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UL Gets Charitable Benefit Rider

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A universal life policy now offers a charitable benefit rider that pays an additional 1% above the policy face amount to a selected charity.

Offered by Trans World Assurance Company, San Mateo, Calif., the rider is available at no additional cost with the company’s Future First Universal Life Insurance policy.

The rider does not increase the premium, reduce the cash values or cause a reduction in death benefit, the company says. The policyholder has the right to select the charity, as long as it is qualified under current tax law. Trans World says its agents can assist in charity selection.

One example the company gives is charities that support the benefits of servicemen. The insurer specializes in providing insurance and cash accumulation products for individuals in the military.