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Article: First-to-die UL plan covers up to nine base insureds. (Alexander Hamilton Life Insurance Co.'s universal life insurance policy)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- February 22, 1993
- Author:
CopyrightCOPYRIGHT 1993 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Alexander Hamilton Life, Farmington Hills, Mich., has used a universal life platform for its first first-to-die life insurance policy.
Called Irresistible Multilife, the policy can cover from two to nine lives. It pays the death benefit at the first death, but the policy also includes features that allow the survivors to continue coverage.
In addition, it includes several features that permit the owner (there is only one owner) to make changes after the policy has been issued, such as adding or deleting insureds.
The company wanted to get into the first-to-die market, says Ric Rentfro, assistant vice president-product planning, to expand its ...