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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.
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
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.
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Connect with WoodmenLife
To learn more about purchasing our life insurance or retirement products, fill out the Request 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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Disclosures
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.
- Paying less may reduce your “cash value” and affect the period your certificate stays in force.
- 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.
- 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.
- 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.
- 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.
- 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.
Products are not available in New York and all products may not be available in all states.
WEB35 - 3/16/2020