CARMEL, Ind., Jan. 14, 2021 /PRNewswire/ — Washington Nationwide Insurance coverage Firm, a nationwide supplier of supplemental well being and life insurance coverage merchandise for middle-income Individuals within the worksite and particular person markets, introduced in the present day a brand new group time period life insurance coverage product, Month-to-month Earnings SafetySM (MIP).
Not like typical life insurance coverage that pays out in a single lump sum, MIP constructions the demise profit in dependable month-to-month funds, much like a month-to-month paycheck. Month-to-month advantages might help surviving beneficiaries cowl ongoing family bills for a number of years.
“Many individuals work onerous to supply a secure, snug life for his or her households. Usually, when there is a demise, households wrestle to pay the payments with out their month-to-month earnings from the first wage earner,” stated Mike Heard, president of the Worksite Division of CNO Monetary Group. “Month-to-month Earnings Safety is an progressive and inexpensive option to deal with the necessity for earnings substitute. The continuation of month-to-month funds after the lack of a liked one helps them take into consideration their subsequent steps with out having to make dramatic life-changing choices immediately.”
MIP will probably be provided by way of companies and employer teams trying to improve their life insurance coverage advantages provided to their staff.
“This distinctive time period life insurance coverage product would be the first of its type to be provided to companies and employer teams,” added Heard. “Nearly all of Individuals get their life insurance coverage by way of their place of employment. Over the previous yr, we have by no means been extra forcibly reminded of the significance of making ready for the sudden. MIP might help staff defend their households and have a safer future.”
Along with the month-to-month earnings demise profit, employers can even provide their staff the choice of selecting a further lump-sum demise profit from $10,000 to $25,000, which can be utilized to assist cowl ultimate bills and different fast monetary wants.
The highest advantages of Month-to-month Earnings Safety embrace:
- Earnings Substitute – Staff can choose from two-, three- or five-year plans that may assist change their month-to-month earnings within the occasion of their demise throughout working years.
- Elective lump-sum demise profit – Staff are generally left with out life insurance coverage protection once they retire. Nevertheless, MIP presents a further $10,000 to $25,000 elective lump-sum demise profit that requires no further premiums after the age of 65 for insurance policies issued between the ages of 18 and 55.
- Affordability – Staff can choose a month-to-month earnings quantity and profit interval that matches their finances.
- Portability – Whereas most worksite-based life insurance policy require an worker to use for brand new protection elsewhere in the event that they go away a job, MIP presents staff the choice to maintain their protection.
Washington Nationwide’s product portfolio additionally contains common life and entire life insurance coverage, and supplemental medical health insurance for people and households that covers important sickness, most cancers, strokes, accidents, and hospital stays.
MIP will probably be out there in 49 states, the District of Columbia, and U.S. territory Puerto Rico.
About Washington Nationwide Insurance coverage Firm
Washington Nationwide Insurance coverage Firm, a subsidiary of CNO Monetary Group, Inc., has helped Individuals since 1911 to guard themselves and their households from the monetary hardship that always comes with important sickness, accidents or lack of life. The corporate’s supplemental well being and life insurance coverage merchandise are designed to assist in giving policyholders and their family members’ peace of thoughts. Policyholders can rely on Washington Nationwide to be a powerful, caring accomplice in serving to to supply monetary safety for them and their households. To be taught extra, go to WashingtonNational.com.
SOURCE Washington Nationwide Insurance coverage Firm