The Guardian Life Insurance Company of American (Guardian), New York, N.Y., has announced a significant price-related enhancement to its ULtraLife Current Assumption Universal Life product.
Guardian is accomplishing this benefit via cost of insurance (COI) adjustments that will positively affect new and inforce policyholders. As a result the base ULtraLife UL policy is priced even more competitively for pay-to-endow and pay-to-carry scenarios (both level and short pay), offering clients affordable and flexible lifetime coverage with the potential for cash accumulation.
In addition, ULtraLife UL’s minimum guaranteed interest crediting rate of 3.5% is among the highest in the industry, said Michael Ferik, FSA, Guardian Senior Vice President, Individual Life.
At a time when many carriers are raising rates on universal life policies with secondary guarantees, Ferik pointed to the benefit of a UL policy with cash value that can be accessed for a variety of “living benefits.” For example, a business that has funded its Key Person insurance plan with ULtraLife UL can take advantage of the policy’s built-in flexibility for loans or as collateral to help the business grow.
Guardian also offers several key rider options, including an Enhanced Accelerated Benefit Rider (EABR) that pays a portion of the death benefit in advance should a permanent chronic illness or a terminal illness occur, and two disability waiver options (Waiver of Specified Amount Rider and Waiver of Monthly Deductions Rider) to cover the policy premium in the event of a disability.
For more information, visit www.GuardianLife.com.