Universal Life is designed to build cash value, and it’s unique characteristics make borrowing from the cash values easy. Caution, removing account values through withdrawals or loans could seriously jeopardize the policy and cause it to lapse.

Some optional provisions, commonly referred to as riders, can be added to a guaranteed universal life policy, generally through payment of an additional premium. Riders can be extremely useful in tailoring the coverage to meet your specific needs. Some common Guaranteed Universal Life Riders are;

Basic & Ofter Free Accelerated death benefits: An accelerated death benefits provision allows for payment of part of a policy’s death benefit while an insured is still alive. Such benefits are typically payable when the insured develops a medical condition expected to lead to death within a short period.

Long-Term Care or Chronic Illness Rider: This optional and very popular rider is usually available at issue only. It can provide monthly benefit payments for the reimbursement of expenses from Qualified Long-Term Care Services if the insured meets the Eligibility requirements. Benefits are provided through the acceleration of the policy’s death benefit. Learn More About Lon-Term Care & Chronic Illness Riders.

The Disability Waiver of Monthly Deductions Benefit Rider: The rider is available at an additional cost, waives the cost of insurance, monthly expense charges, and rider charges if the insured becomes disabled. 

Accidental death: Pays the beneficiaries double (in some situations triple) the policy’s face if the insured dies in an accident.

Spousal or family term insurance: Allows a policy owner to purchase term insurance on a spouse or children.

Return of Premium Rider: A return of premium rider increases the death benefit by the amount of premium paid. It can be useful in specific advanced planning applications