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Two life insurers that are part of Sammons Financial Group have announced updates to their life insurance products.
One of the life insurers, Midland National Life Insurance Company, has added a premium deposit agreement feature for most of the company's single-life indexed universal life (IUL) products.
The feature gives IUL purchasers a vehicle for automatically feeding enough cash into the IUL to ensure that the policy will continue to be an IUL policy, and not turn into a modified endowment contract.
The starting interest rate available on the cash is 3.25%.
A policyholder does not have to pay any extra charges to put money in a premium deposit agreement.
The feature is available in all states and territories except Alaska, British Virgin Islands, Illinois, Kansas, Marianna Islands, New Hampshire, Oregon, Pennsylvania, and Virgin Islands.
