Universal Life Insurance

Features

• Flexible Premiums Payment
• Adjustable Death Benefit
• Permanent Life Protection
• Interest Free Loan
• Competitive Interest Rate

The Universal Life insurance policy is an interest sensitive policy that provides for flexible premium payment. It combines life protection with an accumulation fund. This policy requires a minimum first year deposit, and thereafter allows for variable deposits. Universal life is an adjustable life policy, where coverage can be changed without having to write a new policy. The original face amount called the sum insured can be increased with evidence of insurability. Coverage can also be decreased.

Universal Life Insurance is transparent in it’s operations. The policy owner can see how the policy operates. Cash values and pure insurance amounts are shown separately, i.e., they are unbundled. The cash value changes each year in accordance premium payments made, expenses, mortality charges and interest credits. There is a guaranteed interest rate and a current interest rate that is applicable. Premiums for the Universal Life policy are extremely competitive when compared with other life policies. 

There are two death benefit options available to the policy owner, option type A & B.

Option A is based upon the cash value of the policy plus 25,000.00 or the face amount, whichever is greater.  

Option B is based upon the cash value of the policy and the face amount.

Interest free loans are available to the policy owner, once 80% of the fund is $500.00 and over. Repayments are optional with no penalties. This can be used to satisfy a range of different needs which might include:-

• Education

• Vacation

• Medical Emergencies

• Down payment on Home or Property

Assignment of the policy can also be arranged based upon the cash value of the policy for collateral purposes or for security reasons as in the case of mortgages.