Jefferson Pilot Corp. in Greensboro, N.C., has started offering term life insurance that cuts in half a policy's minimum face amount in an effort to broaden the product's appeal.
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The JPF Prelude Plus GP term series, which was introduced Thursday, reduces the minimum face amount to $500,000, from the previous Jefferson Pilot Prelude GP series' minimum of $1 million.
The Prelude Plus products - GP-10, GP-15, GP-20, and GP-30 - offer lower guaranteed level premiums for 10-, 15-, 20-, and 30-year durations. The conversion period has been extended from five years to the full level-premium period, or age 69, whichever comes first.
