The Joint Universal Life Plan *
The Joint Universal Life Plan : offers the benefit of a permanent life insurance policy that protects two people with one policy. The death benefit is paid when the first death occurs. The policy's guaranteed conversion privilege gives the survivor the opportunity to obtain his or her own coverage, regardless of health at the time of the first death, if under age 80. The plan may cost less than purchasing two individual plans for the security of those you love. Any two people who share a mutual financial interest can purchase the plan. This very flexible plan could provide for the needs of business partners, married couples or others with mutual financial interests.
Some other possible advantages of this plan:
Tax-Free Death Benefits: Proceeds of the policy can pass to heirs free of income or capital gains tax. If the plan is properly structured, it is possible to avoid estate taxes on policy proceeds as well.
Tax-Deferred Earnings: While your policy is in force, the cash building up in your policy is free of current income tax, thus helping your policy cash values grow faster.
Tax-Free Loans: The cash funds in your policy may be accessed with a policy loan, usually with no tax consequences, as your financial needs might require. We should remind you, though, that any policy loans will reduce your cash surrender value and death benefit until re-paid in full.
Accumulated Value Bonus: This bonus is to encourage the continuation of the plan and reward those long term policyholders after the eleventh year. This bonus is not guaranteed in the policy and may not be available in all states.
Riders are available to customize this plan for your specific needs. Riders, coverage additions and certain policy changes require underwriting approval. Some possible riders include:
Accidental Death Benefit: Pays an added death benefit upon the accidental death of the insured, as defined by the policy.
Disability Continuance of Insurance: After six months of total disability, as defined by the policy, the rider will provide continued life insurance during the total disability of the insured.
Children's Term Insurance: Provides level term insurance on each child of the insured.
Option to Increase the Specified Amount: At specified option dates, as defined in the policy, regardless of health.
Maturity Extension Rider: Can extend the maturity by twenty years.
Other insured term rider: Provides level yearly renewable term to the person insured by it.
Survivor Purchase Option: Gives the designated person, as named by the policyholder, the option to purchase, without evidence of insurability, up to five times the base specified amount at the time of the insured's death.
* This information is given to assist persons in understanding the nature of this product type in general terms, and it must not be considered as a binding contract or a copy of the policy in any way. An issued life insurance contract (policy) that you have purchased from a life insurance company must be viewed as the only contract reflecting your policy, and it must be reviewed for its limitations and benefits, between you and the life insurance company. Policy provisions may vary by state and may not be available in your state. Contact us for availability and a review of this plan of security for those you love. The above mentioned life policy is underwritten by Kansas City Life Insurance Company.
E-mail dphelps@phelpsfinancial.com
Phone (614) 899-6000 or toll free 1-877-471-7997 for MI, IN, WI, KY, & OH
06/01/2005