Variable universal life insurance is designed to provide permanent coverage to protect your loved ones. The death benefit can be used to replace lost income, leave a legacy for the next generation, or for any other purpose. You can choose to have a level death benefit or one that that includes account value.
As long as you have enough value in your account to pay for the monthly and administrative charges, you can vary your premium payments. Within limits, you can decide how much and when you will pay. That flexibility allows you to plan your premium payments around everything else that’s going on in your life.
Potential to Build Account Value
A variable universal life policy may accumulate account value, depending upon the premium you choose to pay and the performance of your investment options. The values in the separate account divisions are not guaranteed. Allocating premium to these investment options may provide account value accumulation and growth but the account value may also decline or reach negative values. You can borrow from your policy to supplement your retirement income, provide funds for a child’s college education, or use it for any other purpose you choose1.
VUL offers you the freedom to choose how often and how much premium you pay, and select how to allocate premium dollars among the investment options (from some of the country’s most recognized fund companies) or to the Guaranteed Principal Account (GPA). The GPA is a fixed account; amounts allocated to the GPA are guaranteed and earn interest daily2. The variety of choices allows you to select options that align with your goals and tolerance for market and investment risk.