Life Investors Insurance Company of America (Life
Investors), a unit of Netherlands insurer AEGON, and US insurer
Madison National Life Insurance have joined forces to launch a
product that combines all the key features of health, life and
disability insurance. Branded the 360 Plan, it will be marketed
exclusively by MedLife, a national association of more than 40
marketing general agents who market primarily life and health
insurance to their 15,000 contracted writing agents.
Targeting individuals and families, the 360 Plan
combines major and minor medical and dental health insurance,
disability income and critical illness benefits and term life
insurance with a return of premium benefit. “The ability to combine
these basic needs into a single application will transform how
companies and agents do business,” said Gary Clemens, president of
MedLife.
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Madison National’s parent company, Independence Holding Company
(IHC), was responsible for the design of the health insurance
aspects of the 360 Plan and Life Investors for the design for the
life insurance aspects. Life Investors will participate in the
non-medical portion of the risk.
Administrative co-operation between IHC, Life Investors and MedLife
is crucial to the success of the 360 Plan, said Jeff Smedsrud,
chief strategic development officer at IHC. He added that
comprehensive linking of the back-office operations at IHC and Life
Investors, and significant field training by MedLife, would be
required.
IHC is principally engaged in life and health insurance, and
acquiring blocks of policies.
