Ameritas Life Insurance has launched Ameritas Value Plus Term, a new term life insurance product.

The insurer said the new product will offer customers competitive pricing and customisable features.

Apart from competitive premiums, Ameritas Value Plus Term offers policyholders conversion facility that will allow them to convert to any other Ameritas permanent life insurance product.

The product also carries a same payor discount that slashes policy fees in half for clients who pay for more than one policy.

Ameritas senior vice president and chief actuary of the individual division Bob Jurgensmeier said: “Ameritas Value Plus Term offers our most competitive term insurance rates ever. It’s designed to be competitive across all ages, genders, face amounts and rate classes.”