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Western & Southern launches LifeSource whole life policy
LifeSource is marketed to applicants ages 60 to 80 and is available only in states where Western-Southern Life operates, excluding New York, California, and Oregon for now.
W&S Financial Group Distributors has introduced LifeSource, a whole life insurance policy designed to help older customers transfer wealth using funds held in dormant annuities, according to Coverager.
The policy, issued by Western-Southern Life Assurance Company, is marketed primarily through financial institutions and is available to applicants ages 60 to 80. It features level premiums paid over 10 years, after which coverage stays in force without additional scheduled premiums.
LifeSource uses simplified underwriting, with applicants answering several health questions without a medical exam, and automated evaluation that can produce a decision within minutes. The insurer says the product offers guaranteed cash value and a guaranteed death benefit, subject to timely premium payments.
Premiums can be paid annually or monthly, with maximum annual premiums of $20,000 for issue ages 60 to 69 and $25,000 for ages 70 to 80. Western-Southern Life operates in Washington, DC, and every state except New York, and LifeSource is not yet available in California or Oregon, the outlet said.