Understanding. Universal Life PLC.1050 (11.09)

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1 Understanding Universal Life PLC.1050 (11.09)

2 Understanding Universal Life 3 ontents Features of a Permanent Life 4 Insurance Policy How Universal Life Works 4 Features Unique to Universal 5 Life Insurance Common Questions About 6-7 Universal Life Insurance

3 UL U n d e r s t a n d i n g Universal Life With so many types of life insurance policies available to support a variety of needs, it is important to understand a policy s particular benefits and limitations. Universal life insurance is one of the most versatile types of life insurance because its components can be unbundled or separated. Some policies focus on competitive premiums and added features like cash-value accumulation, while others focus on lower premiums and offer fewer features. This spectrum of flexibility makes universal life a popular choice among consumers looking for permanent insurance. 3

4 Features of a permanent life insurance policy How Universal Life Works Non-taxable death benefits Death proceeds are generally free from income tax, making it possible to ultimately provide more benefits to your beneficiaries. Proceeds direct to beneficiaries You can designate that death proceeds be paid directly to your beneficiaries, making it possible to avoid probate delays. Many states have also enacted laws that make life insurance safe from creditors. Tax-deferred growth A portion of each premium payment goes into the policy value which is the part of the policy that earns interest. This interest accumulates on a taxdeferred basis. Access to policy value Cash surrender value can provide a source of funds for the policyowner through loans, with low interest rate spreads and/or a partial surrender. Either choice will affect the death benefit amount, policy value, and taxation. Discuss the tax implications with your tax advisor. PREMIUMS are applied to the policy, less any premium expense charge, when they are received. INTEREST is credited to the policy value once a month on the monthaversary of the policy issue date. The current interest rate is credited to unloaned policy values, while the guaranteed rate is credited to loaned policy values. PREMIUM EXPENSE CHARGE is the percentage amount deducted from each premium payment, before the remaining amount is applied to the policy. ADMINISTRATIVE EXPENSES are deducted monthly from the policy value on most plans. COST OF INSURANCE deductions are taken from the policy value each month for the death benefit, riders, and supplemental benefits. SURRENDER CHARGE, which varies in length and amount by plan, reduces the value available if the policy is surrendered or if loans or partial withdrawals are made. The cash surrender value is the policy value minus any applicable surrender charge and any policy debt. 4

5 Features unique to universal life insurance Flexible premiums Premium payments can be increased, decreased, or even skipped, depending on such factors as the amount of premium you have paid into the policy, the policy value, any loans or withdrawals, and the current interest rate. Adjustable death benefit The death benefit amount may be adjusted within the plan limits, without having to buy a new, separate policy. You may increase the face amount, subject to underwriting, or decrease it subject to minimums and charges. Death benefit options Protective universal life plans feature two distinct death benefit options. Under the Level Death Benefit option, the death benefit is equal to the face amount. Under the Increasing Death Benefit option, the death benefit is equal to the face amount plus the policy value. Lapse Protection Certain universal life policies contain built-in lapse protection. Lapse protection guarantees that the policy will remain in force for a specified period of time up to the lifetime of the insured. The lapse protection premiums will vary according to the issue age, gender, face amount, length of lapse protection, and underwriting class of the proposed insured. Loans, partial surrenders, policy changes, or delinquent premiums may affect the length of the lapse protection and may cause loss of the lapse protection. Current interest credits Unloaned policy values are credited with a current rate of interest that may be changed by the Company to reflect the current economic climate. While this rate will never fall below the contractually guaranteed minimum, it is designed to make universal life a competitive insurance value. Current cost of insurance This is the charge for the insurance death benefit based on the amount at risk and is deducted each month from the policy value. The cost of insurance rate is based on the insured s age, gender, underwriting classification, and the number of years the policy has been in force. The current rate scale will never exceed the guaranteed rate scale in the policy contract. Annual report to policyowner All monthly deductions, interest credits, death benefit amounts, loans/withdrawals, cash values, policy values, and premiums received are documented in an annual report sent to policyowners each year. This report also includes important information about the continuation of the policy into the future. The annual report should be reviewed each year to make sure the policy continues to meet the policyowner s needs. Adjustments may be appropriate based on changed conditions, interest credits, or monthly deductions. Guarantees are subject to the claims paying ability of Protective Life Insurance Company. The tax treatment of life insurance is subject to change. Neither Protective Life Insurance Company nor its representatives offer legal or tax advice. Investors should consult their legal or tax advisor regarding their individual situation. 5

6 Common questions about universal life insurance How long has Protective Life been selling universal life insurance? Protective Life designed its first universal life plan in 1981 and was therefore one of the pioneers in universal life development. Does Protective Life offer only one universal life insurance plan? No. Protective Life offers a diverse portfolio of products to meet a variety of insurance needs. Some products emphasize low premium cost, while others emphasize policy value accumulation. We even have products designed for specialty insurance needs. Can premiums for my universal life insurance plan be tax deductible? Premiums for personally-owned life insurance are not tax deductible. However, employers may be able to deduct premiums as part of a Section 162 Bonus Plan for certain employees. For information regarding your personal situation, please contact your professional tax advisor. What if I want to change my face amount? This flexibility is one of the features of universal life. The face amount can be increased or decreased within plan limits, but medical evidence of insurability may be required. Consult your policy contract for details. What if I want to change my premiums at any time? Premium flexibility is one of the main features of universal life. Your premiums can be increased up to certain IRS guidelines or reduced within the limits of the required minimum premium. All of our universal life products provide certain lapse protection provisions, which require payment of a Minimum Premium. It is important to note that after the lapse protection period, your universal life contract can stay in force only if there is policy value in excess of surrender charges, and this may not occur if premiums are reduced. In some cases, it may be necessary to pay more to keep your policy in force. Can the current cost of insurance rates change? Yes. Protective Life has the right to change the cost of insurance rates, but the rates for a particular plan may never exceed the guaranteed rates shown in the policy contract. Should I consider universal life insurance an investment? No. While universal life certainly has an investment element, it is not an investment in the strictest sense. 6

7 Should I expect my current credited interest rates to change? Yes. The current interest rate credited to your policy value is not guaranteed. Interest rates may change at any time. While they are influenced by the overall economic environment, interest rates are not indexed to any national standard and are subject to change at the discretion of the management of Protective Life. What is a zero net cost policy loan? This feature allows for surrender values to be borrowed at a zero net cost after the 10 th policy year. Specifically, such policy loans will be charged the same rate of interest that is credited to the policy value on loaned amounts. This feature is contractually guaranteed in most universal life plans offered by Protective Life. Consult your policy contract to determine if this feature is included. Why not buy term insurance instead of universal life? Universal life is designed to help solve a long-term need. Term insurance is designed for a relatively short-term need. You should discuss these options with your agent and purchase the type of insurance that best meets your needs. 7 7

8 ABOUT PROTECTIVE LIFE Protective Life Insurance Company helps to provide financial security through insurance and investment products. For more than one hundred years, our Company has remained true to its core values of quality, serving people and growth. This unwavering commitment to treating people the way we would like to be treated has been rewarded with stable, long-term relationships and growth. Today, Protective Life is one of the nation s leading insurance companies, drawing on a heritage of strength and a tradition of innovation, while proving the wisdom of our Company s vision: Doing the right thing is smart business. Policy forms UL-12 and UL-15, and state variations thereof, are flexible premium universal life insurance policies issued by Protective Life Insurance Company, 2801 Highway 280 South, Birmingham, AL Product features and availability may vary by state. Consult policy for benefits, riders, limitations, and exclusions. Subject to underwriting. Up to a two-year contestable and suicide period. Benefits adjusted for misstatements of age or sex. In Montana, unisex rates apply. The tax treatment of life insurance is subject to change. Neither Protective Life nor its representatives offer legal or tax advice. Please consult with your legal or tax advisor regarding your individual situation before making any tax-related decisions. All payments and all guarantees are subject to the claims paying ability of Protective Life Insurance Company. PLC.1050 (11.09)

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