CNO Financial Group's Washington National Launches Affordable Term Life Insurance for Middle-Income Families
- Washington National Insurance launched Individual Term Life Insurance to provide affordable coverage for underserved middle-income families.
- The policy offers death benefits from $25,000 to $250,000, with flexible terms and essential riders for added value.
- This initiative highlights Washington National's commitment to supporting families facing financial challenges from critical illnesses and loss of life.
Washington National Insurance Launches Affordable Individual Term Life Insurance to Address Protection Gap
Washington National Insurance Company has recently introduced its Individual Term Life Insurance (ITL) product, aimed specifically at providing financial security for underserved middle-income families in the United States. The launch addresses a significant market gap, as only 31% of workers earning less than $50,000 annually have life insurance coverage, highlighting the urgent need for affordable and accessible solutions. This new offering is a strategic move by Washington National to cater to a demographic that often faces financial vulnerabilities, particularly in times of unexpected life events.
The Individual Term Life Insurance product provides death benefits ranging from $25,000 to $250,000, with flexible term options of 10, 20, and 30 years. Designed to be user-friendly, the ITL includes essential riders that enhance its value. These include an Accidental Death Benefit Rider, a Terminal Illness Accelerated Death Benefit Rider, and a Waiver of Premium Benefit Rider, which together ensure comprehensive coverage for policyholders. Additionally, the Return of Premium Endowment Rider allows customers to potentially recoup up to 50% of eligible premiums at the end of their policy term, further increasing the product's appeal to cost-sensitive consumers.
Richard Shaffer, senior vice president of Worksite Sales at Washington National, underscores the importance of this insurance in providing families with financial protection throughout different stages of life. The guaranteed premium rates for the duration of the term make the ITL an attractive option for individuals seeking budget-friendly insurance. With this launch, Washington National Insurance reaffirms its commitment to supporting Americans in navigating the financial challenges associated with critical illnesses, accidents, and loss of life, a mission it has upheld since its founding in 1911.
In addition to the standard offerings, the ITL also features the Children's Level Term Insurance Rider, which provides coverage options ranging from $5,000 to $10,000 for eligible children without increasing the overall premium. This innovative addition allows families to secure their children's future at little to no additional cost. Interested individuals can learn more about Washington National's Individual Term Life Insurance by visiting their website at www.WashingtonNational.com.
Washington National’s proactive approach in launching this product reflects a growing recognition of the financial needs of low- and middle-income families, positioning the company as a leader in providing accessible insurance solutions in the supplemental health and life insurance market.
