Our Solutions for Universal Life Insurance
Universal life insurance is permanent and flexible life insurance protection that lasts a lifetime or the life of the policy.
With universal life, the premiums and benefit amount are flexible and, if your life insurance needs change later in life, you may be able to increase or decrease the amount of coverage*. Universal life insurance also has the potential to build cash value on a tax-deferred basis**. You have access to this cash value through policy loans or withdrawals.
Universal life insurance might be right for you if…
You need to create a death benefit that helps protect your loved ones from the financial consequences of your death
You value the opportunity for cash accumulation that can help with future financial needs such as supplemental college funding, retirement income or emergencies
You want the flexibility to adjust premium-payment amounts and frequency, as well as the ability to increase or decrease the death benefit amount*
* Increases allowed with evidence of your good health. If the face amount is reduced during the surrender charge period, a surrender charge may be applied to the accumulation value in the amount of the reduction.
** Consult with a professional tax and/or legal advisor before taking any action that may have tax or legal consequences.
Our Four Types of Universal Life Insurance Products
Life Protection Advantage SM
Indexed Universal Life
Income Advantage SM
Indexed Universal Life
Guaranteed Universal Life
**** For Clients over age 75, the no-lapse protection premium provides a 10-year guarantee.
All of our universal life insurance products provide…
A death benefit that helps protect your loved ones from the financial consequences of your death
Cash Value Accumulation
The opportunity to build cash values that can help with future needs such as supplemental college funding, retirement income or emergencies
Flexibility to adjust premium payment amounts and frequency, as well as increase or decrease the death benefit amount*
Tax advantages in the form of an income tax-free death benefit*****, tax-deferred potential cash value accumulation and income tax-free policy loans and withdrawals
Accelerated Death Benefits
Accelerated death benefits which offer early access to a portion of your death benefit in the event of a terminal or chronic illness
***** Death benefit proceeds from a life insurance policy are generally not included in the gross income of the taxpayer/beneficiary (Internal Revenue Code Section 101(a)(1)). There are certain exceptions to this general rule including policies that were transferred for valuable consideration (IRC §101(a)(2)). This information should not be construed as tax or legal advice. Consult with your tax or legal professional for details and guidelines specific to your situation.
What factors affect the price?
The younger you are, statistically, the longer you’ve probably got left to live. So, a premium payment at a younger age is generally less expensive.
Tobacco users will pay more because usage puts you at a higher risk for health ailments that can impact the number of years you live.
On average, women live longer than men, which means they generally pay lower rates for life insurance.
Healthy individuals or individuals who diligently manage their health situations will pay less because they tend to live longer and therefore are a more favorable life insurance risk.
Death Benefit Amount
Like most things, with life insurance, the more you purchase, the greater the total cost. However, your cost per dollar of coverage may be less when you purchase a higher amount.
4 Steps to Ownership
Our average timeframe for this process is less than one month.
Complete the application; your agent will submit it.
When your application arrives in our home office, an MIB report, a pharmaceutical report and, in some cases, a motor vehicle report are ordered. The application is then reviewed by our underwriters who determine if further requirements are necessary. Paramedical examinations are based on applicant age and benefit amount. If a paramedical examination is required, a medical examiner will schedule an appointment with you within a week. If you have a health condition or have recently visited a physician or medical facility, an attending physician’s statement may be ordered. If your occupation, avocations or expected foreign travel include a larger than usual degree of risk, further details may be requested. All of these requirements are reviewed by our underwriters who determine if further information or requirements are necessary.
When all requirements are in, the underwriter evaluates the risk according to set standards and reaches a decision.
Your insurance policy is issued and delivered to you.
Ready for the Next Step?
If Universal life insurance seems like a good solution to your life insurance needs, why wait?
Here are other products that may interest you
Term Life Insurance
Simple, easy-to-qualify-for protection for a temporary life insurance need.
Whole Life Insurance
Permanent Life insurance to meet long term needs.
Accelerated Benefit for Chronic Illness Rider provides an accelerated death benefit if the insured is unable to perform 2 of 6 Activities of Daily Living (ADLs) for 90 consecutive days, as certified by their licensed health care practitioner or requires substantial supervision to protect himself or herself from threats to health and safety due to severe cognitive impairment. The requested benefit amount may not exceed the lesser of $500,000 or 80 percent of the face amount at the time of the first accelerated death benefit payment request.
A one-time election is allowed if the insured is diagnosed as being terminally ill. If the insured is diagnosed with a chronic illness, the owner may request multiple accelerations provided the total amount accelerated does not exceed the maximum amount available. There is no premium or cost of insurance charge for this rider. However, there will be a $100 charge for each acceleration made.
This is a life insurance benefit that also gives you the option to accelerate some or all of the death benefit in the event that you meet the criteria for a qualifying event described in the policy. This policy or certificate does not provide long-term care insurance subject to California long-term care insurance law. This policy or certificate is not a California Partnership for Long-Term Care program policy. This policy or certificate is not a Medicare supplement policy. The policy or certificate pays proceeds that are not intended to receive favorable tax treatment under Section 101(g) of the Internal Revenue Code (26 U.S.C. Sec. 101(g)). A Comparison of: Chronic Illness Rider vs. Long-Term Care.
Below is a side-by-side comparison that can help you understand the differences.
|United of Omaha's Chronic Illness ABR||Per Year|
|Upfront Costs||If the client never needs the Chronic Illness benefit, they will never be charged||If the client never needs the Chronic Illness benefit, they will never be charged LTC generally has a recurring charge every year, regardless of whether the client ever uses the benefit|
|Benefit Amount Flexibility||At the time of claim, the client decides how much benefit they need and it is available in a lump sum with no restrictions on the use of the benefit||The benefit is often predetermined at the time the policy is issued as a monthly percent of face amount (i.e., 1%, 2%, or 4%). There is typically no option to take a lump sum or to increase the benefit amount|
|Benefit Period Flexibility||Multiple accelerations are allowed (no more than once every 12 months), with the timing of acceleration requests at the discretion of the policyowner||Benefit is typically paid for a set number of months, which are defined at issue|
|Expenses Covered||There are no restrictions on the use of the benefits||LTC only allows the benefit to be used to cover qualified LTC expenses|
|LTC Continuing Education Requirements||No LTC continuing education is required to sell a product with a Chronic Illness Rider||State-specific LTC continuing education is often required to be eligible to sell products with an LTC|
|Additional Underwriting||No additional underwriting required; this rider is automatically included with all policies at issue||Often requires additional LTC underwriting to qualify for LTC|
|Substandard Restrictions||Availability of the rider is not restricted based on risk class of the insured||LTC is often not available for an insured with higher substandard table|
|LTC expenses reimbursement vs. ABR benefits paid without receipts||Benefits depend on the life policy value. Benefits will reduce the death benefit and that use of the proceeds is unrestricted||LTC benefits are based on benefit levels and a pool of money selected at the time of purchase|