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Universal Life

Overview

Permanent insurance, including Whole Life Insurance, Universal Life Insurance and Variable Universal Life Insurance, can provide protection for your clients’ entire lifetime, or in certain instances up to a specific age—at which point they pay the policy owner the cash value. Permanent life insurance policies can build a cash value—money that your client can borrow against and in some instances, withdraw to help meet future goals, such as paying for a child’s college education.

Features of Universal Life

  • Flexibility — Your client decides how much life insurance they need — and subject to certain requirements and limitations, they can adjust the death benefit and premium payments to fit their changing needs.
  • Security — You help protect their loved ones against possible financial hardship in the event of the insured’s death.
  • Tax-Free death benefit — Under current tax laws governing individual life insurance, life insurance proceeds are generally income tax free to the beneficiary.
  • Tax-Deferred account value growth — The policy’s account value earns interest at the carrier’s current interest rate — federal income tax deferred.

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