Universal life insurance provides lifetime death benefit protection and flexibility to give you choices as your needs and finances change. It offers options such as coverage amounts that may be increased or decreased, and premiums that you can vary based on your finances as long as there is enough money in the account to pay for the monthly insurance and administrative charges.
Depending on the premium you choose to pay, a universal life insurance policy may accumulate tax-deferred account value, which you may access as a benefit while you are living. You may borrow from the policy to supplement your retirement income, provide funds for a child’s college education or any purpose you choose – an important financial safety net should you need it. If cash is taken as a living benefit, the policy’s death benefit is then reduced by any outstanding loan and interest.*
Universal life insurance provides you with death benefit protection along with options and features to meet your changing needs. It's life insurance for your lifetime.
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* Withdrawals and decreases in Face Amount may have tax consequences. You should consult your tax advisor. Policy withdrawals are not subject to taxation up to the amount paid into the policy (cost basis). If the policy is a Modified Endowment Contract, policy loans and/or withdrawals will be taxable to the extent of gain and are subject to a 10% tax penalty. Policy loans and/or withdrawals also will reduce the cash surrender value and may reduce the policy death benefit. Taking a policy loan could have adverse tax consequences if the policy terminates before the insured's death.
