Initial Premiums 50% Less* on New Guaranteed UL Products from Protective Life and West Coast Life
March 29 2010 - 4:38PM
Business Wire
Protective Life Insurance Company and West Coast Life Insurance
Company announced the release of two new unique and innovative
universal life insurance policies. Protective ModLife and
WCL ModLife are flexible-premium universal life insurance
policies that provide a lower entry-level premium concept to
guaranteed death benefit coverage. They are designed to meet the
needs of today’s consumers concerned about managing their current
expenses.
These products are unique in that initial premiums are
50% less*, based on underwriting class, compared to
other guaranteed universal life product options. ModLife also
features all the flexibility of universal life insurance, including
built-in lapse protection, with an option to address consumers
needs for lapse protection duration.**
“ModLife was designed with affordable coverage in mind,” says
John Deremo, Senior Vice President and Chief Distribution Officer
of Protective Life. “This is an innovative way to provide
guaranteed coverage with initial premiums at half the cost for
consumers who are struggling to find space in their already tight
budgets for permanent life insurance protection.”
ModLife offers several options for customizing a policy. It
offers lapse protection duration options to ages 90, 95, 100 and
121.*** The policyholder selects the length of the lapse protection
duration and face amount they wish to apply for. Based on the
selections, the premium pattern will provide a low entry level
premium in the first five policy years, before gradually increasing
in policy years six through ten. In policy year 11, the premium
stops increasing and remains level for the remainder of the
policy.
“We feel the time is right for ModLife,” Deremo continued.
“ModLife offers substantially lower initial premiums, which allows
consumers to lock in the permanent protection they need, with
premiums they can afford, at a time when budget and economy are of
critical importance. ModLife’s choice, flexibility and lifetime
guarantees should have very broad-based appeal for today’s budget
conscious consumers.”
About Protective Life and West Coast Life Insurance
Companies
Protective Life Insurance Company and West Coast Life Insurance
Company help to provide financial security through insurance and
investment products. For over one hundred years, these historic
companies have remained true to the core values of quality, serving
people and growth. This unwavering commitment to treating people
the way we would like to be treated has been rewarded with stable,
long-term relationships and growth. Today, Protective Life and West
Coast Life are among the nation's leading insurance companies,
drawing on a heritage of strength and a tradition of innovation,
while proving the wisdom of our collective vision: Doing the right
thing is smart business.®
* Initial premium savings in policy years 1 – 5 is based on
underwriting class and compared to other available guaranteed UL
product options.
** The policy will not lapse due to insufficient funds as long
as the Lapse Protection Account value equals or exceeds policy
debt. The amount of premium and any charges determine if the lapse
protection is in effect. Loans, partial surrenders, policy changes,
and any delinquent premium outlays will affect the length of the
protection. The lapse protection guarantees the policy death
benefit only, not the cash or surrender value. Refer to policy and
endorsements for complete limitations, terms, and conditions
*** Preferred Tobacco and Tobacco classes illustratable only to
age 100 and 121.
Protective ModLife, policy form UL-15 and state variations
thereof, and WCL ModLife, policy form WC-U15 and state variations
thereof, are flexible premium universal life insurance policies
issued by Protective Life and West Coast Life Insurance Companies,
2801 Highway 280 South, Birmingham, AL 35223. Product features and
availability may vary by state. Consult policy for benefits,
riders, limitations, and exclusions. Subject to underwriting. Up to
a two-year contestable and suicide period. Benefits adjusted for
misstatements of age or sex. In Montana, unisex rates apply.
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