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Chicago IL, (January 2, 2009) - National life and health insurer
Bankers Life and Casualty Company today introduced its newest indexed universal
life product, ClearVantage IUL.
"Bankers' ClearVantage will especially appeal to consumers who want
to use life insurance as part of their retirement portfolio or to fund a child
or grandchild's education," said Scott Perry, president of Bankers Life and
Casualty Company. "It fills a customer void for a universal life product that
can outpace inflation and potentially build high cash value."
The ClearVantage IUL enhances the company's life insurance
portfolio, giving its career sales agents a competitive product that meets 2009
compliance standards. The new product replaces a fixed interest universal life
product and an indexed universal life product offered by the company prior to
this year.
Available in face amounts of $25,000 or more, ClearVantage IUL's
unique features include:
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Choice of crediting options:
Clients can choose to allocate all of their premium to a fixed interest
rate account, to an indexed account or to a combination of both.
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Death benefit guarantee:
As long as minimum premiums are met, the policy will not lapse for at least 15
years or up to age 95, whichever is first.
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Guaranteed interest credit enhancement: Beginning with policy year 16,
clients receive a 25 basis point credit enhancement to their policy's index
credit and fixed interest rate.
In addition to a higher participation rate, ClearVantage IUL offers
a new Preferred Plus Non-Tobacco rating class.
A number of optional riders, where available, allow clients to
customize their coverage. The riders include an accelerated death benefit for
terminal illness, accidental death benefit, additional insured level term,
children's term insurance, disability income, primary insured term,
unemployment waiver of cost, waiver of cost and waiver of planned periodic
premium.
The ClearVantage IUL is currently available through Bankers' career
sales agents in all states except Massachusetts, Pennsylvania, and New Jersey,
where the product is planned for release later this year.
About Bankers Life and Casualty Company
Established in 1879 in Chicago, Bankers Life and Casualty Company focuses on
the insurance needs of the retirement market. The nationwide company, a
subsidiary of Conseco, Inc., offers a broad portfolio of life and health
insurance retirement products designed especially for seniors. Visit
us online at www.bankers.com.
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