Heritage Union Life Insurance Company, Parsonex(R) Capital Management Launch National Partnership

Jan 21, 2010, 09:08 ET from Heritage Union Life Insurance Company

Deal brings SalaryShield(R) income protection to families nationwide; fuels massive Parsonex expansion effort in eight key regions

RICHMOND, Va., Jan. 21 /PRNewswire-USNewswire/ -- Heritage Union Life Insurance Company, the leader in income protection life insurance, has partnered with Parsonex Capital Management to provide Heritage Union's SalaryShield income protection life insurance product to families across the country.

The partnership establishes a national network of trained advisors skilled at protecting the near-term and long-term income needs of families.

"We're extremely impressed with the Parsonex team and their passion for getting the most value for their customers," said Phil Walker, Heritage Union's chief executive officer. "This partnership is a big step toward our goal of helping 1 million American families protect their incomes."

Parsonex Chief Executive Jonathan Miller added, "Most financial services companies have done a great job of confusing customers. Families don't need complicated plans and products. They need a simple plan they can believe in, competitive products they can understand, and an advisor they can trust. This partnership allows us to achieve all three."

Heritage Union's SalaryShield income protection life insurance product, dubbed "the Apple Computer of life insurance" by Inc. Magazine, is designed to provide American families with exactly the right coverage because it protects the heart of family finances – the breadwinner's paycheck.

Unlike traditional life insurance products, SalaryShield plans are designed to protect the income an American family relies on -- up to $200,000 a year.  If a breadwinner dies, insured families would receive a check each month, much like a paycheck, until the breadwinner would have been 65. (Find out more at www.salaryshield.com.)

"There are two phases of income for most families," said Danny Ballard, Parsonex's vice president of training and development. "Active income is when you have a breadwinner who brings home a paycheck the family relies on. At some point, you want to retire and have passive income. At that point, the family no longer relies on the breadwinner to provide an income but on Social Security, pensions and other investments."

SalaryShield life insurance protects the income needed to build a retirement plan during the crucial active income years, Ballard said.

Heritage Union's Walker added that, "SalaryShield is a perfect fit for Parsonex's clients because it ensures that the income that supports day-to-day living and long-term retirement planning will continue following the death of a breadwinner. And, because coverage automatically adjusts as the need for insurance declines over time, SalaryShield provides high levels of protection affordably."

Massive recruitment effort underway nationwide for new and experienced agents

Parsonex also announced today that as a result of the partnership, it will aggressively grow its network of financial consultants by expanding or opening offices in key markets, including Phoenix-Tucson, Denver, Dallas, Chicago, Atlanta, Washington, D.C., Northern California and Southern California.

"The time to grow is now," Parsonex's Miller said. "We have a simple approach to helping families, a powerful and innovative lead product and a culture which attracts entrepreneurs to a team environment and helps them flourish."

Parsonex currently has agents and branch offices in Arizona, California, Colorado, New Mexico, Nevada and Texas. Through its affiliates, Parsonex representatives offer clients term life insurance, investments and living trusts. Miller added that the company is looking for key people who are already in the financial services business to head up expansion in new areas, largely because the expansion will require strong leadership.

"Our system and culture have been proven on a regional level," Miller said. "We have an exciting lead product, and the United States is a big place. We are looking for the right entrepreneurs who want to be a part of a growing business and are up for the challenge."

Parsonex's Ballard added that the company has a "unique entrepreneurial and team environment where agents are in business for themselves but not by themselves. Parsonex allows agents to start on a part-time basis and earn additional income, while full-time agents can focus on developing long-term client relationships and helping families align their financial goals around the products and services available in the independent marketplace."

About Heritage Union Life Insurance Company

Founded in 2005 by financial services executives who experienced first-hand the intrusive, overly complex and frustrating nature of obtaining life insurance, the Richmond, Va.-based Heritage Union family of companies designs life insurance products aimed specifically at helping middle class American families protect their income in the face of premature death. Licensed, well-capitalized and staffed by industry professionals who recognize that shopping for life insurance should not require a crystal ball or advanced mathematics degree, Heritage Union is transforming an industry with new, innovative income-protection products under the SalaryShield brand that are easy to buy, affordable and understandable.  For more information on SalaryShield income protection life insurance, visit www.salaryshield.com. SalaryShield is a registered servicemark of Heritage Union, LLC.

About Parsonex Capital Management

Parsonex Capital Management is a network of independent financial consultants committed to helping families develop personalized financial strategies. Founded in 2007, the Aurora, Co.-based company has grown quickly despite difficult economic times, largely because of the company belief in supporting highly successful representatives with a long track record in financial services while at the same time fostering industry growth by providing new talent with the tools, training programs, support systems and environment to become successful financial professionals. For more information on the company, visit www.parsonex.com. Parsonex is a registered trademark of Parsonex Capital Management.

SOURCE Heritage Union Life Insurance Company