BANKERS LIFE AND CASUALTY COMPANY INTRODUCES CLEARVANTAGE IUL, NEW INDEXED UNIVERSAL LIFE POLICY
Sunday, February 1, 2009
Chicago IL, (January 2, 2009) - National life and health insurer Bankers Life and Casualty Company today introduced its newest indexed universal life product, ClearVantage IUL.
"Bankers' ClearVantage will especially appeal to consumers who want to use life insurance as part of their retirement portfolio or to fund a child or grandchild's education," said Scott Perry, president of Bankers Life and Casualty Company. "It fills a customer void for a universal life product that can outpace inflation and potentially build high cash value."
The ClearVantage IUL enhances the company's life insurance portfolio, giving its career sales agents a competitive product that meets 2009 compliance standards. The new product replaces a fixed interest universal life product and an indexed universal life product offered by the company prior to this year.
Available in face amounts of $25,000 or more, ClearVantage IUL's unique features include:
- Choice of crediting options: Clients can choose to allocate all of their premium to a fixed interest rate account, to an indexed account or to a combination of both.
- Death benefit guarantee: As long as minimum premiums are met, the policy will not lapse for at least 15 years or up to age 95, whichever is first.
- Guaranteed interest credit enhancement: Beginning with policy year 16, clients receive a 25 basis point credit enhancement to their policy's index credit and fixed interest rate.
In addition to a higher participation rate, ClearVantage IUL offers a new Preferred Plus Non-Tobacco rating class.
A number of optional riders, where available, allow clients to customize their coverage. The riders include an accelerated death benefit for terminal illness, accidental death benefit, additional insured level term, children's term insurance, disability income, primary insured term, unemployment waiver of cost, waiver of cost and waiver of planned periodic premium.
The ClearVantage IUL is currently available through Bankers' career sales agents in all states except Massachusetts, Pennsylvania, and New Jersey, where the product is planned for release later this year.
About Bankers Life and Casualty Company
Established in 1879 in Chicago, Bankers Life and Casualty Company focuses on the insurance needs of the retirement market. The nationwide company, a subsidiary of CNO Financial Group, Inc., offers a broad portfolio of life and health insurance retirement products designed especially for seniors. Visit us online at www.bankers.com.