Universal Life
Permanent, flexible protection tailored to your needs.
Universal life is a type of permanent insurance that offers owners some flexibility according to the guidelines stated in their policies. For example, with certain types of universal life you can increase or decrease your coverage after the policy is in force, and you can tailor your premium payments to fit your changing needs.
Liberty Life offers two types of universal life insurance policies:
Performance Universal Life1 insurance
• Permanent life insurance protection that builds cash value.
• Flexibility to adjust your level of coverage and your premium payments to meet your changing needs. 2
Spirit Series Universal Life3 insurance
• Affordable, permanent coverage that's not designed to build long-term cash values.
• Offers special lapse-protection features that provide continuous protection through any circumstance, as long as you meet certain minimum requirements.4
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1. Liberty Life Assurance Company of Boston, a member of the Liberty Mutual Group, issues Spirit Series Performance Universal Life, a flexible premium adjustable life insurance contract, on policy form UL-2008019, ICC08-UL- 2008019 as applicable (UL-2008019 NY in New York and UL-2008019 NJ in New Jersey) and state variations identified by state code. Liberty Life's obligations under its life insurance contracts are guaranteed by Liberty Mutual Insurance Company. Home office: Boston, Mass. Service center: Dover, N.H.
2. Subject to evidence of insurability and.or policy limitations. See contract for details. Premium payments are subject to minimum premium and Internal Revenue Code limits.
3. Liberty Life Assurance Company of Boston, a member of the Liberty Mutual Group, issues Spirit Series Universal Life, a flexible premium adjustable life insurance contract, on policy form UL-2006034 (UL-2006034 NY in New York and UL-2006034 NJ in New Jersey), and state variations identified by state code. Home office: Boston, Mass. Service Center: Dover, N.H.
4. Spirit Series Universal Life’s short-term lapse protection is provided by the policy’s Limited Duration Death Benefit Guarantee for the first ten years. The policy’s Extended Duration Death Benefit Guarantee provides long-term lapse protection to age 121, the maturity date. Loans, withdrawals, face amount changes and the amount and timing of premium payments may cause coverage to terminate prior to the end of the lapse protection period. Payment of premiums only sufficient to satisfy the minimum requirements for either death benefit guarantee will reduce growth in policy cash values. If the death benefit guarantees terminate, the policy will stay in force provided the surrender value is sufficient to pay the monthly deduction.