Minnesota Life Insurance Co., St. Paul, Minn., will replace its existing term product Advantage Elite with Advantage Elite Select in all states except New York, effective May 21.
With the launch of Advantage Elite Select, Minnesota Life also will introduce Express Issue, a streamlined process allowing clients to purchase life insurance in a matter of days. It is available on policies for $250,000 or less, offers a three- to five-day turnaround from receipt of the tele-interview and requires no physical exams or medical blood work.
"This product provides clients with life insurance on their terms," said Andrea Mack, director, Life Product Promotions, Securian Financial Group. "It helps them purchase the coverage they want when they want it."
Advantage Elite Select also offers:
- A guaranteed death benefit for five, 10, 15, 20 or 30 years;
- Shortened conversion periods. Five, 10, and 15 year durations have five-year conversion periods; 20- and 30-year durations have 10-year conversion periods during which the insured may convert the coverage into permanent life insurance without requiring additional underwriting or evidence of insurability;
- For an additional premium, an extended conversion agreement allows the insured to extend the conversion period for the full duration of the policy or age 75, whichever is earlier.
In other industry news:
First American Insurance Underwriters Inc., the Needham, Mass., named Mark Di Tondo as national sales manager. Di Tondo will be responsible for managing First American's sales organization.
Di Tondo has held sales management positions in Massachusetts and Rhode Island with National Life of Vermont, MetLife, and MassMutual.
"Mark Di Tondo has the industry knowledge and experience that have significant value to our company's brokerage managers," said Kenneth A. Shapiro, president. "He will also be helping and training life insurance agents how to thrive in a competitive market."
Oak Street Funding, Indianapolis, Ind., is expanding its loan origination, underwriting and loan servicing departments by hiring Barry Kehl as director of underwriting and Maranda Stars as controller.
Kehl leaves a position where he handled the performance, management and monitoring of a $700 million commercial loan portfolio. He has prior executive level leadership positions for banking and investment companies, including Indiana Bank and Trust and Fifth Third Bank.
