SUL Provider
Principal® Survivorship Universal Life Provider (SUL Provider) is designed for clients who want the security of cost-effective, long-term protection on two lives. It’s ideal for clients with legacy and estate planning needs, or business transition needs.
This product is approved in all states.
- Optional extended no-lapse guarantee provides guaranteed coverage to the age of 100 of the younger insured.
- Early access to the death benefit is available to the surviving insured for chronic illness or terminal illness.
- One applicant can be an uninsurable risk.
- Available for term conversions.
Ideal prospects:
- Males and females ages 60-75
- Individuals who have estate planning needs
- Couples with one uninsurable risk
- Wealth-transfer clients
- Family-owned businesses and companies owned equally by two partners
- Parents seeking to provide for a child with special needs
- Issue ages: 20-85; second life may be issued to age 90, at any underwriting class from Preferred to uninsurable. Maturity: Age 121
- Current assumption product designed for affordable, long-term protection, with optional extended no-lapse guarantees.
- Featured riders include: Chronic Illness Death Benefit Advance, Extended No-Lapse Guarantee, Four-Year Term Insurance, Maturity Date Extension Provision, Policy Split Option Provision, and Terminal Illness Death Benefit Advance.
- Policy loans and partial surrenders are available.
For more information about SUL Provider:
- Product Guide (PDF) (BB12554)
- Contact us: Life Sales Support
- Run an illustration.
- Review Life New Business Guide. (PDF) (BB10816)
Important Information
Some things clients should consider:
- Universal life insurance has fees and expenses that can impact its cost and cash value growth.
- If policy performance is less than expected, an increase in premium payments may be needed.
- This product may require more active management by the policyowner due to its flexibility and cash value component.
Withdrawals and loans may decrease the amount of death benefit and cash accumulation value.
In exchange for the death benefit, life insurance products charge fees, such as mortality and expense risk changes and surrender fees.
All guarantees are subject to the claims-paying ability of the issuing insurance company.
The policy rider descriptions are not intended to cover all restrictions, conditions, or limitations that may apply. See the policy and rider for full details. Riders are subject to state variations and may not be available in all states. Some riders may require additional premium. Insurance products issued by Principal National Life Insurance Company (except in NY) and Principal Life Insurance Company®, and the companies available through the Preferred Product Network, Inc. Plan administrative services offered by Principal Life. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392.
For financial professional use only. Not for public distribution.
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