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PRODUCTS
UNIVERSAL LIFE
You can't outlive the death benefit of this new universal life product.
To say that universal life (UL) insurance is enjoying a new day in the sun is an understatement. According to LIMRA, fixed UL premium was up a whopping 50 percent in the second quarter of 2002, following a first-quarter increase of 27 percent.
UL insurance sales are up because consumers are craving guarantees, due to their recent stock market roller-coaster rides. Also grabbing consumers' attention is a feature new to UL: a rider that guarantees premium levels to age 100.
To take advantage of growing demand, a number of companies are unveiling UL products. One of the latest to emerge is WealthMaster Classic, a fixed UL insurance policy recently introduced by Baltimore-based Fidelity & Guaranty (F&G) Life Insurance Company.
Guarantees
The WealthMaster Classic features a number of guarantees. The no-lapse premium guarantees clients that the coverage will remain in force if they make minimum premium payments and the extended maturity option guarantees that the client cannot outlive the insurance.
Bill Zimmerman, a broker general agent and president of LifePro Financial Services, Inc., in Southern California, believes this option will attract clients. "It allows the policyholder to be insured for as long as he lives. In less modem UL...