National Western Life Insurance Company has added a suite of accelerated dfeath benefit riders to its term product series, NWL Term and NWL Secure Term.
The riders, which are generally known as Living Benefits,offer an advance of the death benefit for terminal illness, chronic illness and critical illness.
National Western Life Insurance Company’s domestic chief marketing officer, S Christopher Johnson said: "We believe the addition of these riders make a good product great. Considering that these benefits were added at no additional cost demonstrates the Company’s commitment to providing its policyholders with real value."
For those who qualify, the rider can speed up a lump sum benefit payment of up to 90% of the face amount of the policy, less an actuarial discount determined by the company, and less an administrative fee,
The amount of the actuarial discount is based on the age and severity of the terminal illness, chronic illness or critical illness.
NWL Term and NWL Secure Term are level term insurance products with guaranteed premiums for 10, 15, 20 or 30 years.
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Established in 1956, National Western Life is a stock life insurance company offering a portfolio of individual universal life, whole life and term insurance plans, annuity products in 49 states of the US.