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Flexible, Permanent Protection with Universal Life Insurance

How It Works

Universal Life Insurance premiums are paid into your policy's fund value (after a cost of insurance charge), where it grows tax-sheltered. Every month, various deductions, such as the cost of insurance, are then made from the fund value. If sufficient funds are available, you have the ability to make withdrawals from the accumulated fund for your personal needs. Withdrawals may reduce the death benefit and fund value. The policy continues as long as the fund value is sufficient to cover the various deductions each month.*

Typical Uses for Universal Life Insurance

  • Provides for a family's loss of income, mortgage costs and educational needs.
  • Access to fund value for life's opportunities.
  • Estate, special needs and business planning.

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Universal Life

A Universal Life Insurance policy is a flexible way to help protect your loved ones and build tax-deferred cash value.

Features

  • Flexibility - You decide the amount of life insurance and premium payments subject to policy minimums.
  • Death benefit - Life insurance proceeds are generally income tax free to the beneficiary.
  • The growth in fund value is tax-deferred under current federal income tax law.
  • Access to fund value - The fund value can be accessed to help with education expenses, provide a retirement supplement, or other personal objectives.

We offer a Flexible Care Benefit Rider.

Survivorship Universal Life

Survivorship Universal Life Insurance covers two people. The death benefit is paid when the last person insured under the policy dies. Survivorship Universal Life is an efficient way to assist with a variety of planning needs.

Features

  • Typically less expensive than two individual life policies.
  • Flexibility:
    • You decide the amount of life insurance and premium payments subject to policy minimums.
    • The fund value can be paid upon the first death.
    • Premiums can be waived upon the first death.
  • Death benefit - Life insurance proceeds are generally income tax free to the beneficiary.
  • The growth in fund value is tax-deferred under current federal income tax law.
  • Access to fund value - The fund value can be accessed to help with education expenses, provide a retirement supplement or other personal objectives.

Joint Universal Life

Joint Universal Life Insurance covers two people. The death benefit is paid upon the first death of the policyholders. Joint Universal Life offers an economical way of providing permanent coverage for two individuals under one policy. Joint Universal Life can be beneficial both for a family and a business.

Features

  • Typically less expensive than two individual Life policies.
  • Flexibility - You decide the amount of life insurance and premium payments subject to policy minimums.
  • Raise or lower the coverage - and premiums - to fit the need1.
  • Death Benefit payment after first death.
  • Life insurance proceeds are generally income tax free to the beneficiary.
  • Option to purchase another policy for the surviving policyholder.
  • Builds a fund value, which grows income tax deferred under current federal income tax law.
  • Ability to withdraw cash from your account when you need it to help with education expenses, provide a retirement supplement, or other personal objectives2.
  • Includes a broad range of riders and features to customize coverage.

Disclosures

1Increases in coverage are subject to underwriting and policy limits. Decreases in coverage are subject to policy limits.

2Surrenders may be subject to a surrender charge. Withdrawals will reduce the death benefit and the policy's fund value.

*With Universal Life the coverage will expire when the fund value is insufficient to cover the cost of insurance.

This is a general description of coverage. A complete statement of coverage is found only in the policy.

For more details on coverage, costs, restrictions, and renewability; or to apply for coverage, contact your local State Farm agent.