Universal life insurance provides permanent life insurance protection with a tax-advantaged investment component. As cash values accumulate, they can be used to pay part or all of the cost of your insurance.
In addition to providing security and protection through its life insurance component, universal life insurance can provide an additional source of income for emergencies, retirement or for estate planning needs.
You select an investment mix that's best for you - taking into account the amount of risk you're comfortable with, and your financial goals and circumstances.
With the universal life insurance you can customize solutions that change over time to fit your evolving lifestyle, budget and savings objectives.
The total account value in your policy can grow on a tax-advantaged basis within limits. The insurance proceeds paid to your beneficiary upon your death are tax-free and may include the total account value you've been accumulating over the years.
Universal Life Offers Choice:
- You choose the amount of premium to pay, within the minimum and maximum premium in your contract.
- Manage your cost of insurance charges with 5 cost of insurance options:
- Limited-pay cost of insurance (10, 15 or 20-year durations)
- Annually increasing cost of insurance
- Level cost of insurance
- Choose your style of interest options to match your risk tolerance
- Customize your coverage with a choice of benefits and riders
- Insure more than one life with joint coverage and multiple lives benefit
Universal Life Offers Flexibility:
- You can adjust your policy as your needs change by changing or increasing coverage, adding benefits and riders or switching your cost of insurance option
- Access your policy account value through withdrawals, policy loans or leveraging with a third-party lending institution
- Exchange a joint first-to-die coverage to 2 single life policies
- Change from joint first-to-die to joint last-to-die