Basics
This type of permanent insurance has flexible premiums and an adjustable death benefit.
Universal Life
One reason why someone might choose a PUL over an AUL or VUL.
Affordable
Simple
The minimum face amounts at issue.
•0 – 17 : $25,000
•18+ : $50,000
Education funding
Retirement planning
Tax advantages
Issue age is up to age 85.
One important difference between whole life insurance and universal life insurance.
Fixed vs flexible premiums
Guaranteed death benefit vs Adjustable death benefit
Less flexibility vs More flexibility
Allows the insured to purchase additional life insurance without evidence of insurability
Guaranteed Increase Option
This option has a variable death benefit.
Option 2
The minimum face amounts at issue.
•0-17: $25,000
•18+: $100,000
VUL
The amount we suggest the client pay to allow the cash surrender value to carry the contract to a certain age using a conservative interest rate.
Suggested Premium
The three life events that can prompt a Guaranteed Purchase Option outside of the insured's attained age.
1. Marriage
2. Birth/adoption of a child
3. Purchase of a primar residence
This testing method is better suited for clients who have an insurance need but want to draw an income stream from the contract in the future.
Guideline Premium Test
The two ways accumulated cash value grows in the account.
Fixed subaccount (guaranteed) and variable subaccounts (non-guaranteed, market exposure)
Permanent life insurance w/ flexible premiums and an emphasis on maximizing cash value growth based on an interest rate set by the insurance company.
AUL