Your employees have an opportunity to apply for coverage in a Universal Life plan. The plan provides flexibility, security and tax-deferred accumulations through the convenience of payroll deduction.
Flexible Family Protection
The coverage is permanent and can extend into retirement. It is available to your employees and to their spouses and children.
Tax-Deferred Accumulations
The plan builds cash value, which in turn earns tax-deferred interest at a competitive rate. And, if the need arises, an employee can borrow against the accumulated cash value.
Portability
Assuming an employee continues to pay premiums, the universal life insurance is there for life. If your employee leaves your workforce, he or she can continue the coverage.
Long-Term Care Benefit
Universal Life has a built-in benefit that provides monthly financial help for a medically necessary stay in a qualified long-term care facility, for home health care and even adult day care.
Accelerated Death Benefit
An employee may receive up to 50% of the value of the plan’s death benefit if a physician determines that death will most likely occur within 12 months. He or she can use that benefit to pay for immediate medical care expenses and ongoing care, or for any other purposes related to the illness. The accelerated death benefit is treated as a plan loan and is subtracted from the final death benefit.
