Universal Life Insurance - Guaranteed 

 

Overview 

CUL Guaranteed 

SUL Guaranteed 

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Universal Life – Guaranteed Overview

Universal Life – Guaranteed (UL-G) is an option in estate planning situations where a guaranteed, level death benefit and guaranteed premiums are considered to be more important to the client than cash values. As long as the premiums are paid as illustrated and no loans are taken on the policy, the death benefit is guaranteed to remain in force for the period illustrated.

As you consider the life insurance options for your estate planning, it is important to remember that most estate planning needs that are met using a life insurance death benefit are permanent needs.  Therefore, some form of permanent life insurance is an essential element in many estate plans.

NMFN-ULG-001 (0611)

 

Northwestern Mutual Custom Universal Life – Guaranteed

Northwestern Mutual Custom Universal Life – Guaranteed (CUL-G) is designed for use in estate planning situations where there is a need for a guaranteed premium and a level death benefit guarantee, and where cash values are considered to be less important to the client.

This is a single life policy covering one insured.  CUL-G is available for insureds ages 50-85 at time of policy issue.

When to use CUL-G

CUL-G is designed for use in estate planning situations.  Consider this product when:

  • You have a need for permanent life insurance protection, and little need for cash value;
  • You want a guaranteed death benefit;
  • You are willing to “lock in” a premium for a specified length of time;
  • You are willing to trade premium flexibility for a guaranteed death benefit;
  • You want certainty of cost – no premium increases or decreases;
  • You are willing for forego growth on death benefit and cash values; and
  • You are willing to forego policy flexibility to have a guaranteed death benefit.

Death Benefit Guarantee

CUL-G offers a guaranteed level death benefit.  As long as premiums are paid on time as illustrated, and no loans are taken on the policy, the policy will remain in force for the period illustrated.

Premiums

CUL-G can be designed with a variety of premium payment options.  For example, you may choose to pay a single, lump sum premium or to pay a premium each year for a certain number of years, or to pay premiums each year for life.  When the CUL-G contract is purchased, you select a premium payment amount and a premium payment frequency which will keep the policy in force for a guaranteed period of time, as shown in the illustration provided by your financial representative.  This premium will not change – up or down – as long as premiums are paid as illustrated.

Little or No Cash Value

CUL-G contracts will have very little or no cash value.  If it is important for you to have accessible cash value, whether the policy is owned by a trust or individually, then CUL-G is not an appropriate life insurance choice.

Choosing a Guarantee Period

You have great flexibility in choosing the period of time the death benefit guarantee will be in effect. As you consider the options, it’s important to remember that most estate planning needs that are met using a life insurance death benefit are permanent. That means the death benefit is needed no matter when death occurs.  As a result, it is important to design the policy and pay premiums so that you will not outlive your policy. A lifetime guarantee is most often the best choice and ensures that the death benefit will be paid no matter how long you live – as long as premiums are paid on time as illustrated, and no loans are taken on the policy.

NMFN-ULG-002 (0611)

 

Northwestern Mutual Survivorship Universal Life – Guaranteed

Northwestern Mutual Survivorship Universal Life – Guaranteed (SUL-G) is designed for use in estate planning situations where there is a need for a guaranteed premium and a level death benefit guarantee, and where cash values are considered to be less important.

This is a survivorship life policy covering two insureds, with the death benefit paid at the death of the second to die. SUL-G is available for insureds ages 50-85 at time of policy issue. The younger of the two insureds can be ages 40-85. There can be no more than a 15 year age difference between younger and older insureds.

When to use SUL-G

SUL-G is designed for use in estate planning situations.  Consider this product when:

  • You have a need for permanent life insurance protection, and little need for cash value;
  • You want a guaranteed death benefit;
  • You are willing to “lock in” a premium for a specified length of time;
  • You are willing to trade premium flexibility for a guaranteed death benefit;
  • You want certainty of cost – no premium increases or decreases;
  • You are willing for forego growth on death benefit and cash values; and
  • You are willing to forego policy flexibility to have a guaranteed death benefit.

Death Benefit Guarantee

SUL-G offers a guaranteed level death benefit.  As long as premiums are paid on time as illustrated, and no loans are taken on the policy, the policy will remain in force for the period illustrated.

Premiums

SUL-G can be designed with a variety of premium payment options. For example, you may choose to pay a single, lump sum premium or to pay a premium each year for a certain number of years, or to pay premiums each year for life. When the SUL-G contract is purchased, you select a premium payment amount and a premium payment frequency which will keep the policy in force for a guaranteed period of time, as shown in the illustration provided by your financial representative.  This premium will not change – up or down – as long as premiums are paid as illustrated.

Little or No Cash Value

SUL-G contracts will have very little or no cash value.  If it is important for you to have accessible cash value, whether the policy is owned by a trust or individually, then SUL-G is not an appropriate life insurance choice.

Choosing a Guarantee Period

You have great flexibility in choosing the period of time the death benefit guarantee will be in effect. As you consider the options, it’s important to remember that most estate planning needs that are met using a life insurance death benefit are permanent. That means the death benefit is needed no matter when death occurs. As a result, it is important to design the policy and pay premiums so that you will not outlive your policy. A lifetime guarantee is most often the best choice and ensures that the death benefit will be paid no matter how long you live – as long as premiums are paid on time as illustrated, and no loans are taken on the policy.

NMFN-ULG-003 (0611)

 

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