Lincoln National Life Insurance Co. announced the introduction Monday of Lincoln PROTerm, a term life product that combines the low cost of traditional term life insurance with a full premium refund if the death benefit is not used.
Policy holders "have life insurance protection if they need it and can receive money back if they don't," Christopher Nickele, a vice president and term business leader at Lincoln, said in a press release.
Lincoln PROTerm is term life insurance bundled with a return of premium rider. It guarantees level premiums for initial term periods of 15, 20, 25, or 30 years, with 100% return of those premiums at the end of the initial period. Before the end of the initial term, percentages of less than 100% apply to cumulative premiums paid if the policy is surrendered early, the company said.
Lincoln National Corp., headquartered in Philadelphia, had consolidated assets of $116 billion and annual consolidated revenue of $5.4 billion at Dec. 31.
