Ameritas is introducing a life insurance policy that comes with benefits guarantees.
The Lincoln, Nebraska-based insurer has unveiled a new survivor indexed universal life (IUL) policy. A survivorship life insurance policy covers two or more people. It pays benefits after the death of a specified insured.
The new Ameritas Value Plus Survivor Index Universal Life Insurance policy, or Value Plus SIUL policy, is designed to cover two people. The policy pays off after the death of the second insured.
A policyholder can tie changes in the policy cash value to the performance of an investment market index.
Some applicants may qualify to get a no-lapse guarantee.
The policy comes with a Care4Life Accelerated Benefit Rider, which can help pay for care for the surviving spouse. A couple can use the rider for protection against costs associated with a critical illness, a terminal illness or a need for long-term care.
In other life insurance moves news:
Symetra has introduced a SwiftTerm term life insurance product that offers a relatively fast full underwriting process as well as an instant and accelerated underwriting processes.
Symetra is making the policy available through brokerage general agencies. Life insurance agents and brokers will manage use of the system.
A producer is supposed to talk to a client, enter the client's basic information into the system and then send the client a link to the online application. The producer can complete the application, or the client can complete the application.
Symetra is providing an Instant Approval review process, which takes about 25 minutes; an Accelerated Underwriting process, which can take up to 72 hours; and a Full Underwriting process, which can may take about 30 days.
Approved applicants can pay for their coverage online. They also can use an electronic signature acceptance process and an electronic policy delivery process.
The policy is available with term periods of 10, 15, 20 or 30 years.
