CNO Financial Group's Washington National Launches Affordable Life Insurance for Underserved Families
- Washington National Insurance introduces Individual Term Life Insurance to address financial protection gaps for middle-income families.
- The ITL product offers flexible coverage options and essential riders for added benefits, supporting families at various life stages.
- With a history since 1911, Washington National is committed to providing affordable insurance solutions for underserved communities.
Washington National Insurance Enhances Financial Security for Underserved Families
In a significant move to address the financial protection gap for middle-income families, Washington National Insurance Company introduces its new Individual Term Life Insurance (ITL) product. This initiative is particularly timely given that only 31% of workers earning less than $50,000 annually currently hold life insurance coverage. Recognizing the urgent need for affordable and accessible insurance solutions, Washington National aims to offer vital financial security to underserved workers and their families. The ITL is strategically developed with a range of death benefits from $25,000 to $250,000, making it adaptable to various financial needs.
The ITL product features user-friendly options, including terms of 10, 20, and 30 years, making it easier for families to select the coverage that best fits their circumstances. Washington National enhances the attractiveness of its offering by including essential riders that provide additional benefits. These include the Accidental Death Benefit Rider, which offers extra coverage in the event of an accidental death, and the Terminal Illness Accelerated Death Benefit Rider, allowing policyholders to access funds if diagnosed with a terminal illness. Furthermore, the Waiver of Premium Benefit Rider ensures that policyholders can maintain their coverage even if they experience financial difficulties due to disability.
To enhance the flexibility of the product, Washington National offers optional riders such as the Return of Premium Endowment Rider, which allows policyholders to recoup up to 50% of their eligible premiums at the end of the term for 20- and 30-year policies. Additionally, the Children's Level Term Insurance Rider provides coverage options for children without additional costs, reflecting the company's commitment to supporting families as they grow. Richard Shaffer, senior vice president of Worksite Sales at Washington National, underscores the vital role this insurance product plays in offering financial protection at various life stages. With guaranteed premium rates for the duration of the term, the ITL positions itself as a budget-friendly option that can significantly alleviate the financial burdens faced by many families.
Washington National Insurance Company has a long-standing history of providing essential financial protection to Americans since its inception in 1911. By launching the Individual Term Life Insurance product, the company demonstrates its ongoing commitment to safeguarding families against the uncertainties associated with critical illnesses, accidents, and the loss of life. For additional information about the new ITL product, interested individuals are encouraged to visit Washington National's website.
In summary, Washington National's ITL product not only addresses a critical need in the market but also reinforces the company's mission of providing affordable insurance solutions tailored for middle-income families. As the need for financial protection continues to grow, this initiative stands out as a proactive response to support underserved communities.
