National Life Group
National Life Group member companies National Life Insurance Company and Life Insurance Company of the Southwest have introduced the Lifetime Income Benefit Rider (LIBR), a lifetime income option for indexed universal life (IUL) products in the industry.
National Life Group provides death benefit protection, valuable living benefits through Accelerated Benefit Riders, and now, a revolutionary lifetime income option with LIBR, which can provide policyowners with a guaranteed stream of income for life.
Once certain conditions have been met and the rider is exercised, policyowners will receive an income stream for life—money they cannot outlive. Conditions include but are not limited to an insured’s attained age being between age 60 and 85, and that the policy has been in force at least 15 years. Insufficient policy values or outstanding policy loans may also restrict exercising the rider. Exercising the rider and receiving an income benefit will reduce the policy’s cash value and death benefit and may terminate other riders or reduce their benefits. There is an annual charge from the accumulated value during the income benefit payment period. Guarantees are dependent upon the claims-paying ability of the issuing company.
Ultra Select Indexed Universal Life insurance and the Lifetime Income Benefit Rider are underwritten by National Life Insurance Company. SecurePlus Paragon Indexed Universal Life Insurance and the Lifetime Income Benefit Rider are underwritten by Life Insurance Company of the Southwest. The above products and/or optional riders are not available in all states.
