United Life Launches New Product with Guarantees and Living Benefits
United Life Insurance Company released a new life insurance product that provides guaranteed benefits, cash values and living benefits once approved. This type of financial planning tool is growing in popularity, as it transforms idle dollars into an increased financial legacy that is paid to beneficiaries on a tax-free basis at the time of the insured’s passing. A portion of the benefits could be used for chronic or terminal illness expenses, if ever needed in that manner during the lifetime of the insured. United Life’s new Single Premium Whole Life plan was introduced on September 4th, which may automatically include the Living Benefit Rider along with a Return of Premium Rider which could provide a return of premium should the owner decide to cash out the policy any time after the second policy year. The coverage combination is helpful for people who wish to pass a financial legacy to their heirs, but may also desire liquidity in the event of an emergency.
United Life is based in Cedar Rapids, Iowa, and is represented by independent agents and financial advisors in 37 states and growing. United Life Insurance Company was purchased on March 31st by Kuvare Holdings, a Chicago-based company that provides proven capabilities and patient capital to trigger sustainable growth at insurance companies serving the middle market. Since the transaction, improvements to United Life’s products and rates have helped to increase premiums by $42.5 million year-to-date, compared to the same time in 2017. Continued growth is expected with additional product improvements made possible by the infusions of capital and expertise from Kuvare. United Life anticipates releasing a new deferred annuity product with a market value adjustment feature by end of first quarter of 2019.
About United Life Insurance Company
United Life Insurance Company is a highly-capitalized life insurance and annuity company dedicated to providing quality products and personal service to agents and policyholders. Established in 1962, the company has built an excellent reputation for offering high-value products that are simple and straight-forward. Leveraging their knowledgeable, professional and dedicated team, United Life delivers a standard of service that is unsurpassed in the insurance industry. For more information about United Life, visit www.unitedlife.com
