Washington National Introduces Individual Term Life Insurance
A solution to bridge the financial protection gap for underserved workers and families
Washington National Insurance Company has recently taken a significant step in supporting underserved workers and families by introducing its new Individual Term Life Insurance (ITL). This product is designed with simplicity in mind, aiming to enhance financial security for individuals who often lack sufficient insurance coverage.
According to the company, life insurance ownership is notably low among individuals earning under $50,000 per year, with merely 31% having any form of coverage. Richard Shaffer, the senior vice president of Worksite Sales at Washington National, emphasizes that this statistic reveals a troubling gap in financial protection for lower-income groups. Washington National’s goal with the Individual Term Life Insurance is to provide a solution that directly addresses these gaps.
Key Features of Individual Term Life Insurance
The newly launched ITL product offers flexible death benefit options ranging from $25,000 to $250,000, making it an attractive choice for many families seeking coverage. Here’s a closer look at its essential features designed to support individuals at different life stages.
Comprehensive Coverage Options
The Individual Term Life Insurance plan boasts a variety of face amounts and term choices, including 10, 20, and 30-year options. This flexibility ensures that individuals can select a plan that best fits their specific needs and financial capacity.
Enhanced Protection with Valuable Riders
Policyholders can benefit from three key riders included in the base policy:
- Accidental Death Benefit Rider: Provides an additional payout in case of accidental death.
- Terminal Illness Accelerated Death Benefit Rider: Allows policyholders to access funds early in the event of a terminal illness.
- Waiver of Premium Benefit Rider: Waives premium payments if the policyholder becomes disabled.
Additionally, there are optional riders available for those seeking extra benefits:
- Return of Premium Endowment Rider: Eligible policyholders can receive up to 50% of premiums back at the end of the term for 20- or 30-year policies.
- Children's Level Term Insurance Rider: This rider offers coverage options between $5,000 and $10,000 for children, allowing parents to add them without an increase in premiums.
Guaranteed Premium Rates
One of the standout features of Washington National’s Individual Term Life Insurance is the guarantee on premium rates, ensuring that policyholders can enjoy stable payments throughout their chosen term.
Shaffer comments on the importance of these features, stating that “with flexible term and death benefit options, and built-in riders for added protection, this product addresses the financial protection needs of individuals and families. It ensures that coverage fits their budgets and aligns with their unique life stages.”
About Washington National Insurance Company
Washington National Insurance Company, which is part of the CNO Financial Group (NYSE: CNO) family of brands, has been dedicated to helping individuals safeguard against financial hardships since 1911. Their supplemental health and life insurance products are thoughtfully designed to provide peace of mind to policyholders and their loved ones. Given their long-standing reputation, Washington National continues to be a trusted partner in promoting financial security.
Frequently Asked Questions
What is the Individual Term Life Insurance offered by Washington National?
It is a simple and affordable life insurance solution designed for underserved workers and families, offering various term lengths and death benefit options.
What are the death benefit options available?
Death benefit options range from $25,000 to $250,000, allowing customers to select coverage that meets their financial needs.
Are there any additional riders available?
Yes, there are several riders available, including an Accidental Death Benefit, a Terminal Illness Accelerated Death Benefit, and options for children’s coverage.
How does premium pricing work?
Premium rates are guaranteed for the duration of the selected term, ensuring predictability for policyholders.
Who can benefit from this insurance product?
Individuals and families, particularly those earning less than $50,000 annually, can benefit from this insurance product, as it aims to fill coverage gaps for underserved communities.
