Survivorship Universal Life Protector II
Principal Survivorship Universal Life Protector IISM (SUL Protector II) is designed for clients who want the security of affordable, guaranteed protection on two lives. It is ideal for clients with estate planning needs. It offers competitively-priced guaranteed death benefit protection in a variety of funding scenarios.
- Lapse Protection Rider (LPR)* provides guaranteed death benefit protection up to the second insured’s lifetime.
- Premium flexibility for unscheduled and 1035 exchange payments in the first policy year.
- One applicant can be an uninsurable risk.
- Available for term conversion.
*The policy’s Lapse Protection rider, and its underlying protection, will be affected by any changes in premium payment amounts, premium payment frequency, loans, partial surrenders, face amount adjustments, death benefit option changes, risk class changes, and addition/deletion of any attached rider. Clients should see their policy for more information.
- Males and females age 55 to 80
- Individuals who have joint estate planning needs
- Couples with or without one uninsurable (seven tables of uninsurable available)
- Wealth-transfer clients via a private split dollar arrangement, an interest-only note, an intentionally defective irrevocable trust (IDIT) or a grantor-retained annuity trust (GRAT)
- Personal financial-needs analysis via Principal IRA ExchangeSM and Principal Annuity LegacySM
- Clients seeking guaranteed death benefit protection
- Individuals with sizable assets in annuities and IRAs who need a way to pass on those assets, but not the tax burden, to their heirs
- Issue ages: 20-85; second life may be issued to age 90, at any underwriting class from preferred to uninsurable. Maturity age: 121
- Death benefit guarantees to age 100 or 121. If premium payments are skipped or delayed, the originally quoted lapse protection guarantee period can generally be “caught up,” assuming the policy is in-force and the clients are aware of and can afford the future increased premium.
- Features riders including: Extended Coverage, Estate Tax Repeal and Four-Year Term Insurance, as well as a Policy Split Option provision.
- Policy loans and partial surrenders available.
- For more information about SUL Protector II, go to:
- Product Guide (BB9614)
Key materials listed below. Additional materials available.
Protection for Your Estate (BB9604)
Brochure which informs clients how SUL Protector II can provide a solution for their survivorship needs.