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Indexed Universal | No Lapse Guarantee Universal

What is Universal Life Insurance

Universal life insurance is permanent life insurance coverage that pays a benefit to the loved ones you choose, should you die while covered by this insurance. When you make premium payments, WoodmenLife places the money in an interest-accruing account. This account may build cash value, which is the amount that is still available after making sure there is enough to cover the cost of insurance, riders and other fees.

Whole Life Insurance vs. Universal Life Insurance

Universal life insurance may be for you if you want permanent life insurance that could allow you to change how you pay premiums in the future1. For example, when you purchase whole life insurance, you pay a set premium amount each month until the certificate is paid in full. With universal life, you can choose to pay amounts higher than your set premium to potentially increase your cash value.

Both types of insurance have the potential to accumulate cash value over time that you may be able to borrow against tax-free.2

In many cases, universal life insurance may be more affordable than whole life insurance.

What Types of Universal Life Insurance Are Available?

Most insurance companies generally offer two types of universal life insurance: accumulation and no lapse products. Accumulation products may build up significant cash value over time. On the other hand, no lapse products do not build large cash value amounts, but offer lower premium rates and guarantee an individual’s life insurance coverage through a certain age.

WoodmenLife Universal Life Insurance Options

Indexed Universal Life

Indexed universal life is a type of accumulation life insurance that has the potential to build cash value with interest credits tied to a return on an index.3

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No-Lapse Guarantee Universal Life

No-Lapse Guarantee Universal Life insurance can protect you with guaranteed coverage up to age 121.4

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Compare Universal Life Insurance and Whole Life Insurance

Use the following chart to start learning about which type of life insurance might be best for you.

Universal Life


Permanent Life Insurance

Permanent Life Insurance

Payment schedule

Flexible Monthly Payment Options1

Fixed Monthly Payment


Tax-Free Benefit for Beneficiaries

Tax-Free Benefit for Beneficiaries

Included riders

Accelerated Death Benefit Rider5 or Chronic and Terminal Illness Accelerated Benefit Rider (IUL only)6

Accelerated Death Benefit Rider5 or Chronic and Terminal Illness Accelerated Benefit Rider6

Optional riders

Accidental Death Benefit Rider
Waiver of Monthly Deduction Rider
Applicant Waiver of 2x Monthly Deduction
Guaranteed Insurability Rider

Accidental Death Benefit Rider
Waiver of Premium Rider
Applicant Waiver of Premium Rider
Disability Waiver of Premium Rider
Guaranteed Insurability Rider

Connect with WoodmenLife

To learn more about purchasing our life insurance or retirement products, fill out the Get a Quote form or search for your local Representative. Your Representative will contact you to prepare a customized plan that best meets your specific needs and budget.

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Universal Life insurance products contain fees such as mortality and expense charges (which may increase over time) and may contain restrictions, such as surrender periods. This certificate could lose money. WoodmenLife will provide notification if the guaranteed monthly deductions and interests are expected to exhaust the plan’s cash values prior to the maturity date. This certificate is not guaranteed to stay in force until maturity based on minimum guarantees.

  1. Paying less may reduce your “cash value” and affect the period your certificate stays in force.

  2. Loans and withdrawals will reduce the policy’s death benefit and available cash value. A loan, withdrawal or surrender may be a taxable event. For advice, please consult with your professional tax advisor. Excessive loans or withdrawals may cause the policy to lapse.

  3. IUL is not an investment. It is a life insurance policy product that provides growth potential through index interest crediting. You cannot invest directly in an index.

  4. The certificate is guaranteed to stay in force until the end of the no lapse guarantee period if: the amount of premium that you pay is at least as great as the no lapse guarantee premium stated in the certificate; the premiums that you pay are received at least as frequently as the interval of no lapse guarantee premium stated in the certificate; no changes are made to the face amount or rating class; no loans or partial surrenders are taken; the certificate has not been reinstated; or no addition or modification of any rider is made.

  5. Accelerated Death Benefit Riders: ICC10-8208 3-10, 8208 3-10 (XX), O-8208 3-10 (XX), ICC10 264 6-10, 264 6-10 (XX), O-264 6-10 (XX) All contractual provisions apply and may vary by state. Benefit payments may affect eligibility for public assistance programs.

  6. Accelerated Death Benefit Riders Chronic & Terminal Illness: ICC18 8731 4-18, 8731 4-18 (XX), ICC17 8690 1-17, 8690 1-17 (XX) All contractual provisions apply and may vary by state. Benefit payments may affect eligibility for public assistance programs. Certain eligibility requirements apply. This rider is not long term care insurance, nor is it intended to replace long term care insurance. Not available in CA.

Certificate Numbers: ICC10 8205 3-10, 8205 3-10, O-8205 3-10 (XX), ICC18 8730 4-18, 8730 4-18 (XX).

Rider Forms: 388 4-10 (XX) & O-388 4-10 (XX), ICC10 8207 3-10, 8207 3-10 (XX), O-8207 3-10 (XX), 260-XX-0409, O-8207 1-14 CA, ICC11 8308 5-11, 8308 5-11 (XX), O-8308 5-11 (XX), O-8308 1-14 CA, ICC11 8310 5-11, 8310 5-11 (XX), O-8310 5-11 (XX), ICC10 8206 3-10, 8206 3-10 (XX), O-8206 3-10 (XX), and O-8206 1-14 CA.

All products may not be available in all states.

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Our Mission

Uniting hardworking Americans to secure their financial future while strengthening our communities and country.

This is a solicitation of insurance and an agent/producer may contact you.

WoodmenLife Medicare Supplement plans are not connected with or endorsed by the U.S. government or the federal Medicare program.

NOTE: In some states, Medicare Supplement certificates (all plans in CO) are available to those eligible for Medicare due to a disability, regardless of age.

Securities are offered through Woodmen Financial Services, Inc. (WFS), 1700 Farnam Street, Omaha, NE 68102, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with WoodmenLife. This material is intended for general use with the public. WFS is not providing investment advice for any individual or any individual situation, and you should not look to this material for any investment advice. WFS has financial interests that are served by the sale of these products or services.

WoodmenLife Extras are available to members. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a product. These extras are not contractual, are subject to change and have specific eligibility requirements, such as length of membership, number of qualifying members in household and/or qualifying event.

Check out the background of Woodmen Financial Services, Inc. on FINRA’s BrokerCheck.

Business Continuity Plan | All products may not be available in all states. | Not all Representatives are licensed to sell all products.

A+ Financial Rating

Effective Feb. 1, 2024, WoodmenLife is rated A+ Superior by AM Best for our financial strength and operating performance. For the latest Best’s Credit Rating, access www.ambest.com

International Use

This Site is not intended for access outside of the United States, including those individuals who reside in the European Economic Area (“EEA”). WoodmenLife makes no representation that materials on the Site are appropriate or available for use in locations outside of the United States, and accessing them from territories where their contents are illegal is prohibited. Those who choose to access the Site from outside of the United States do so on their own initiative and are responsible for compliance with local laws.

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