2013 Life Insurance Product Update – Second Quarter

by on Jul 18, 2013

Life InsuranceSince the last installment of our quarterly Life Insurance Product Update, five new products have been introduced to the market by Life Insurance Monitor firms. The new products include one benefit rider, one whole life policy and three universal life insurance policies. Here is a look at the products that have been released or updated over the last quarter:

AXA Equitable – Athena Survivorship Universal Life IV
AXA Equitable unveiled the next generation of the Athena Survivorship Universal Life product, generation IV, which became available for sale as of June 17, 2013. The Athena SUL IV will replace the Athena SUL III in approved jurisdictions after a 30-day transition period and offers all of the same features of the previous edition along with a new optional Extended No Lapse Guarantee rider until age 90 for an additional monthly cost and a five-year No Lapse Guarantee rider at no additional cost. The new edition of the Athena SUL also includes new underwriting classes, a guaranteed minimum interest rate of 1.5%, surrender charge period of 15 years and is available with a Return of Premium Death Benefit Rider and Cash Value Plus Rider.

Genworth Financial – Asset Builder Index Universal Life
Genworth Financial launched its first index universal life insurance product, Asset Builder Index UL, in early June. The new policy combines a death benefit with tax-deferred cash accumulation and an optional Accelerated Benefit Rider for long-term care services. Additional highlighted product features include five crediting strategies linked to the percentage change of the S&P 500 Index, a fixed account guaranteed to never be credited with less than 2%, protection from market downside with a minimum crediting rate of 0% and a 15-year no-lapse guarantee. In accordance with the release of the firm’s first IUL product, the firm also unveiled a new index product-focused sales support microsite, The Index Institute.

MetLife – Convertible and Renewable Options Rider
The new Convertible and Renewable Options Rider, released in early April, is available for sale with the MetLife One Year Term life insurance policy. The new rider extends coverage to five years and includes a conversion privilege that can be exercised in years two through five and the MetLife Income Guard that is designed to meet the financial needs of executives and medical professionals as it offers competitive coverage limits, optional riders and definitions of disability that can be attractive to these professionals.

MetLife – Promise Whole Life Select
MetLife introduced the Promise Whole Life Select policy to its portfolio of permanent life insurance products back in early April. The new product gives policyowners an option between three product types where they can elect to pay premiums for 10 years, 20 years or until age 65. The MetLife Promise Whole Life Select products offer access to multiple benefit riders including the acceleration of death benefit rider, the disability waiver of premium rider and The Enricher which is anoptional paid-up additions insurance rider that allows the policyholder to pay additional premiums, including premium payment duration to age 100 and a premium load of 5%.

Pacific Life – Pacific PremierCare Advantage Universal Life
The firm introduced a new Pacific PremierCare Advantage policy to its line of Universal Life Insurance products back in May. Key features of the new policy include improved funds available for long-term care expenses, a money back option (return of premium benefit) and tax-free death proceeds to beneficiaries. For those in need of long-term care, the policy reimburses customers monthly for the cost of care received and offers a choice of benefit periods – 2-8 years – and choice inflation benefit options that enables customers to grow their monthly benefits each year by 5% compound, 5% simple or 3% simple interest.