Universal Life Insurance
Universal life coverage may be right if you:
- Need coverage to protect your loved ones from the financial consequences of your death
- Value the opportunity to accumulate cash value that you can later access to pay for expenses such as college funding or emergencies
- Want the flexibility to adjust your payments and death benefit amount*
- Have maxed out your IRA or 401(k) and need additional options to save for retirement
What is included in a universal life insurance policy?
As long as premiums are paid on time, you have coverage for the rest of your lifetime.
Income tax-free death benefit, potential for tax-deferred** cash value accumulation & income tax-free policy loans/ withdrawals.
Accelerated Death Benefits
Early access to a portion of your death benefit in the event of a terminal or chronic illness.
Flexible Premiums and Benefits
Unique option to change the premium payment amount, payment frequency and death benefit amount.
Our Universal Life Insurance Products
Life Protection Advantage™
Indexed Universal Life
- Offers permanent life insurance coverage with a death benefit that can be guaranteed through age 90*** - and, perhaps longer—as long as you pay the no-lapse premium or greater
- Has the potential for greater cash value accumulation than traditional fixed-interest universal life insurance. Downside protection that guarantees you will receive no less than 0 percent, even if the percentage change in the market index is negative.
- Provides flexibility for the future through accessible cash value as well as included accelerated death benefit and guaranteed refund option riders
Indexed Universal Life
- Permanent life insurance coverage
- Can build cash value based on selected interest-crediting options tied to the performance of a market index — your money is never actually invested in the market
- Emphasizes cash growth potential more than Life Protection Advantage, which may result in even greater future income potential
- Downside protection that guarantees you will receive no less than 0 percent even if the percentage change in the market index is negative
- Offers permanent life insurance coverage
- Accumulates cash value using a declared interest rate, guaranteed to earn at least 2 percent annually
- Focuses on greater cash accumulation which leads to more future income potential
Frequently Asked Questions
Whole life and universal life are both forms of permanent life insurance, so they are similar in many respects. They both offer a death benefit that lasts throughout your lifetime as well as cash value. However, whole life has a fixed coverage amount and a fixed premium payment that will never increase. Universal life has both more flexibility and more risk.
Term life and universal life are substantially different products. Universal life has a variable premium and death benefit amount, whereas term is fixed; universal life is a permanent life insurance product that accumulates cash value, whereas term life only lasts for a certain period of time and only includes a death benefit. In essence, while term life is focused on simple, temporary protection, universal life is intended to provide a lifetime of flexible protection with some investment potential.
As with any other life insurance product, the price of universal life is affected by the death benefit amount as well as your predicted life expectancy. Some factors that we take into account include your age, your gender (women have a longer life expectancy than men), tobacco use, and overall health. A universal life policy will include a minimum and maximum premium amount, and you have the flexibility to choose a payment amount within that range.
On average, we complete this process in less than one month. You simply need to contact an agent to help you complete your application for review. If a medical examination or more questions are required, we will contact you within a week. When all requirements are in, we evaluate your application; if approved, your insurance policy is then issued and delivered to you.
Because universal life is such a personalized product that needs to be tailored to your individual needs, we require that you work with an agent instead of offering an online universal life insurance quote. Your agent will ask you questions about your family, life situation, and financial needs to help you develop your goals, then clarify your options and help you choose the right policy to achieve your goals. Your agent will also answer your questions and help you implement your life insurance plan.