DES MOINES, Iowa--(BUSINESS WIRE)--Global Atlantic Financial Group today launched Lifetime Foundation ELITE, a new indexed universal life insurance product for individuals seeking simple, affordable and secure death benefit guarantees. Lifetime Foundation ELITE provides a simple approach to life insurance with a death benefit guarantee. Assuming minimum premium requirements have been met, the death benefit of the policy can be guaranteed up to the earlier of age 90, or 40 years, depending on the insured’s underwriting class. With a death benefit guarantee up to age 90, the risk of outliving the guarantee can be diminished significantly, which helps to alleviate concerns often associated with IUL products.
“We understand that clients are looking for products that offer guarantees to life expectancy, living benefits and lifestyle-focused features,” said David Wilken, President, Life, at Global Atlantic. “Life insurance is an essential part of financial planning during one’s lifetime, and having the comfort that your policy will be there when your dependents need it is imperative.”
Lifetime Foundation ELITE offers customizable riders to help clients build a policy that fits their needs. Options include an Accelerated Access Rider (“AAR”), enabling clients to access a portion of their policy’s death benefit in the event of a chronic or critical illness. AAR is not available in California. In addition, the Terminal Illness Accelerated Death Benefit Rider helps by providing an acceleration of a portion of the policy’s death benefit up front to assist with health costs and other expenses in the event of a terminal illness.
Also available is a Wellness for Life® Rider, which provides rewards for practicing healthy habits, ultimately saving clients a substantial amount of money on their policy. Wellness for Life ® was the first Wellness rider introduced as part of a life insurance policy.
Products not available in New York. Rider availability varies by state.
Lifetime Foundation ELITE is issued by and all policy benefits are the responsibility of Accordia Life and Annuity Company, 215 10th Street, Des Moines, Iowa. Accordia Life is a subsidiary of Global Atlantic Financial Group Limited. Policy forms ICC17-IULC-C18, IULC-C18 Rider forms ULWL-E14, ICC16-LCCABR-I16 or LCCABR2-I16
Global Atlantic Financial Group (Global Atlantic) is the marketing name for Global Atlantic Financial Group Limited and its subsidiaries, including Accordia Life and Annuity Company and Forethought Life Insurance Company. Each subsidiary is responsible for its own financial and contractual obligations.
About Global Atlantic Financial Group
Global Atlantic Financial Group, through its subsidiaries, offers a broad range of retirement, life and reinsurance products designed to help our customers address financial challenges with confidence. A variety of options help Americans customize a strategy to fulfill their protection, accumulation, income, wealth transfer and end-of-life needs. In addition, Global Atlantic offers custom solutions and responsive service for the capital, risk and legacy-business management of life and annuity insurance companies.
Global Atlantic was founded at Goldman Sachs in 2004 and separated as an independent company in 2013. Its success is driven by a unique heritage that combines deep product and distribution knowledge with insightful investment and risk management capabilities, alongside a strong financial foundation of over $60 billion in assets as of March 31, 2018.