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Live carefree with lifelong protection.

What is universal life insurance?

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.

Permanent coverage is best for…

Older adults with grown children
Business owners
Folks with a financial cushion
Building a nest egg that accumulates cash value

Our Universal Life Product:

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.

Benefits and Features

Guaranteed Cash Value

The lifetime premium not only guarantees coverage but cash value to the policy.

Lifetime Guarantee

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.

Short Pay Guarantee

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.

Permanent Insurance

Permanent insurance provides lifelong protection, and the ability to accumulate cash value on a tax-deferred basis. Unlike term insurance, a permanent insurance policy will remain in force for as long as you continue to pay your premiums. Because these policies are designed and priced for you to keep over a long period of time, this may be the wrong type of insurance for you if you don't have a long-term need for life insurance coverage.

Why would someone need coverage for an extended period of time? Because contrary to what a lot of people think, the need for life insurance often persists long after the kids have graduated college or the mortgage has been paid off. If you died the day after your youngest child graduated from college, your spouse would still be faced with daily living expenses. And what if your spouse outlives you by 10, 20 or even 30 years, which is certainly possible today. Would your financial plan, without life insurance, enable your spouse to maintain the lifestyle you worked so hard to achieve? And would you be able to pass on something to your children or grandchildren?

Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York (Valley Stream, New York). Banner products are distributed in 49 states and in DC. William Penn products are available exclusively in New York; Banner does not solicit business there. Life Step UL is a flexible premium universal life insurance plan. This product offers a coverage guarantee to maturity at age 121 if the appropriate premium according to policy terms is paid on time. The policy will not lapse if the coverage guarantee requirement is met. A policy loan however, that exceeds the cash surrender value will result in a lapse of coverage. Two-year contestability and suicide provisions apply. Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations. Banner policy form #ICC12 UL13 and state variations. William Penn policy form #UL13S-NY.