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Universal Life Insurance
Life insurance offers you flexibility, and with universal life insurance there are additional choices to help meet your needs. The following features and benefits are available to you, some of which are optional and come at additional cost. An income-tax-free death benefit. Death benefit proceeds can be used to pay down debt, supplement college expenses, business succession planning, and/or final expenses. But the protection goes beyond life insurance, so you can address several of your financial concerns with one policy. Protection of accumulation potential, too. In universal life insurance policies, your cash value has the potential to accumulate based on positive changes in an external market index – and is guaranteed to never decrease due to market volatility (although certain fees and charges will decrease cash value). Protection of purchasing power. Some universal life products provides an annual interest credit to the policy based on any positive changes in the Consumer Price Index through an optional rider (which is available at an additional cost). That helps protect your purchasing power in times of high inflation.
Custom-fit your coverage
Fixed Index Life Insurance may be a good fit if you need life insurance and like the opportunity to accumulate cash value for future needs. The potential cash value can be accessed income-tax-free for various purposes, such as supplemental college funding or retirement income – and can also be protected from the effects of inflation. This is an example of a FIUL policy’s profile. Issue age 0-80 Risk classes
- Non Tobacco (ages 18-80): Preferred Plus, Preferred, Standard
- Tobacco (ages 18-80): Preferred Tobacco, Standard Tobacco
- Juvenile: (ages 0-17)
Minimum premium Based on age, gender, risk class, death benefit, and riders, but never less than $25/month, $300/year. At age 120 When the insured turns 120, the death benefit equals the accumulation value. All loans will be allocated to the fixed allocation and will be charged the preferred loan rate. No premium will be accepted after age 120, unless it’s necessary to keep the policy in force, and no deductions or charges will be assessed after the insured reaches age 120. Premium Deposit Fund (PDF) Rider (available at no additional cost) Combines all of the advantages of life insurance with the simplicity of a single lump-sum payment. By submitting a lump-sum amount to the PDF, we’re able to automatically transfer your annual premium payments into your life insurance policy for you. This feature is available at no additional cost. Not available in all states. Survivor benefit The death benefit increases 10% when the beneficiary chooses to take the policy proceeds over 10 years or longer. Accessing your cash value FUIL can provide flexibility and access to the cash value while the insured is living. There are several ways to access your available cash value without incurring surrender charges:
- Participating loan
- Standard loan
- Preferred loan
- Withdrawals/partial surrenders
- Terminal Illness Accelerated Benefit
Accessing your death benefit
- Chronic Illness Accelerated Benefit Rider
- Terminal Illness Accelerated Benefit
Writing your financial plan with IUL
Guarantees 10-year death benefit guarantee. If you pay the required minimum premium for the first 10 policy years, and do not take policy loans or withdrawals, your policy will be guaranteed not to lapse during that 10-year period. The annual floor you choose will apply to all allocation options and may be changed on each policy anniversary. The caps and participation rate will be adjusted depending on which annual floor you choose. Guarantees are backed by the financial strength and claims-paying ability of the insurance company.
Charges Policy expenses and charges
- Premium charge: A premium charge of 5% will be deducted as each premium is paid into the policy.
- Monthly insurance cost charge: An insurance cost charge will be deducted every month on the monthly anniversary and is based on factors such as age, gender, and risk class.
- Monthly policy charge: A policy charge of $7.50 per policy will be deducted every month on the monthly anniversary.
- Monthly expense charge: An expense charge will be deducted every month on the monthly anniversary and is based on age, gender, and risk class.
Surrender charge 10-year decreasing surrender charge (based on age, gender, death benefit amount, and risk class)
Death benefit options You have the flexibility to choose which death benefit option best suits your needs. Since your needs and goals change, you also have the opportunity to change your death benefit option after the first policy year.
- Death benefit option A (level): Your death benefit will be equal to the specified amount.
- Death benefit option B (increasing): Your death benefit will be equal to the specified amount plus the accumulation value.
- Death benefit option C (return of premium): Your death benefit is equal to the specified amount plus the premium you have paid into the policy. This option can only be elected at issue.
Standard Index Allocations
You may select Standard Index Allocations in increments of 1% and change your selections on every policy anniversary. Your options are:
- A blended index that is comprised of Dow Jones Industrial Average (35%), Barclays Capital U.S. Aggregate Bond Index (35%), EURO STOXX 50® Index (20%), and Russell 2000® Index (10%)
- Blended index with 2% annual floor
- S&P 500®
Select Index Allocations
The Select Index Allocations allow you to receive a higher cap and/or participation rate percentage in return for a 1% allocation charge The allocation charge decreases the current value in a Select Index Allocation, but will not decrease the guaranteed accumulation value.
- Blended index: Dow Jones Industrial Average (35%), Barclays Capital U.S. Aggregate Bond Index (35%), EURO STOXX 50®Index (20%), Russell 2000® Index (10%)
- S&P 500®
You cannot allocate to Standard Index Allocations and Select Index Allocations at the same time.
Fixed interest allocation
You may also select fixed interest for a portion of your policy values. Your fixed interest rate is guaranteed to never be less than 2%; ask your financial professional for the current rate.
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