BIRMINGHAM, Ala.--(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.