ITT Hartford Life Insurance Cos. has introduced a new product that it is pitching to banks.
The company has added a "second-to-die policy" to its Stag Series of variable life insurance products. The firm is also selling the product to life insurance agents.
Under the policy, a death benefit would be payable to children who inherit property from parents. The proceeds from such policies are generally used to pay estate taxes.
"The bank market is one we're trying to tap, so this will be part of our tool box of offerings," said a spokeswoman for the Hartford, Conn., company.
ITT Hartford is already the leading seller of annuities through banks, but is just beginning to make forays with its life insurance products. About a dozen banks including Norwest Corp., have sold its Hartford's life insurance.