Prudential, Term Life
Prudential recently released Pru Term WorkLife 65, a new term life insurance product that allows premium payments to be waived in the event of unemployment or a
disability.
The new product, offered by Pruco Life Insurance Co., will waive premiums in the
event of a disability before age 65, with the waiver staying in effect until the insured
recovers or turns 65, whichever comes first. The one-time unemployment benefit
waives, if certain terms and conditions are met, one continuous year of premiums.
The product offers up to 40 years of coverage, and policyholders can convert the
term policy to permanent insurance any time before the age of 65 without having to
undergo additional medical testing.
For more information, see www.worklife65.com.
Fidelity Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
First American . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Foresters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Great Western . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
InsureMe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
LegacyInsurance ........................ 11
Lincoln Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Lincoln Financial . . . . . . . . . . . . . . . . . . . . . . . . . 13
MassMutual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Minnesota Life . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
MutualTrust ............................. 5
North American . . . . . . . . . . . . . . . . . . . . . . . . . . 57
ING, Universal Life
The ING Life Companies have introduced a new life insurance product, Self-Owned Life and Retirement — or S.O.L.A.R. — Insurance Arrangements.
The product provides life insurance for key employees and is funded through employer contributions, after-tax employee contributions or a combination of both. The
benefit is employee-owned, which can reduce risk for the employer, and can be used
to supplement the employee’s retirement income in the future.
The insurance arrangements are backed by ING’s new Indexed Universal Life-Global Plus policy. Policyholders have death benefit protection and can choose between a fixed or indexed strategy. The indexed strategy credits interest based on a
formula that uses a portion of the two better-performing of three indexes, the S&P
500, the EuroSTOXX 50 and the Hang Seng, looking back over a five-year period.
The policy also offers a select loan option, which allows the policyholder to take
a loan — at a fixed interest rate of 6% per year — from the policy and use it to pay
the income taxes owed on the compensation paid by the employer. The loan amount
remains in the fixed or indexed strategy, so the cost of borrowing for taxes could eventually be partially or totally offset by the amount of interest credited to the account.
For more information, visit www.ing.com/us.
Ohio National . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
PartnersFinancial . . . . . . . . . . . . . . . . . . . . . . . . . 55
Petersen International . . . . . . . . . . . . . . . . . . 20, 75
Principal Financial . . . . . . . . . . . . . . . . . . . . . . . . 15
Prudential . . . . . . . . . . . . . . . . . . . . . . . . . . . 22-23
Revolution, The . . . . . . . . . . . . . . . . . . . . . . . . . . 84
Rockwood .............................. 47
Sagicor ................................ 83
Securian ...............................59
Seminar Crowds . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
UNIFI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8, 29
Washington National . . . . . . . . . . . . . . . . . . . . . . 43
American United, Whole Life
For clients concerned about estate tax uncertainty, American United Life Insurance
Co. (AUL) has added a survivor purchase option to its whole life policies.
AUL’s survivor purchase option gives the surviving policy beneficiary (usually a
surviving spouse) the option to receive a cash death benefit or apply part or all of the
death benefit toward the purchase of insurance on the insured beneficiary (e.g., the
surviving spouse). The death benefit from this new policy can then be used to fund
any anticipated estate tax needs when the second spouse dies. The underwriting and
cost of the new policy is based on the insured beneficiary’s health at the time of the
initial policy purchase.
The survivor purchase option can also be used in business continuity situations,
where a CEO could be the base insured and the COO the insured beneficiary. Upon
the death of the CEO, the business could use the death benefit for current business
needs or to fund life insurance on the COO.
The survivor purchase option is available on AUL’s Legacy, Legacy 121 and Liberty Select whole life policies. To learn more, contact an AUL rep at www.oneamerica.
com/wps/wcm/connect/oa/aul/contact+us/find+aul+professional.
