ATLANTA, GEORGIA, UNITED STATES, March 12, 2018 /EINPresswire.com/ — Atlanta Life Insurance Company (ALIC), a subsidiary of Atlanta Life Financial Group, Incorporated (ALFG), is pleased to announce its partnership with Altium Insurance Services LLC (AIS), a New Jersey based specialty insurance protection product design firm. The partnership’s product offering is an innovative, industry-first, insurance coverage that protects the corporate or partnership beneficiaries from the suicide exclusion clause written into all Key Man Life Insurance policies, where a death claim could be denied by an insurance carrier due to the suicide death of the insured Key Executive of the company or partnership, within the 24-month contestable period.
“We are privileged to have such a distinguished Insurance Carrier as Atlanta Life Insurance Company to be our partner and primary insurer of our proprietary product offering” said William Coluccio, CEO of Altium Insurance Services. “The arrangement between our two firms allows us to offer a specialized product that fills a void in the Key Man Insurance market; namely mitigating the significant exposure to a corporate or partnership beneficiary of the contestability risk in a life insurance policy due to the suicide death of a Key Executive.
Marketed as Key Man Suicide Coverage, or KMSC, the insurance is purchased separately as a companion product to any primary Key Man life insurance policy, and requires no underwriting. The ALIC/AIS KMSC product will provide payment to the third- party beneficiary in the event a life insurance claim is denied by an insurance carrier, on an in-force policy, due to the suicide exclusion clause written into every Key Man life insurance policy.
“We are delighted to have partnered with Altium Insurance Services,” said Geoffrey Nnadi, CPA, President and Chief Executive Officer, Atlanta Life Financial Group, Inc. The Atlanta Life/Altium Insurance Services Suicide coverage is unique, increased protection for consumers that does not currently exist in the marketplace. This is another solid step in our journey to becoming an innovative leader in the financial services industry. Our efforts continue as we have already begun to explore avenues to expand the product offering.”
About Altium Insurance Services, LLC
Altium Insurance Services LLC , a New Jersey based Company, is a product design firm specializing in the creation, drafting, and customized underwriting of branded insurance protection products that fulfill the Property and Casualty and /or Life Insurance needs of specialized niche markets.
For more information, visit www.altiuminsurance.com.
About Atlanta Life Insurance Company, Inc.
Founded in 1905, Atlanta Life Insurance Company (ALIC) is the oldest member of Atlanta Life Financial Group’s Family of Companies, whose capabilities include the reinsurance of group life insurance, dental benefits and contestable period coverage. ALIC is a subsidiary of Atlanta Life Financial Group, Incorporated, a privately held company with a financial services platform that includes small business loans, merchant processing, payroll and insurance (Life and P&C). For more information visit www.atlantalifeins.com and www.atlantalife.com, respectively.
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Source: EIN Presswire