Protective Life Insurance Company and West Coast Life Insurance Company have released a new series of universal life policies, the Protective Centennial G II Universal Life Series and the West Coast LifeTime Platinum III Universal Life Series.
The companies have said that both the Protective Centennial G II Universal Life Series and the West Coast LifeTime Platinum III Universal Life Series provide flexible lapse protection options, including guaranteed death benefit coverage that may last the lifetime of the insured.
The premiums will vary according to the issue age, gender, face amount, length of lapse protection, and underwriting class of the proposed insured. Policy loans, partial surrenders, policy changes, or delinquent premiums may affect the length of the lapse protection and may cause the purchaser to lose the lapse protection.
Each universal life (UL) series offers a new product, the Protective Centennial G II Plus UL and the West Coast LifeTime Platinum Plus UL, each providing the same flexible lapse protection guarantee, but for a slightly more premium the policies have an added bonus-greater cash value accumulation. The lapse protection does not apply to policy values.
The Centennial G II UL and Lifetime Platinum UL products are designed for clients who are looking for guaranteed lifetime death benefit protection at a lower premium cost. Whether the need is for affordable family income replacement, estate planning, or business insurance applications, the Protective Centennial G II UL Series and the West Coast LifeTime Platinum UL Series can play an important role.
John Deremo, senior vice president and chief distribution officer of Protective Life Insurance Company’s and West Coast Life Insurance Company’s life and annuity division, said: Unlike many guaranteed death benefit universal life products, the Centennial G II Plus and LifeTime Platinum Plus give clients the ability to accumulate attractive cash values that can be used to meet a variety of future financial needs. Combined with the enhanced Centennial G II UL and LifeTime Platinum UL rates, these two UL series offer our producers and brokers some of the competitive secondary guarantee universal life products in the industry.