Baby boomers have a new life insurance option with the recent release of the Midland National Life Insurance Co.'s XL Heritage indexed universal life insurance (IUL).
Midland National created the new IUL product to fit the needs of baby boomers, who will pass their assets to their children and grandchildren, according to an announcement.
“We created XL Heritage to help fill a need we recognized in this market,” Jerry Blair, Midland vice president and chief distribution and sales officer, said in the announcement. “Clients are looking for a flexible and simple solution for passing on a portion of their estate to their beneficiaries while still maintaining control of their money in case of an emergency.”
The IUL is designed for clients with $25,000 to $200,000 in liquid assets. The company says 50- to 80-year-olds in the target market are looking for ways to maximize their descendants' legacies while maintaining flexibility in case of chronic or terminal illnesses. XL Heritage allows the policyholder to use part of the death benefit if necessary, subject to eligibility requirements, the announcement said.
Midland National has also made the process easier with an application and underwriting process that can be completed in as little as 30 minutes.
“We’ve really streamlined the process with XL Heritage,” Blair said. “Now the agent can provide a quote, complete the e-app, and get a decision over the phone generally in a total of about 30 minutes. It’s never been simpler to write IUL business.”