OMAHA, Neb.--(BUSINESS WIRE)--United of Omaha, a Mutual of Omaha company, recently introduced Life Protection Advantage Indexed Universal Life Insurance (IUL), its second product in the IUL market. This life insurance product offers flexible premiums and death benefit protection that may last for the insured’s lifetime, with an option to guarantee coverage through age 85. Additionally, it provides an opportunity to accumulate cash value based on market performance.
Life Protection Advantage includes three indexed interest crediting strategies, all of which are based on the annual point-to-point performance of the S&P 500. In addition to these strategies, the product offers a fixed account option.
The cash value accrued will typically be used to extend the death benefit protection and can also be accessed tax-free through policy loans or withdrawals to help with needs such as college funding, emergencies or supplemental retirement income.
“We’re excited to offer a protection-focused product in the IUL market,” said Joe Kenny, Mutual of Omaha vice president and actuary. “This product can provide long-term death benefit protection for a low premium, even when using a conservative index return, plus the opportunity to pay a premium that will guarantee coverage to age 85.”
Life Protection Advantage provides a Guaranteed Refund Option (GRO) rider on qualifying policies, which is a unique feature in the IUL market. The GRO rider allows the customer to surrender the policy for a 50 percent return of their premiums at the 15th policy anniversary or a 100 percent return of their premiums at the 20th through 25th anniversaries.
Additionally, Life Protection Advantage automatically includes Accelerated Death Benefit riders, which allow early access to a portion of the death benefit for customers diagnosed as chronically or terminally ill.
As of June 1, Mutual of Omaha’s Life Protection Advantage product is available for customers to purchase through licensed agents and brokers in all states except New York and the Virgin Islands.
Founded in 1909, Mutual of Omaha is a full-service, multi-line organization providing insurance, banking and financial products for individuals, businesses and groups throughout the United States. For more information about Mutual of Omaha, visit www.mutualofomaha.com.