The 8 biggest announcements from life and health insurers this week

Petersen International Underwriters of Valencia, CA, reported that they have received the exclusive rights to offer the only 10 year policy term product in the excess/supplemental disability insurance market. Working with a highly-rated European insurance company, Petersen International has developed a personal income-protection disability product that is guaranteed and non-cancellable for 10 years, which is double the maximum 5 year term length found in the rest of the market. Petersen International Underwriters specializes in unique disability insurance programs for individuals, small businesses and large corporations. 

Sentry Life Insurance Company and the National Association of Insurance Marketers (NAIM) announced a joint marketing agreement to offer Commit to Quit, a new term life insurance product designed specifically for cigarette smokers who want to live smoke-free. "Commit to Quit's premiums are lower than those of most policies for tobacco users, but that's only part of what makes it different," says Steve Knez, senior director of individual life and annuities at Sentry Insurance. "It is structured to provide real incentives to quit smoking."The premiums of traditional smokers' policies are typically more than twice those of non-smoker premiums. Commit to Quit offers level premiums that can be 20 percent or more below premiums offered by other life policies rated for tobacco use. Commit to Quit achieves these lower premiums by reducing the death benefit in later years if the insured continues to smoke. However, if the insured quits tobacco entirely, no benefit decrease occurs.

The Insurance Industry Charitable Foundation (IICF) has named Barbara Bufkin, executive vice president of Business Development for Hamilton USA, the U.S. operations of Hamilton Insurance Group, to its board of governors. Bufkin joins 22 other senior insurance industry executives on IICF's most prestigious Board. Bufkin was recently awarded the esteemed Inclusion Champion Award by IICF during its 2015 Women in Insurance Global Conference in New York. The award recognizes insurance leaders who are mentors and sponsors to women in the industry.

Bufkin joined Hamilton USA in 2014 as executive vice president of business development. Prior to this, she was chief operating officer of global strategic advisory for Guy Carpenter & Company, LLC, where she worked in an aligned strategy with the advisory, broking and analytics services of the firm. Before this, she held positions with Argo International Holdings and with Swiss Re New Markets. A full list of the IICF Board of Governors can be found here.

Unum (NYSE:UNM) has promoted Vicki J. Gordan to senior vice president and chief internal auditor. The role was previously held by Matt Royal, who was promoted to chief risk officer for Unum Group in July. Gordan has had a varied career with Unum that spans more than three decades. Her experience includes leadership roles in investments, strategy and development, products, rating and proposals, underwriting and benefits. In her most recent role, she was responsible for business development in the U.S. She holds a bachelor's degree from Bates College, a law degree from University of Maine and an MBA from the University of New Hampshire.