No-lapse ULs hit the market.Universal life has been the top seller the past four years among life products, driven by no-lapse secondary guarantees. In recent months, Nationwide Financial, ING member Security Life of Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. , and Sun Life Financial came out with new product features. Nationwide's Ultimate Universal Life includes riders to access the death benefit for long-term-care expenses or terminal illness along with a patent-pending Automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. Premium Monitor to help policyholders keep up with required premiums. Sun Life has launched a Charitable Giving Benefit Rider that provides an additional 1% death benefit above the base policy face amount to a designated charity at no additional cost. The rider is available with new Sun Universal Protector protector /pro·tec·tor/ (-tek´ter) a substance in a catalyst that prolongs the rate of activity in the latter. and Sun Survivorship survivorship n. the right to receive full title or ownership due to having survived another person. Survivorship is particularly applied to persons owning real property or other assets, such as bank accounts or stocks, in "joint tenancy. Universal Life products, which feature flexible no-lapse guarantees. ING in August introduced Guaranteed Death Benefit Universal Life, which customizes the duration of the guarantee up to a lifetime and provides a catch-up catch-up n. 1. An approach or strategy intended to overcome a disadvantage or lead: The competition will be playing catch-up for the rest of the season. 2. feature if policyholders wish to extend the guarantee period. New Products is compiled by Senior Associate Editor Ron Panko. |
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