Universal Life insurance combines term insurance with a separate cash value account. Net premiums go directly into the cash value and earn interest at a guaranteed rate. Deductions from your cash value are made to cover the cost of the death benefit and expenses. Universal life insurance differs from whole life insurance because it gives you the flexibility to make lower payments when money is tight or pay a little more when you have extra cash to spare.
Universal Life offers:
- Lifelong protection
- Premium flexibility
- Adjustable coverage
- Cash value growth potential
Optional Policy Benefits
Additional coverage may be added to the basic universal life policy to further customize your insurance program:
- Children’s Term Rider: Provides term coverage on the lives of your children
- Waiver of Monthly Deduction: During a period of total and permanent disability prior to age 65, Degree of Honor will pay the monthly deductions on UL products. (Ultimate Flex only)
- Guaranteed Insurability Rider: Guarantees the right to purchase additional insurance at specific times without evidence of insurability.
- Juvenile Purchase Option: This option is automatically included at no charge on all contracts issued for youths up to age 15 and allows for the purchase of up to $50,000 of additional permanent coverage at age 18 or 23 without evidence of insurability.
- Term 20 Additional Insured Term Rider: Provides term life insurance coverage on the life of your spouse or other person who has a mutually insurable interest.
- Living BenefitTM: Available at no additional cost, the Living Benefit™ Rider allows you to access the certificate’s face amount (up to $250,000) if you are diagnosed with a terminal illness. You may also be eligible for this benefit if permanently confined to a nursing home, or require a life-saving organ transplant.
Universal Life Insurance Plans
Limited Pay
Limited Pay is a universal life policy that allows you to prepay your life insurance over a three year period with equal payments. Limited Pay benefits include flexibility to reduce coverage in the future. It also works well for charitable giving.
Ultimate Flex
Ultimate Flex is a universal life policy that enables you to adjust your insurance amount and your premium to take advantage of competitive cash value rates, growth and accumulation for future needs.
Call our Insurance Solutions Team at 1-800-965-2547 to learn more about our products and services.