Western & Southern launches LifeSource

W&S Financial Group Distributors has introduced LifeSource, a whole life insurance policy designed to help older customers transfer wealth using funds held in dormant annuities.

Issued by Western-Southern Life Assurance Company and marketed primarily through financial institutions, LifeSource is available to applicants ages 60 to 80. The policy features level premiums paid over 10 years, after which coverage remains in force without additional scheduled premiums.

LifeSource uses simplified underwriting, requiring applicants to answer several health questions without undergoing a medical exam. Automated evaluation can produce a decision within minutes.

The policy provides guaranteed cash value and a guaranteed death benefit, subject to timely premium payments. Customers can pay annually or monthly, with maximum annual premiums of $20,000 for issue ages 60 to 69 and $25,000 for ages 70 to 80.

Western-Southern Life operates in Washington, DC, and every state except New York. LifeSource is not yet available in California or Oregon.