Life Insurance Company of the Southwest is rolling out a universal life policy that is designed to provide both death benefit guarantees and cash value accumulation.
Called LSW IncomeBuilder UL, it includes a new optional death benefit protection rider, says the company, a member of National Life Group, Montpelier, Vt.
The rider can guarantee 20 years of death benefit protection as long as the monthly premium test is met, even if the cash surrender value is less than or equal to zero. The premium payments need to equal to the monthly guarantee premiums.
Withdrawals and policy loans taken against the policy will affect the monthly premium test, the company says, but the customer can deposit an additional premium to keep the rider in force.