Ameritas revamps variable universal life policy

Ameritas Life Insurance Co. of Lincoln, Neb., will offer a new version of its new variable universal life policy Jan. 1 as the company tries to conform to new mortality tables. The newest version of the Ameritas Advisor VUL will be similar to the original Ameritas Low-Load Variable Life Insurance product, featuring no surrender charges and low fees for fee-only advisers. New VUL benefits will also include new underwriting classes that match the Acacia Advisor Term life insurance product, which is issued by Ameritas’ Bethesda, Md.-based affiliate Acacia Life Insurance Co., to allow easier conversion from term life coverage to permanent coverage. Additionally, there will be three death benefit options. Clients can choose between receiving the specified amount of the policy, getting the policy amount plus account value, or the policy amount, plus return of premium minus any withdrawals. Ameritas launched the product to comply with the new Commissioners’ Standard Ordinary 2001 mortality table, which is set to go into effect for business written after Dec. 31. The table uses a higher life expectancy and evaluates necessary reserves for issuing companies.