Insurers Offer New Products, Juicy Benefits Insurance News Net (press release)
30.08.11
Also offer scaled-down, no-lapse coverage, according to LIMRA.
Under John Hancock's new offering, no-lapse coverage on universal insurance only covers policy holders until they are aged 92 for males and 89 for females, instead of for life, Barsky says. This change allows John Hancock to offer the cheaper pricing. A no-lapse guarantee means that with minimum required one-time premium payments, the policy can't lapse — even if its cash value drops to zero. By contrast, competing products extend their no-lapse guarantee to age 121.
Barsky says Hancock decided to come out with this policy for a couple of reasons. Affluent baby boomers age 50 and up are at an age where they need to do estate tax planning. And survivorship life insurance is used to pay estate taxes or for wealth replacement when the surviving spouse dies. Plus, universal life insurance pays current rates of interest on the cash value. Hancock's economists expect interest rates to eventually rise from today's low level.
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