Universal Life Insurance provides flexible life insurance protection for you and your family members with the the ability to adapt to a lifetime of changes. Universal Life helps provide:
- Security – Life insurance helps protect your loved ones against possible financial hardship in the event of your death.
- Flexibility – You decide how much life insurance you need and have the option to adjust the death benefit and premium payments to fit your changing needs (subject to certain requirements and limitations).
- Tax-Deferred Cash Value Growth – Your policy’s cash value earns interest at the company’s guaranteed interest rate of at least 4% a year (federal income tax deferred).
- Accelerated Death Benefit for Long Term Care rider and Extension of Benefits rider – Allows an insured to take an advance against his or her life insurance death benefit to help pay for care, and extend the benefits if necessary.
You can purchase Universal Life Insurance in an amount equal to 1,2,3,4 or 5 times your annual salary, up to $150,000 (whichever is less).
You also have the option to purchase $25,000 or $50,000 for your spouse/domestic partner and $25,000 for each dependent child (ages 1 through 21).
Evidence of Insurability (EOI) will apply to any Universal Life Insurance amount you elect above the guaranteed issue amount (up to five times annual salary, or $150,000, whichever is less) and to any coverage you purchase for your spouse and/or dependent child.
You may enroll in coverage at any time. EOI will apply, however, if you elect coverage after your initial 30-day enrollment window (regardless of the amount you elect).
Policy form series CPGLDU00 & CCGLDU00
EBD DCBANSPR 0312