Madison National Life Insurance Company has unveiled a new simplified issue universal life insurance product, Target 125, to fulfill the customer and distribution demands.
IHC Financial Group, Madison National Life’s wholly owned subsidiary, will be one of the key companies distributing and marketing Target 125.
"Federal employees, active military members, select individuals and small groups will find quick, affordable coverage with Target 125," the company said in a statement.
The newly introduced policy with no lapse guarantee option, provides a competitive fixed rate of return on the accumulated account value, particularly a 4% guaranteed first year interest rate with a 3% lifetime guarantee.
Customers can add extra benefits to their policy, including accidental death benefit rider, spouse term insurance rider, child term insurance rider and disability waiver of deduction rider, for better protection, according to the company.
Madison National Life agencies director vice president Brian Pearson said this product is truly one of a kind by offering its customers an opportunity to purchase permanent universal life insurance through their agent while receiving an immediate underwriting determination at the point of sale.
"This product has many uses from simply offering added protection, to a life-long plan to an insurance planning vehicle for pension maximization, estate taxes and wealth transfer," Pearson added.