November 22, 2017

Colony Term Universal Life Insurance

COLONYSM TERM UL
Affordable security for today, flexibility for tomorrow
You know the importance of life insurance to help protect your family, especially during those critical years when you have children at home, a mortgage to pay and college years to fund. Your income makes it possible for you to provide for your family and give them the life you want them to have. But, what would they do if the unexpected happened to you? If the day comes when you’re no longer there, life insurance can provide the safety net that means the difference between hardship for them and continuing their lives in their own home surrounded by family and friends.

Until now, purchasing life insurance for a temporary need meant buying term life insurance with fixed premiums for fixed periods. Colony Term UL is a flexible-premium adjustable life insurance policy that let’s you plan your premium payments to be similar to term insurance premiums. It also allows you the flexibility to vary the payments as long as they are sufficient to maintain coverage and allows you to continue coverage by paying higher planned premiums if you find yourself needing insurance longer than you thought.

Colony Term UL contains a death-benefit guarantee. You can choose to maintain this guarantee by paying premiums periodically that are comparable to term life insurance premiums. These premiums are sufficient to support the guarantee for the period you select, just like term life insurance, e.g., 10,15, 20 or 30 years. If you choose to pay your planned premiums in such a way, you must pay them timely as planned to keep your policy in effect.
You can extend coverage beyond your initially chosen period simply by paying higher premiums. The longer you want your death-benefit guarantee to continue the higher the premiums you need to pay. The chart below shows one such pattern of premiums if you want to extend the policy’s death- benefit guarantee to age 105. Remember, you will pay more in overall premium by extending the death- benefit guarantee beyond your chosen period than had you chosen a longer period initially.

Additionally, if you have cash value in an old life insurance policy that no longer meets your needs, you may elect to use that cash value to help pay for this policy. An initial lump sum payment into Colony Term UL can assist in reducing future premiums. Adding to this flexibility, you also have the option to reduce your Specified Amount of death benefit if your needs have changed. Reducing the Specified Amount can help reduce your premium outlay.

Review of Product Highlights

  • a. You can choose to pay affordable planned periodic premiums comparable to term insurance premiums sufficient to guarantee death benefit coverage for an initially chosen period and then, if you want to, extend the guarantee by paying higher premiums.
  • b. while most people buy this policy intending to pay planned periodic premiums sufficient to guarantee death-benefit coverage for an initial period, Colony Term UL’s premium-payment flexibility allows you to pay premiums in different amounts and at different times and maintain the death-benefit guarantee as long as the premiums paid are sufficient to do so.
  • c. You choose the length of time you want the death-benefit guarantee to last – whether that’s 10 years, as long as you live, or somewhere in between.
  • d. Customizable death-benefit amounts help you keep your policy affordable, by allowing you to reduce your Specified Amount of coverage over time if your need for insurance decreases.

The security you need, the flexibility you want.

Each Colony Term UL product has been priced to be most affordable for death-benefit guarantees lasting initially for the period specified in the product name. For instance, Colony Term UL 20 is most affordable for initial death-benefit guarantee periods lasting 20 years. For longer or shorter initial guar- antee periods, a different Colony Term UL product might be more appropriate. You will want to match your need to the product that is right for you. Remember, Colony Term UL is designed to address the need for affordable coverage today, while providing the flexibility you may need tomorrow. If you believe that when you decide to purchase Colony Term UL you intend to pay a consistent premium as long as you want your coverage to last and that the period of coverage you need is longer than 10, 15, 20 or 30 years, you should consider purchasing a genguardSm UL policy because your planned- premium outlay may be smaller by purchasing the genguard UL policy.

Making a life insurance product more flexible also makes it more complex. we’ve provided the brief explanation above to introduce you to Colony Term UL, but it is not a substitute for reading your policy.

Colony Term UL helps you put a plan in place without forcing you to choose between sticking to your budget and buying life insurance. Take the next step – work with your life insurance advisor to customize a Colony Term UL policy that’s right for you.