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This life policy will last for your entire life. Unlike term, permanent life insurance builds a cash value that increases the longer the policy is in force. Permanent needs may include final expenses and funds to cover estate taxes and retirement savings protection. Whole life and universal life plans are ideally suited for meeting these goals.
There are two Universal Life products:
- Asset Builder is a product designed to build cash value, and last your lifetime.
- Non-Asset Builder is designed not for cash value but last your lifetime.
- Minimum policy size: $50,000 for each product
- Issue ages: 15 days through age 85 for each plan
Interest rates: Both products carry a guaranteed minimum 3% interest rate for your lifetime and earn a current interest rate if higher than the guaranteed minimum, (usually much better than the 3%)
Additional Options and Riders
- Waiver of Deductions Disability Benefit Rider
- Guaranteed Insurability Option Rider
- Children’s Term Rider
- Waiver of Specified Premium Disability Benefit Rider
- Guaranteed Insurability Option Rider
- Children’s Term Rider
The Accelerated Benefit Rider is automatically included without cost. This rider pays up to 50 percent of the death benefit (up to a maximum aggregate amount of $250,000) to any insured who is diagnosed as being terminally ill and expected to die within 12 months of diagnosis.
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