Your life will change over time – your life insurance should be able to as well. Because no single insurance plan will work for everyone, American National offers universal life insurance. Like whole life, universal life is considered a permanent life insurance policy. However, universal life offers a much greater degree of flexibility for the policyholder in both premium payments and coverage amounts.
Universal life options may include:
Flexible premiums – Policyholders may be able to vary their premiums within certain limits as long as the policy retains sufficient available cash value
Flexible benefits – Policies may allow you to increase or decrease the death benefit according to your particular situation, subject to qualification requirements.
Loan access – You can borrow against a portion of your policy’s cash value in order to meet unexpected financial needs. Unpaid policy debt will reduce the proceeds payable at death.
Optional riders – Many policies can be customized with riders such as accelerated benefits, disability waivers of minimum premium or stipulated premium, children’s level term and coverage continuation. Not all riders are available for all policies.
Universal life policy values are interest-rate sensitive. Interest crediting rates are set by the insurer, subject to policy-specific requirements.
Locate a life insurance policy
Sometimes life insurance policyholders forget to tell beneficiaries about their policies. If you think you are a named beneficiary on a deceased loved one’s life insurance policy, the National Association of Insurance Commissioners can help. Use the NAIC life insurance policy locator to get started.
Once requested, the NAIC will:
· Ask participating companies to search their records
· Ask those companies to reach out to you. But, you must be the designated beneficiary or authorized to receive information.
Visit the NAIC’s list of Frequently Asked Questions if you have any other questions.