Universal Life Insurance

Universal life insurance offers lifelong protection, premium flexibility, adjustable coverage and cash value growth potential. Universal life insurance allows for lifelong insurance coverage, the payment of a death benefit to your beneficiary and the building of cash value. This differs from whole life insurance because it gives you flexibility to adjust your premium payments or death benefit according to your changing insurance needs.

Optional features

There are optional features which may be added to the basic universal life policy that provide additional insurance coverage and policy benefits:

• Children’s Term Rider. Provides term coverage on the lives of the insured’s children
• Waiver of Premium.  A benefit that provides for the premiums to be paid by Catholic Knights during a period in which the primary insured has a qualifying total disability.
• Guaranteed Insurability Rider.  Guarantees the primary insured the right to purchase additional insurance at specific times without evidence of insurability.
• Juvenile Purchase Option.  Automatically included at no charge on all contracts issued for youths up to age 15. This benefit allows the insured to purchase up to $50,000 if additional permanent coverage at age 23 without evidence of insurability.
• Level20 Additional Insured Term Rider.  Provides term life insurance coverage on the life of the primary insured’s spouse or other person who has a mutual insurable interest.
• Living Benefit. Insured may qualify for a discounted death benefit if the insured is diagnosed as terminally ill, needs an organ transplant to save his or her life, or is permanently confined to a nursing home. This benefit is available at no additional cost.