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Carmel, IN., June 14, 2011 – Washington National Insurance Company announced a new addition to its portfolio of health and life products, Washington National Term Life PlusSM, that combines the protection of term life insurance with unique options for critical illness, return of premium and coverage that lasts throughout the working years.
The new product offers two level premium term coverage options: a 15-year level term period for those who prefer short-term coverage and to age 65 term coverage with level premium from the point of issue until age 65.
Beyond the basic benefits of term insurance, Term Life Plus offers optional riders including disability benefits waiver of premium, accidental death benefit, children’s term insurance, accelerated benefits, and critical illness.
With millions of Americans each year at risk of developing a disease or a life threatening illness, the critical illness rider protects the insured from financial hardship by paying a $3,000 lump-sum cash benefit if diagnosed with cancer or other critical illnesses. The cash payment provides help with the out-of-pocket costs without impacting the policy’s death benefit.
The Return of Premium option enables policyholders to get back up to 50 percent of their eligible premiums at the end of the term period. The premium return can be used to purchase paid-up insurance, extend their term policy, or increase their personal savings. Since 1995, Washington National has paid out more than $1 billion in premium returns to its policyholders.
“The need for life insurance is greatest during the working years when raising a family, saving for children’s college education, financing a home, or simply saving for retirement,” said Steve Stecher, president of Washington National Insurance Company, a national life and health insurer. “Term Life Plus is a smart solution for middle-income Americans who want to protect themselves against the potential financial hardship that can result from an unexpected critical illness or loss of life.”
The Term Life Plus product is currently available through Washington National independent agents in 11 states: AL, GA, HI, IA, ID, IN, KS, ND, OH, SD, and TN. The product will be available nationwide later this year.
About Washington National Insurance Company
Washington National Insurance Company is a subsidiary of CNO Financial Group, Inc. (NYSE: CNO), based in Carmel, Indiana. Since 1923, Washington National has helped working Americans protect themselves and their families from the financial hardship that often accompanies critical illnesses, accidents and loss of life.
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