Flexible Premium Adjustable Life Insurance (M08-2100 UL)
Permanent Life Insurance that Offers Flexibility
A Flexible Premium Adjustable Life Insurance policy (Universal Life) may be right for you if you want permanent life insurance that offers flexibility in design. Premium amounts and frequency are based on your sex, age, and underwriting class at issue and on minimum requirements of the policy design you choose. Subject to limits you may:
- Increase or decrease the face amount of the policy. Increases to the face amount are subject to proof of insurability and underwriting.
- Increase, decrease, stop, or temporarily suspend premiums according to your needs and your ability to pay.
Some Important Features
- Coverage is provided to age 120 subject to cost of insurance requirements. Coverage may be continued after age 120, but premiums are not accepted and cost of insurance deductions are not made.
- The minimum interest rate that can be credited to the account value is 3.5%. Cost of insurance is deducted from the account value each month. Cost of insurance rates can never exceed the maximum stated in the policy.
- A percentage of premium charge of 9% is applied to all premiums paid; this charge is deducted from each premium before the account value is calculated.
- The minimum Universal Life face amount is $50,000 for issue ages 0–45 or $25,000 for issue ages 46–60 or $15,000 for issue ages 61-80. The maximum Universal Life face amount is $2,000,000 for issue ages 0–60 and $1,000,000 for issue ages 61–80.
- Access to the account value is allowed through partial cash withdrawals and loans. Cash withdrawals and outstanding loans decrease the death benefit and may have an adverse affect on the length of time the policy will stay in force. Interest of 8% is charged on loans and an administrative charge of $25.00 applies to partial withdrawals.
- If the policy is surrendered within the first 15 years, surrender charges are applied. Surrender charges decrease evenly by month over 15 years. After year 15 there is no surrender charge unless the policy face amount was increased during that time. The amount of the increase is also subject to surrender charges in the first 15 years after the increase.
- Settlement options are available to design an individualized plan for the payment of life insurance proceeds to your beneficiaries.
- A variety of benefits and riders give you options in the design of your Universal Life Insurance protection. Riders are subject to limits with regard to issue and benefit age, duration and amount. Riders may be removed after the issue date if needs change.
- Ten or twenty-year term insurance riders can be purchased for your own temporary needs and you can purchase term riders for your spouse and children. The term riders are convertible to permanent plans without evidence of insurability. This feature is of great benefit if you or your spouse or child experiences a change in health and might no longer be able to obtain new insurance.
- You can purchase an Accidental Death Benefit Rider that will increase the death benefit if death occurs before age 70 as the result of an accident as defined in the rider.
- The Guaranteed Insurability Option Rider can be purchased to guarantee the ability to buy additional coverage, regardless of insurability, at specified ages or at events such as marriage or the birth of a child.
- With the purchase of the Waiver of Monthly Deduction Rider, Woman’s Life will waive monthly costs of insurance while you are disabled as described in the rider. Disability must first occur before age 60 and while the rider is in force. The death benefit and cash values continue during the period of disability.
- An Accelerated Benefit Rider is available that allows payment of up to half the policy death benefit amount (excluding riders and subject to a maximum limit) in the event that the insured has been diagnosed with a non-correctable medical condition that will result in the insured's death in less than 12 months (less than 24 months in Illinois). The remaining death benefit is payable to the beneficiary upon death. This rider can be added at no additional premium.
For more information, request a free, no obligation needs analysis with a Woman’s Life representative.
This plan and riders are not available in all states. The policy and riders contain exclusions and limits. Contact Woman’s Life Insurance Society for information about costs and complete details. The purchase of Flexible Premium Adjustable Life Insurance (Universal Life), purchase of riders, and increases in benefit amounts are subject to proof of insurability and underwriting. Flexible Premium Adjustable Life Insurance (Universal Life) product is not FDIC insured, nor is it insured by any other agency of the United States. It is not a bank deposit. It is not guaranteed by a bank or any bank affiliate. It may lose value.