New ULs Offer Term-Like Premiums And 5 Guarantee Periods

Protective Life Insurance Company and West Coast Life Insurance Company have created new universal life policies that offer term-like, guaranteed premiums for periods of 10, 15, 20, 25 and 30 years.

Called Protective Secure-T and WCL Secure-T, the products offer built-in lapse protection, with the ability to extend coverage beyond the initial level premium period, according to the companies, which are units of Protective Life Corp., Birmingham, Ala. (NYSE:PL).

The Secure-T ULs come with a 61-day grace period. That’s twice as long as the grace period for traditional term products, the companies say.