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
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 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.
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?