Life is full of change. Changes in your family, your home, and your job can dramatically affect your financial situation. What if your life insurance policy was flexible enough to accommodate changing financial circumstances?
Universal life insurance is a type of life insurance policy that offers adjustable premiums and an adjustable death benefit. It also has the potential to build cash value. These features make it ideal for those who want a life insurance program that can change along with their needs. Because of its flexibility, universal life insurance can be a great tool for achieving a wide variety of financial goals.
The amount and schedule of premium payments can be adjusted. You also have the option to change the death benefit (increases may require proof of insurability).
Your beneficiaries will receive an income tax-free* benefit upon your death.
Depending on the premiums paid, funds can accumulate in your policy and may be available for any purpose you see fit.**
Our universal life insurance policies have two interest rates—the current rate and the guaranteed rate. The cash value of the policy will earn the current rate, which will fluctuate; but it will never earn less than our guaranteed rate.
Single or Dual Coverage
NMB offers an individual universal life insurance policy as well as a dual universal life insurance policy. The dual policy insures two people and benefits are paid upon the death of the first insured.
*According to current tax laws, IRC Sections 101 & 7702. For Minnesota residents, Minnesota Statues Section 290.01, Subd. 19.
**Cash values can be accessed through loans and/or withdrawals, but these will reduce the death benefit. In addition, withdrawals from some policies may be subject to surrender charges and could have a permanent effect of the cash value and death benefit.
Watch this short, fun video that explains our Universal Life insurance policy: