Universal Life Policy

Flexible Premiums With Great Cash Value Potential

What is universal life insurance?

Universal life insurance is a permanent insurance policy, which means it provides coverage for life. When the policyholder dies, the plan leaves a guaranteed amount of money to the beneficiaries on file. This amount is called a death benefit.

In addition to the death benefit, a universal life policy also contains cash value. The cash value grows tax-deferred, or tax free depending on the plan, until funds are withdrawn.

Universal life insurance provides an additional level of flexibility, which makes it stand out from Term and Whole life insurance. It allows policy owners to modify the amount and frequency of premium payments as long as there is sufficient cash value in the policy to cover monthly deductions.

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What Stands Out With A Universal Life Policy?

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Permanent Life Insurance

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Flexibility

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Guaranteed Death Benefit

Policy Options

Your policy comes with many different options including the following

Burial Insurance

Funeral insurance, often called “Burial insurance” refers to a whole life insurance policy with a death benefit between $5,000 – $25,000. The main attraction to this policy is the death benefit of covered funeral and burial costs, hence the policy’s nickname.

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Disability Income

A disability income rider is a very valuable add-on available to policyholders when they seek a life insurance policy. Disability Life Insurance is an available option under Term Life, Whole Life, Universal Life, and Guaranteed Universal Life Insurance policies through Local Life Pro.Today.

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No Medical Exam

Here is the huge edge. No paramed examination means no pee, no blood, no needles and not even a nurse in sight.

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Permanent Life Insurance

Permanent insurance provides lifelong protection, and the capacity to accumulate cash value on a tax-deferred basis.

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Living Benefits

An accelerated death benefit rider (ADB) is a benefit that may be attached to a life insurance policy that permits the policyholder to receive cash advances from the death benefit in case of being identified as having a terminal / chronic / critical illness.

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Quick Life Insurance

It’s quicker, way quicker! Like a hare racing a tortoise, and actually finishing. We complete the process by phone and then you sign it. If approved, your policy may be in place in as tiny as 24-48 hours. How’s that for quick?

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Final Expense

Keep you and your loved ones covered with an affordable, easy access, final expense insurance. Find final expense quotes with Local Life Pro Today.

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Universal Life Policy: Values Of The Policy

Flexibility:

You can choose to pay either higher or lower premiums if your financial circumstances fluctuate. Even if your income is steady, you can opt to pay a lower premium when the market is performing poorly and up the premium when the market is bullish to make more of your interest crediting strategy.

Interest Strategy Choices:

With a Universal Life Policy, you have control on where to put the cash accumulation. The insurance company will even provide several strategic options. You may pick an equity index strategy, a guaranteed one year term deposit, or a general interest account based on current rates.

Permanent Coverage:

You get coverage for your entire life, as long as you keep up with the premiums.

Cash Value Availability:

As you increase the value of the policy over time, you might wonder what happens if you get jammed up financially. Will you have to cancel the policy to get the cash value? No, you can keep the policy in force and your family protected at the same time. You can borrow or even withdraw the cash value you have built up to date and retain not only the unused portion of the cash value but the availability of death benefits.

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FAQ

What Are The Features Of Universal Life Coverage?

Your benefit and premium amounts are flexible
This coverage can build cash value.
You can keep the coverage even if you leave state employment or retire.

Can I Decrease My Universal Life Coverage?

Yes. A request to decrease your coverage may be submitted at any time. Decreases may not reduce the coverage to less than $5,000 and are also subject to limitations based on IRS guidelines

What Happens If My Employment Ends?

When you are no longer employed by the State,payroll deduction will not be available. Unum willcontact you at your last known address to informyou of your options to continue life insurancecoverage. You will have the option to continue your coverage regardless of age.

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