Ohio National Financial Services has launched a new indexed universal life (IUL) insurance policy – Virtus IUL – to provide the flexibility and protection of a universal life policy with indexed account options to help build cash value.
Virtus IUL features three index accounts and a fixed account so customers can allocate premiums to fit their needs.
It has a minimum participation rate of 100% for all index accounts.
The new insurance product offers two flexible loan options (index and standard) with the ability to switch between them as needs change, besides offering over-loan protection rider.
Other features of the product include a 2% cumulative account value true-up, an accelerated benefit rider (ABR), and up to a 20-year no lapse guarantee.
Ohio National senior vice president of life insurance strategic business Chris Calabro said: “The Virtus IUL policy provides the protection component our clients need and so much more.
“For customers who need to save for future needs such as their retirement or a child’s college education, it also offers a variety of crediting strategies and benefits – more than a normal fixed rate product.
“What also makes Virtus IUL stand out is its efficient, low-expense design that will help it perform better in a wider variety of market conditions.”