Bankers Life
Indexed Annuity
Bankers Life and Casualty Company, Chicago, has introduced its newest annuity product, the Premium Bonus Indexed Annuity.
The new offering is the third indexed product to be added to the Bankers Security BuilderTM annuity series. The indexed products offer the simplicity of a fixed annuity combined with the opportunity to earn returns linked to the S&P 500 Index — all while protecting the annuity’s principal and growth against downside market risks.
The Premium Bonus Indexed Annuity complements Bankers’ annuity portfolio by offering an up-front premium bonus. Four percent of the net single premium amount is credited to the index value when the annuity is issued. The premium bonus helps the annuity earn money right from the start.
Clients, through issue age 75, can also take advantage of free convalescent care and terminal illness riders that come with the policy. These riders, subject to state availability, give clients peace of mind knowing that cash is available should they need it for qualified expenses.
The Bankers Premium Bonus Indexed Annuity is currently available through Bankers’ career agents in more than 20 states, with additional states to offer the product soon.
For more information, visit
www.bankerslife.com.
Old Mutual Financial Network
Universal Life
Old Mutual Financial Network (OMFN), through OM Financial Life Insurance Company, Atlanta, has introduced ValueMaster Universal Life (UL), a low-premium UL insurance product that offers four no-lapse guarantees and an enhanced catch-up provision, in addition to a fully guaranteed death benefit and flexible premiums.
The four no-lapse guarantees include Basic (15-year), 30-year, Age 90, and Lifetime, which enable customers to select a level of protection consistent with their stage in life and expected lifespan.
Other riders to ValueMaster UL include:
• accelerated death benefit;
• accidental death benefit;
• waiver of monthly deduction;
• ultimate income; and
• children’s level term life.
For more information, visit www.omfn.com.
Nationwide
Life Insurance
Nationwide Financial Services, Inc., Columbus, Ohio, has announced higher retention limits on its permanent life insurance products, especially to meet the specialized needs of high-net-worth clients.
Nationwide’s retention limits for individual life products have increased from $5 million to $10 million, and have increased from $8 million to $15 million for survivorship life products. In addition, Nationwide automatically will bind a policy up to $50 million for individual life products and up to $60 million on survivorship life products, with a jumbo limit of up to $65 million. The increases do not apply to term contracts.
For more information, visit www.nationwide.com.
Mutual of Omaha
Final Expense
Mutual of Omaha, Omaha, has announced a new way for consumers to make sure final expenses are handled. The company’s new Whole Life Express plan can help pay outstanding medical bills, debts, or any other unpaid final expenses that otherwise would be left behind for others to take care of. The policy pays benefits directly to the beneficiary chosen by the insured.
Highlights of the plan include:
• face amounts up to $50,000;
• benefits never decrease;
• rates never increase with age;
• full death benefit paid regardless of policy year when death occurs;
• matures at age 100, at which time the face amount will be paid less any outstanding policy loans and loan interest;
• cannot be canceled for any reason as long as premiums are paid;
• builds cash value that can be borrowed against;
• benefits paid to beneficiary income tax free;
• issued up to age 85 in most states;
• simplified underwriting; and
• non-tobacco user discount available.
For more information, visit www.mutualofomaha.com.
Lincoln Financial Group
Universal Life
Lincoln Financial Group, Philadelphia, has announced its MoneyGuard Reserve product is available for sale in the state of New York. MoneyGuard Reserve, a universal life insurance product, offers benefits for a variety of long-term care services including nursing home care, home health care, assisted living, and adult day care, and is issued by Lincoln Life & Annuity Company of New York, a member of the Lincoln Financial Group.
As baby boomers look forward to their retirement years, they do so knowing that they will enjoy more years in retirement than any other previous generation. The anticipation of retirement for most boomers is met with real concern over the likelihood they will need long-term care in their later years. This can be a costly reality as the cost for nursing home care in New York state averages $104,072 a year. Combined with an annual inflation rate of 4.2%, long-term care costs can be a challenge to a family’s nest egg if not factored into retirement planning.
Unlike traditional LTC insurance, MoneyGuard Reserve is a linked benefit solution providing long-term care coverage while eliminating the “use it or lose it” risk. If long-term care is never needed, the policyholder’s beneficiaries will receive the entire death benefit income tax-free. Even if a portion is used for long-term care, the remainder is still paid to the beneficiaries. MoneyGuard Reserve also offers an optional return of premium rider to provide lifetime money-back guarantee for policies purchased with a single premium.
For more information, visit www.lfg.com.
Jackson National Life
Fixed Index Annuity
Jackson National Life Insurance Company, Lansing, Mich., has launched Jackson AscenderPlus SelectSM, a new fixed index annuity (FIA) that provides advisors with the flexibility to build a customized retirement product that can meet the individual financial needs of their clients. In addition to a guaranteed minimum interest rate and a guaranteed minimum death benefit, Jackson AscenderPlus Select gives investors the opportunity to earn additional interest that is linked to one of two market indexes — the new proprietary benchmark Multi-Strategy Index or the S&P 500 Index — or a combination of both indexes.
The Multi-Strategy Index, which was created by Jackson for its sole use, is now available within four of Jackson’s FIA products. The index is constructed by applying five pre-determined selection criteria and contains approximately 100 stocks from various asset classes, including large, mid-sized and small companies in both the U.S. and international markets. The underlying stocks are selected and rebalanced every year.
Jackson AscenderPlus Select offers 5-, 7-, and 10-year indexed option periods, as well as three index crediting options — annual reset point-to-point, annual reset monthly sum, and annual reset with monthly averaging.
The launch of Jackson AscenderPlus Select is the latest step in Jackson’s continuing effort to develop a diverse product portfolio that can help advisors enhance the retirement income planning process for the various financial profiles that exist among their client base. Jackson now offers seven FIA products.
In addition to the above benefits, Jackson AscenderPlus Select also gives contract holders the flexibility to move money each year among the Fixed Account and the two Index Accounts, as well as the option of changing their existing index crediting method selection with no limitations or restrictions.
For more information, visit www.jnl.com
Clearwater Financial Marketing
Variable Universal Life
Clearwater Financial Marketing, Clearwater, Fla., a business unit of InterSecurities, Inc., an AEGON company, has announced a new large-initial-premium variable universal life insurance product: WRL BenefactorSM. Underwritten by Western Reserve Life Assurance Co. of Ohio, also an AEGON company, WRL Benefactor is one of the first life insurance policies to offer a lifetime guaranteed withdrawal benefit allowing policyholders, once eligible, to make withdrawals of 5% of the initial premium annually for life.
It provides policyholders with a no-lapse guaranteed death benefit, offers simplified issue underwriting for those who qualify, and has no current cost of insurance (COI). All benefits are covered by the mortality and expense charge and fixed account asset-based charge.
In addition, WRL Benefactor features investment choice flexibility and professional money management with eight Transamerica Investment Management subaccounts, while providing beneficiaries with freedom from federal income taxation, since the death benefit is payable as life insurance proceeds.
WRL Benefactor has many sales applications and can be a unique addition to the portfolio of any of your clients looking to:
• grow their assets for retirement on a tax-deferred basis;
• create a death benefit for beneficiaries; and
• have no further or ongoing premium payments.
WRL Benefactor was designed for large BGAs and IMOs and their registered representatives around the country affiliated with the InterSecurities, Inc., broker-dealer.
For more information, contact Bob O’Mara at romara@aegonusa.com, or (800)538-5111, ext. 1711.
American United Life
Variable Annuity
American United Life Insurance Company (AUL), Indianapolis, a OneAmerica company, has launched its new individual variable annuity (IVA) product. Voyage Protector comes with an option to purchase competitive lifetime guaranteed minimum withdrawal benefit (GMWB) riders (both individual and spousal), with withdrawals available as early as age 45.
Among the many features of AUL’s individual variable annuity, Voyage Protector has Timothy Plan investment options that help align mutual fund investments with the customer’s individual values.
In addition to the customer-focused enhancements, producers will find this new IVA product easy to understand and sell, with a quick and convenient online training tool developed especially with their needs in mind. Producers can learn about this new product where and when they choose in about 30 minutes.
Voyage Protector replaces AUL’s former IVA product, StarPoint. StarPoint will remain available until Voyage Protector gains state approval. At present, Voyage Protector is approved in 36 states.
For more information, visit www.oneamerica.com.