-advised by more than two dozen investment managers. For more information, call (860) 723-4783 or visit www.ing.com.
Variable Universal Life. Nationwide Financial launched Options Select -- a cash value accumulation variable universal life (VUL) insurance product. The policy provides a solid life insurance foundation with wealth transfer solutions while allowing for clients' investment accumulation and income needs. The VUL product is designed to be more competitive in long-term cash value accumulation. Options Select replaces Nationwide Financial's Options Premier contract. ?Our Options Select provides an improved income stream when compared to our Options Premier product. It also helps meet long-term savings goals in a tax-efficient manner and provides protection while diversifying an investment portfolio,? said Peter Golato, senior vice president of Individual Protection for Nationwide Financial. The product is targeted to individual and business clients who are between 35 and 55 years old, and who need life insurance and tax-efficient accumulation. For more information, visit www.nationwide.com.
(updated 05/05)
Term. The Lincoln National Life introduced a term life product, which combines the advantages of traditional term life insurance with next-generation benefits. Clients can buy term life insurance for a specific period and get all of their money back at the end of the term. Even policy owners who surrender their policies early can receive competitive premium refunds. For more information, call (800) 444-2363.
Term. Mutual of Omaha introduced ?Mortgage
Term Plus,? which offers several features designed to ensure that homeowners can keep their homes. For more information, call (402) 342-7600 or visit www.mutualofomaha.com
Universal Life. Jefferson Pilot Financial introduced JPF Legend 3000 and JPF Legend 3000 NY, which are designed to provide lower current assumption premiums and significant long-term cash accumulation potential. For more information, call (800) 423-2765 or visit www.jpfinancial.com.
(updated 04/05)
Term. Fidelity and Guaranty Life introduced Accept/Reject Underwriting on HomeCertain -- a term product for new homebuyers. In lieu of an attending Physicians Statement , a personal telephone interview will now be conducted to classify the risk. Based on information from the application, the Medical Information Bureau, and potentially a phone interview, the underwriting team proceeds on the accept/reject basis for the life policy and the product's disability income rider. In addition, the product now offers simplified underwriting through Table 4 (up to age 65 and $250,000 depending on the size of the mortgage). For more information, call (800) 445-6758.
(updated 04/05)
Variable Life. Pacific Life now offers nine new investment options through variable life insurance trusts managed by Fidelity Investments, Merrill Lynch, T. Rowe Price, and Van Eck Global. For more information, call (800) 800-7681.
FPVUL.? The policy provides a life-insurance foundation with wealth-transfer solutions, while allowing for investment accumulation and income needs for clients. It targets clients who are between 35 and 55 years old. For more information, call (614) 677-5115.
(updated 04/05)
VUL. Nationwide Financial Services launched a new flexible premium variable universal life insurance policy, called ?The Best of America Next Generation II
VUL. Jackson National unveiled the ?Ultimate Investor? -- a flexible premium variable universal life (VUL) product. It includes a wider range of options for financial needs, such as wealth transfer, estate-tax protection, and charitable giving.
For more information, call (800) 565-9044.
(updated 04/05)
Universal Life. New York Life introduced its ?NYLIAC Protector 2005? universal life insurance product. It is among the first life insurance products designed and priced under the new 2001 CSO Mortality Table to reflect improvements in mortality among Americans. With the new 2001 CSO Mortality Table, the NYLIAC Protector(R) 2005 will offer lifetime coverage. For more information, call (800) 695 - 1314 or visit www.newyorklife.com for more information.
Universal Life. Conseco introduced two universal life insurance products. AssetBuilder is a universal life policy that offers the opportunity for long-term cash buildup with a guaranteed 2% annual interest rate. AssetBuilder Plus is an equity-indexed universal life policy, which has the same benefits as AssetBuilder. In addition, clients can choose either of two distinct accumulation value options to build policy value, or combine both options. For more information, call (317) 817-4418 or visit www.conseco.com .
(updated 04/05)
Survivorship UL. Genworth Financial launched it ?Lifetime Provider? survivorship universal life insurance, which offers highly competitive pricing across all payment options and underwriting classes, including nicotine use, no nicotine use and substandard. For more information, call (203) 708-3460.
(updated 04/05)
Whole Life. New York Life introduced competitive features to its whole life product line. The best risk class for qualifying consumers is now offered at lower face amounts. In addition, with the Dividend Term Option rider, policy owners can convert this rider to whole life or modified premium whole life during the first 10 years, regardless of their health. For more information, call (212) 576-7000 or visit www.newyorklife.com. (update 10/04)
(updated 04/05)
Whole Life. ING introduced ?Horizon Whole Life? insurance, which is designed for the voluntary and worksite marketing arena. It is offered on a payroll deduction basis and provides guaranteed level premiums, portability, death benefits, and cash values. Additional features include guaranteed issue: spouse and dependent coverage, competitive riders, and competitive compensation programs. For more information, visit www.ing.com.
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Individual Universal Life. West Coast Life introduced "LifeTime Advantage 100" -- a product designed to provide long-term, cost-effective life insurance for clients to age 100 or beyond. It can also provide protection for key employees and business buy-sell funding. The product can be funded to provide a lifetime death benefit on a "current assumption" basis at a competitive lower premium than those associated with other permanent policies. For more information, call ( 800) 366-9378, option # 2, then option # 5, and e-mail mark.rush@wclife.com or visit www.westcoastlife.com.
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Variable universal life. Manulife introduced improved no-lapse guarantees on its Venture variable universal life insurance products. It has increased the number of ages eligible for a full 20 years of no-lapse guarantee on Venture VUL Accumulator and Venture VUL Protector. Clients can extend their no-lapse guarantee coverage for any duration up to age 100. For more information, call ( 888) 267-7784.
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Premium Financing. Nationwide Financial is offering a program in which the policyholder can borrow funds from a third-party lending institution to pay the premiums on life insurance. High-net worth individuals can use this strategy to purchase significant amounts of life insurance without disrupting their investment plans. For more information, call 800-321-6064.
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Variable Universal Life. Principal's new VUL offers tax-deferred accumulation, a variety of funding strategies, the ability to develop a personal allocation plan and the freedom to access their money. For more information, call
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