Securian Financial Group, a US-based financial services holding company, has rolled out a simplified issue whole life insurance product in collaboration with Upromise by Sallie Mae.
Through the new product, Securian aims to offer life insurance protection to the US denizens whose households' annual incomes stood between $35,000 - $124,000, as it was found that half of this income group do not own a life insurance policy.
Securian Financial Group second vice president Bill Gould said that planning for the unexpected loss of a breadwinner is a factor that all families need to consider.
"Fifty eight percent of households in the $35,000 - $124,000 income range are uninsured or underinsured.
"The Securian-Upromise partnership opens a new channel to underserved households. It provides easy online access to simplified issue, permanent whole life coverage for this large segment of the market," Gould added.
Upromise members who will purchase the coverage will achieve an important financial requirement and may also earn rewards that can accumulate and help pay for college expenses or be applied to eligible student loans. For children, the minimum coverage is $10,000, while $25,000 for adults.
Securian Financial Group manages Minnesota Life Insurance Company and Securian Life Insurance Company, and offers an array of financial services in the US.