Protective Life Insurance Company, Birmingham, Ala., has released a new universal life insurance chronic illness rider that offers an affordable option for consumers’ chronic care needs. The optional feature applies to Protective’s ProClassicSM universal life policy or West Coast Life’s LifeTime Advantage PlusSM universal life policy, and can provide an important source of funds in the event of certain chronic illness conditions by accelerating the payment of a portion of the policy’s death benefit.

This highly flexible rider can be configured to meet a wide array of customer needs, with choices of both monthly benefit amounts and elimination periods. Once chronic illness payments are triggered, monthly payments are made automatically without the need for receipts or a cumbersome claims process. Up to 90% of the policy’s death benefit (up to $1 million) can be accelerated through the rider. The remaining death benefit can provide a valuable source of funds for final expenses, income replacement or estate planning needs.