Universal Life Insurance
Common Features of Universal Life Insurance Plans
- The purpose of Universal Life is to provide a life-time insurance policy with flexible features that can be modified as insurance needs change.
- It is usually possible to increase or decrease the face amount within minimum and maximum limits stated in the policy and with increases subject to insurability and underwriting.
- Premiums are partially based on cost of insurance factors that are determined by the insured's age, gender, and underwriting class. Cost of insurance for each underwriting class is lowest at the youngest ages and increases annually as the policy owner ages. Premiums may also include administrative charges.
- The amount of premium paid is flexible subject to certain limits. Premium amounts can be decreased or increased within these limits throughout the duration of the policy. Decreases in premium, however, may have an adverse effect on the policy values and the length of time the life insurance will stay in force.
- Premiums may be paid as regularly scheduled premiums or, if the policy has sufficient account value, they may be paid on an irregular basis or be stopped entirely for a period of time. Stopping premiums or paying on an irregular basis may have an adverse effect on the account value and the length of time the life insurance will stay in force.
- Interest is paid on the account value. The interest rate is subject to change and may go up or down, but can never fall below a guaranteed minimum interest rate stated in the policy.
- Access to the account value is provided to the policy owner through partial cash withdrawals or loans, or at surrender of the policy. Partial withdrawals and outstanding loans will decrease the death benefit amount and may have an adverse effect on the length of time the life insurance will stay in force. Interest is charged on loans, and partial withdrawals may be subject to an administrative fee. Surrenders are subject to surrender charges applied against the account value if the policy is surrendered during a period of years stipulated in the policy. Surrender terminates the policy.
- Additional benefit riders are available to cover other family members or to provide supplemental benefits. Addition of benefit riders are subject to evidence of insurability and underwriting. Benefit riders may be removed later if needs change.
Woman’s Life Insurance Society® Offers One Universal Life Insurance Plan
For more information, request a free, no obligation needs analysis with a Woman’s Life representative.