PRODUCT NEWS
Sentry Life Insurance Company/NAIM
Sentry Life Insurance Company and the National Association of Insurance Marketers (NAIM) recently announced a joint marketing agreement to offer Commit to Quit, a new term life insurance product designed specifically for cigarette smokers who want to live smoke-free.
“Commit to Quit’s premiums are lower than those of most policies for tobacco users, but that’s only part of what makes it different,” says Steve Knez, senior director of individual life and annuities at Sentry Insurance. “It is structured to provide real incentives to quit smoking.”
The premiums of traditional smokers’ policies are typically more than twice those of non-smoker premiums. Commit to Quit offers level premiums that can be 20 percent or more below premiums offered by other life policies rated for tobacco use. Commit to Quit achieves these lower premiums by reducing the death benefit in later years if the insured continues to smoke. However, if the insured quits tobacco entirely, no benefit decrease occurs. “This incentive can be the push a smoker who wants to quit needs,” says Knez. The policy is also convertible to permanent life insurance without a medical exam.
The agreement between Sentry and NAIM puts Commit to Quit in a spotlight. “We feel a product this different deserves a high profile launch,” says Knez. “This cooperative effort combines Sentry’s insurance expertise and financial strength with NAIM’s national network of elite insurance agents.” Sentry will manage administration and claims.
“Family life insurance coverage with smoker premium rates is very expensive, and this often leaves the family underinsured or uninsured due to the very high premiums,” says Rick Stolz, NAIM chairman of the board and president of Diversified Insurance Brokers, Inc., Norcross, GA. “This innovative product, backed by an insurance carrier with an A+ rating, is designed to help insure smokers.”
