A solution to bridge the financial protection gap for underserved workers and families
CARMEL, Ind., June 23, 2025 /PRNewswire/ -- Washington National Insurance Company, a national provider of supplemental health and life insurance products for middle-income Americans, has introduced today its new Individual Term Life Insurance (ITL). This product is an easy-to-understand solution designed to help underserved workers and families achieve financial security, offering key benefits such as the option to receive money back through an optional rider.
"Life insurance ownership rates remain alarmingly low among workers earning less than $50,000 annually, with only 31% reporting they have coverage1," said Richard Shaffer, senior vice president of Worksite Sales. "This highlights a significant gap in financial protection among lower-income groups, underscoring the need for accessible and affordable life insurance solutions. Our Individual Term Life Insurance is specifically designed to close these gaps and provide affordable financial protection for families who need it most."
With death benefit options ranging from $25,000 to $250,000, this product is designed to make the life insurance process straightforward while providing essential features:
- Extensive coverage with flexibility: The product offers a wide range of face amounts with term options of 10, 20 and 30 years.
- Includes three valuable riders for enhanced protection: The base policy includes an Accidental Death Benefit Rider, a Terminal Illness Accelerated Death Benefit Rider and a Waiver of Premium Benefit Rider.
- Optional riders for extra benefits:
- Return of Premium Endowment Rider: Receive up to 50% of eligible premiums back at the end of the term for 20- and 30-year policies.
- Children's Level Term Insurance Rider: Coverage options are available from $5,000-10,000. Plus, add eligible children to this rider coverage without raising premium.
- Guaranteed rates: Premium rates are guaranteed for the duration of the term.
"With flexible term and death benefit options, and built-in riders for added protection at an affordable price, this product addresses the financial protection needs of individuals and families—ensuring they can secure coverage that fits their budgets and aligns with their unique life stages," added Shaffer.
For more information about Individual Term Life Insurance, visit www.WashingtonNational.com.
About Washington National Insurance Company
Washington National Insurance Company, part of the CNO Financial Group (NYSE: CNO) family of brands, has helped Americans since 1911 to protect themselves and their families from the financial hardship that often comes with critical illness, accidents or loss of life. The company's supplemental health and life insurance products are designed to help give policyholders and their loved ones' peace of mind. Policyholders can depend on Washington National to be a strong, caring partner in helping to provide financial security for them and their families. To learn more, visit WashingtonNational.com.
1 LIMRA 2024 Insurance Barometer Study.
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SOURCE Washington National Insurance Company
