Great coverage can be flexible.
Coverage that can last your entire life.
The option to adjust the amount of life insurance protection you want (within limits).
The ability to meet a wide array of insurance objectives.
Flexibility to match your protection to your needs.
The ability to build your cash value, tax deferred.
A Single Premium universal life policy lets you pay a lump-sum from an inheritance, bonus, or other source of income to purchase a permanent life insurance policy and provide your heirs with an income-tax-free lump-sum payment (death benefit) that can be larger than your one-time premium payment.
1Your policy's cash value typically becomes a useful source of funds only after several years of premium payments, which allows the cash value to build up. Each method of utilizing your policy&apos;s cash value has advantages and disadvantages and is subject to different tax consequences. Surrenders of, withdrawals from and loans against a policy will reduce the policy&apos;s cash surrender value and death benefit and may also affect any dividends paid on the policy. As a general rule, surrenders and withdrawals are taxable to the extent they exceed the cost basis of the policy, while loans are not taxable when taken. Loans taken against a life insurance policy can have adverse effects if not managed properly. Policy loans and automatic premium loans, including any accrued interest, must be repaid in cash or from policy values upon policy termination or the death of the insured. Repayment of loans from policy values (other than death proceeds) can potentially trigger a significant tax liability, and there may be little or no cash value remaining in the policy to pay the tax. If loans equal or exceed the cash value, the policy will terminate if additional cash payments are not made. Policyowners should consult with their tax advisors about the potential impact of any surrenders, withdrawals or loans.