Universal Life Insurance with Secondary Guarantee provides affordable, guaranteed1 life insurance protection for your entire lifetime, up to age 121. Universal Life with a secondary guarantee can be a useful tool for estate planning needs because it offers a guaranteed death benefit amount.
A Universal Life Insurance with Secondary Guarantee policy from Farm Bureau offers you:
Affordable protection ― your premium dollars are used to pay for the guaranteed death benefit protection; there is little accumulated value with this policy, so your premiums will likely be lower than other permanent life insurance policies.
Flexible payments ― you may choose to pay a single premium or pay level premiums over a set amount of time or until a certain age.
Secondary guarantee ― the secondary guarantee benefit provides a safety net that guarantees1 your policy will remain in force to your desired age (up to age 121), as long as your planned premiums are paid on time and no loans or withdrawals are taken from the policy.
Financial protection for others ― upon your death, your beneficiaries may receive proceeds from the policy income tax-free.
Lower costs ― preferred cost-of-insurance rates are available if you meet certain requirements, including acceptable blood pressure and cholesterol levels, whether or not you use tobacco products. If you do not use tobacco products and meet further requirements, even lower Super Preferred rates are available.
Living benefit2 ― if a terminal illness occurs, you can receive money by using part of your policy’s death benefit.
Waiver of surrender charges ― a surrender charge applies if you surrender your policy within the first 19 years. But, the charge may be waived if you experience a total disability, terminal illness, chronic illness or confinement to a nursing home for 90 consecutive days after the first contract year.
For an additional charge, you may add the following to your policy:
Universal Children's Term Life Insurance ― provides term life insurance for each of your qualifying children age 7 days to 23 years.
Waiver of Specified Premium ― if you experience a total disability that continues for 90 consecutive days, specified premiums will be credited for the duration of that disability. This protection continues to age 65, unless the specified premium benefit is being paid under the rider.
Daily Living Rider3 ― accelerates a portion of your ULSG insurance policy's death benefit if the insured has been chronically ill4 for 90 days and is expected to be for another 90 days or longer. The maximum rider amount is $250,000 for all life policies with this rider combined, not to exceed the death benefit of the policies. This rider is available at issue only, and the benefit may only be elected once during the life of the policy. Any benefit paid from the rider will reduce the death benefit payable on the policy.
As a Universal Life with Secondary Guarantee policy owner, you will receive an annual report listing your policy transactions, including amount of premium payments and charges deducted.
Universal Life with Secondary Guarantee from Farm Bureau provides affordable life insurance coverage and financial security so you can focus on other priorities in your life. Find a Farm Bureau agent now.
1 The guarantees expressed here are based on the claims-paying ability of Farm Bureau Life Insurance Company.
2 The Living Benefit Rider is known as the Accelerated Benefit Rider in some states.
3The Daily Living Rider is not to be purchased as a long-term care or health insurance policy, but can provide help with needs resulting from terminal or catastrophic illness. In most situations, canceling, reducing, surrendering or replacing a long-term care or health insurance policy for this rider would be considered unsuitable.
4A chronically ill individual means any individual who has been certified by a licensed health-care practitioner as being unable to perform (without substantial assistance from another individual) at least two activities of daily living for a period of 90 days due to a loss of functional capacity and.or requiring substantial supervision to protect such individual from threats to health and safety due to severe cognitive impairment. In Kansas, a chronically ill individual must also be confined in an eligible institution.