Sammons Unit Debuts IUL Product for Baby Boomers
August 15, 2017 by Warren S. Hersch
Angling for a share of the estimated $30 trillion that baby boomers will be transferring to heirs over the next decade, a Sammons company has released an indexed universal life product offering a tax-efficient way to establish a legacy for heirs. The product also seeks to provide liquidity and living benefits for unexpected needs in retirement.
The insurer, Sioux Falls, S.D.-based Midland National, is marketing the single premium IUL product under the brand XL Heritage. The offering is targeted to individuals ages 50 to the 80 holding $25,000 to $200,000 ($150,000 for ages 50-59) in discretionary retirement funds.