Huntington Bancshares is pitching a low-cost universal life insurance policy from Great-West Life and Annuity Co.
To reach investors, Huntington's insurance division is running radio advertisements in its home market of Columbus, Ohio. The bank is using a direct-mail campaign to reach a broader market.
William K. Browning, president of Huntington Insurance Services, said the bank is offering 65% of the premium for first-year cash value-an option that is available only to Huntington bank customers.
"That's very unusual. You'd have to look long and hard to find another universal life contract like that," Mr. Browning said.
Huntington has sold term life policies underwritten by Denver-based Great-West for six months.
In addition to direct sales Huntington Insurance Agency, a wholly owned subsidiary, consults clients on the purchase of policies related to estate and business planning, such as buy-sell arrangements, executive deferred compensation, key-person, and qualified retirement coverage.
- Compiled by Katharine Fraser
and Stephen Garmhausen