MetLife, Whole Life
MetLife has launched MetLife Promise Whole Life 120, a permanent
life insurance policy that’s paid up at age 120.
The product has guaranteed level premiums, guaranteed cash value
and guaranteed death benefits. There’s also the potential for annual dividend payments, which, if paid, can increase the policy’s cash value and
death benefit or be used to reduce future out-of-pocket premiums. The
minimum policy face amount for the product is $250,000.
“With the economy continuing to struggle, consumers are attracted
to the premium and cash value guarantees along with lifetime cover-
age, which whole life policies offer,” says Gene Lunman, senior vice
president, MetLife. “MetLife Promise Whole Life 120 can be especially
appealing for younger consumers who are buying the policy for a longer
duration and have time to allow dividends and cash value to build.”
MetLife Promise Whole Life 120 also has optional policy riders, including:
• The Flex Term Rider, which allows policyholders to purchase a com-
bination of base whole life protection along with additional term pro-
tection. The term portion can be gradually converted to whole life
protection over time.
• The Enricher, which allows the policyholder to pay additional premiums, if desired, to purchase single-premium paid-up permanent life
insurance, enhancing cash value and death benefit growth.
The Flex Term Rider and the Enricher are not available on the same policy.
For more information, visit www.metlife.com.
AIG, Disability Insurance
AIG Benefit Solutions has rolled out Income PLUS, a new rider for its
Group Long-Term Disability Insurance. The rider provides a one-time,
lump-sum payment in the event of a disabling condition.
The benefit is not offset or negated by any other sources of income and
is pain in addition to the monthly benefits offered under the long-term
disability product. The money can be used by employees as they see fit.
AIG Benefit Solutions research has found that disabled employees
face serious financial burdens by the time they get through their LTD
elimination period, which is usually six months.
“Income PLUS is an innovative and unique solution to the challenges
these workers face from long-term disability and offers additional financial security at a time when they may have problems paying their bills
or meeting their financial obligations,” says Curt Olson, president and
CEO of AIG Benefit Solutions.
Payable immediately after the 180-day elimination period is satisfied,
the Income PLUS benefit offers what amounts to 12 months’ worth of
benefit at 10% to 40% of income. The percentage paid varies according
to the rider option selected by the employer. The total income replacement maximum available to employees, including the underlying LTD
plan and the Income PLUS rider benefit, is 80%.
Visit www.americangeneral.com/disability for more information.