American Family Insurance introduces MyLife, a unique new life insurance policy designed to meet consumers' short- and long-term needs
Madison, Wis. (March 11, 2014) - Consumers in the market for life insurance face a rather basic decision: What type of policy is best for me? A new life insurance product from American Family Insurance gives consumers a new option.
MyLife Flexible Life Insurance is issued by American Family Life Insurance Company (AFLIC), a wholly-owned subsidiary of American Family Mutual Insurance Company. MyLife is designed to provide consumers an affordable life insurance option to cover short-term and long-term needs with one policy that has a choice of two premium options:
- A lower premium option that can provide a reduced death benefit at age 65 with no more premium payments required.
- A higher lifetime premium option that builds cash values to leave a financial legacy for family members or charitable causes.
“MyLife is our own concept of what a flexible premium life insurance product should be,” said Todd Fancher, AFLIC president. “It’s unique in the life insurance marketplace, and it appeals to anyone who wants the financial protection of life insurance that has the flexibility to help them meet changing needs throughout their life.
“With MyLife, you make the important decision today to protect your family, but retain the flexibility to make changes to your policy as your life evolves.”
MyLife is unique in that it provides flexibility in the options it offers customers to meet their current and evolving needs, along with guarantees and the potential for cash value accumulation or paid-up insurance.
MyLife has an innovative two-tiered premium structure. The Freedom premium level provides affordable coverage when a family’s needs peak, and the option to elect a reduced amount of guaranteed, paid up coverage for the retirement years. Customers can have no payments after age 65 or 20 years after purchase, whichever is later.
The Legacy premium level offers the flexibility needed to build value throughout a lifetime. The coverage remains level to provide a legacy to survivors, and cash value grows over time.
American Family Insurance products are available from American Family agents. An agent locator can be found at www.amfam.com.
Based in Madison, Wis., American Family Insurance offers auto insurance, homeowners insurance, life insurance, health insurance, business and farm/ranch insurance in 19 states. American Family insurance is the nation’s third-largest mutual property/casualty insurance company and ranks 393rd on the Fortune 500 list. Web: www.amfam.com; Facebook: www.facebook.com/amfam; Twitter: www.twitter.com/amfam; YouTube: www.youtube.com/amfam
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