Universal Life Policy
This product offers flexibility, allowing you to choose between a term life insurance and permanent life insurance. This coverage can help you create a fund for your children’s education, offers alternatives to supplement your retirement income, or solve other eventualities, depending on the option selected.
For this policy, the death benefit does not have to be charged as a lump sum. In fact, for all or part of the benefit, several forms of payment will be available: payments of interest only, payments for a certain period, payment of a certain amount, and lifetime income payments.
Available options
The Universal Policy provides two death benefit options:
- Option A (Level) – The death benefit will be equal to the nominal value minus the sum of all the withdrawn amounts before the date of death. The account’s value is included in the nominal value.
- Opción B (Increasing) – The death benefit will be equal to the nominal value plus the value of the account at the date of death.
Rights and contract alternatives
The policy gives you these rights:
- Changing the policyholder
- Making beneficiary changes
- Changing the premium or payment method
- Taking loans against your policy, surrender it, or reinstall it
- Making partial withdrawals
- Requesting changes in the death benefit
In Triple-S Vida we have several contract alternatives available. The differences between them are mainly interest rates, the settlement fees, and limits of coverage by age.
