New F&G Life products aimed at new retirees

Maryland Watch

June 18, 1996

Fidelity and Guaranty Life Insurance Co. is offering three new insurance products to tap the explosion of Americans known as the "gray wave."

Members of the group, born in the early 1930s, are just reaching retirement and their numbers are about to jump. In 1992, there were more than 32 million Americans over 65, and the number is expected to more than double to 70 million by 2030. There are more than 50 million people over the age of 55, representing nearly one of every three adults in the U.S.

"Unlike previous seniors whose main concern was dying too early, this gray wave fears outliving their assets," said Harry N. Stout, president of F&G Life, a subsidiary of USF&G Corp.

F&G Life's new products are:

Total assurance: a universal life policy designed to cover funeral costs, accumulated medical expenses and other debts.

Income assurance: a joint universal life policy designed to replace the loss of Social Security or pension income after a spouse dies.

Asset assurance: a joint universal life product with an immediate annuity for the protection and transfer of assets to beneficiaries.

Pub Date: 6/18/96

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