Knights of Columbus, a US-based health insurer, has launched its Protector NLG Universal Life insurance product.
The product is claimed to offer affordable guaranteed lifetime coverage, flexible premium payment options, and a low-cost guaranteed death benefit.
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The new product also allows shorter payment periods, stopping and restarting of premium payments and the ability to lower the premium rates by paying up to age 100.
Its benefit protection consists of a Lapse Protection Rider, which is automatically attached at the time of issue, thereby ensuring lifetime death benefit protection.
Knights of Columbus senior vice president and chief actuary Ron Franzluebbers said: “Protector NLG Universal Life is a niche product designed for those approaching or above retirement age that do not need a traditional whole life contract with cash value accumulation but want to ensure that they have affordable death benefit coverage for their entire lifetime.”
The Protector NLG Universal Life is available for purchase in the US and Canada for individuals between 50 and 80 years old.
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