Universal life insurance products are some of the most versatile products available. They can provide flexibility in premium payments and adjustable death benefits to meet your changing needs. Unlike term insurance, a permanent insurance policy will remain in force for as long as you continue to pay sufficient premiums. With universal life insurance, you can often choose to pay a lower premium for a shorter coverage guarantee or a higher premium for lifetime coverage.
Life Step UL is a flexible premium universal life insurance plan that provides lifetime guaranteed coverage with provisions for guaranteed cash values. Premium flexibility also allows you to choose a lower premium that will guarantee coverage for a lesser duration such as coverage to age 100. Talk to your financial advisor or find an agent who can help you decide if universal life insurance is right for you.
The lifetime premium not only guarantees coverage but cash value to the policy.
Life Step UL is a good choice for people who are seeking long-term coverage. It provides an option to pay a level premium to guarantee the coverage for your entire lifetime. Paying this level premium will ensure that your policy will remain in force, regardless of future economic conditions.
The flexible premium and coverage guarantees allow you to design a premium payment over the number of years that you choose. For example, you may want to pay enough premiums in 10 or 15 years to guarantee lifetime coverage, or complete the payments of your lifetime premiums before you retire. A short pay allows you to do this by consolidating the premium payments required for a lifetime guarantee over a limited period of time. Your premium payments stop after the payment period has ended, but you will remain covered for life.