Friday, April 1, 2016

What is joint universal life insurance? From Tricia Zwirner, #StateFarm

Joint Universal Life insurance covers two individuals with one policy — often at a lower cost than two separate policies. Learn more about Joint Universal Life insurance and whether it's right for you.
What Is It? Universal Life provides a lifetime of protection1 while building a tax-deferred cash value. The policy offers coverage for two individuals, and an income tax-free death benefit is paid to beneficiaries upon the death of the first insured.
Who Is It For?
Joint Universal Life is available to eligible individuals ages 20 to 85. It can be a good option for:
·         Couples — Joint Universal Life can help assure you that loved ones could be provided for after your or your partner's death.
·         Business partners — You and your co-owner can purchase a Joint Universal Life policy, and the surviving partner can use the death benefit to help cover business expenses.
Why Choose It?
Besides the convenience of insuring two individuals under one policy, Joint Universal Life offers additional benefits:
·         Flexible — Joint Universal Life allows you to increase or decrease the amount of your premium payment.
·         Growth — Your policy builds a tax-deferred cash value over time. 
·         Accessible — You can access this cash value2, via policy loans or withdrawals to pay for your child's education, make major home improvements, grow your business and more.
·         Accommodating — A Survivor Purchase Option allows you to purchase a new permanent policy after the death of the first insured without evidence of insurability — so long as it's been fewer than 90 days since his or her passing and you're younger than 75 or whatever age is stated on the policy.
·         Affordable — Because Joint Universal Life pays a death benefit on the first insured, it's typically more affordable than purchasing two separate policies.
·         Customizable — Talk to your current Life Insurance agent riders that can add benefits to your policy.
  1. Coverage will expire when either no premiums are paid following the initial premium or subsequent premiums are insufficient to continue coverage.
  2. Only four withdrawals are allowed per year ($500 minimum per withdrawal). Surrenders may be subject to a surrender charge. Unpaid loans and withdrawals will reduce the death benefit and the policy cash value. Withdrawals also will reduce the policy account value/cash surrender value. Loans accrue interest.

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