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- Option A (Level) – The death benefit will be equal to the nominal value minus the sum of all the withdrawn amounts before the date of death.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.
Optional supplements
Premium payment waiver for total disability
If you become completely disabled (as defined) for a period of four to six months or greater, depending on the plan you choose, we will waive you premium payments that are due while such total disability continues. If such incapacity is the result of dismemberment, as defined in the supplement, you are eligible to the benefit when the loss occurs.
Death by accidental means
We will pay a death benefit equal to the benefit payable for the basic policy up to $200,000.00 if death occurs as a result of physical injuries incurred by accidental means.
Coverage for additional insured
With this coverage, you can insure other persons, including business partners, spouses, and children over 18 years of age. The maximum coverage for these additional insured shall not exceed that of the policyholder. This benefit has conversion privilege, as described in the basic policy.
Coverage for children
It covers all your eligible children up to 24 years of age. This coverage also has conversion privilege to permanent coverage.
Coverage of protection of disability income
It provides a set amount of monthly income during the period of total and permanent disability up to 65 years of age. This benefit applies to the policyholder.
Level term life insurance supplement
This benefit allows adding level term protection up to four times the amount of the basic policy. The duration of the supplement will be selected term, from 10, 15, 20, or 30 years. The policy may have more than one level term supplementation with differently leveled periods.
