Sagicor's GUL policy does allow for some of the same flexibility you typically find at other companies. This includes the ability to take policy loans (with interest) and customize with riders to meet your needs.
Death Benefit Options - Set up face amount of the policy one of two ways:
- Have a guaranteed level death benefit amount that is the same on day 1 as it is at age 101.
- Choose an increasing death benefit which is equal to the original face amount plus the accumulation value.
Accelerated Benefit Insurance Rider - If the insured is diagnosed with a terminal or chronic illness, you can take a portion of the death benefit early, while still living to help with costs and emotional stress. Access between $5,000 and $400,000 which will be subtracted from the eventual death payout.
Customize the Sage NLUL policy with additional options. These riders will increase the cost of your premiums.
Accidental Death Benefit Rider - Your beneficiaries receive an extra amount of money in the event of a covered accidental death. You pick how much extra, between $25,000 and $250,000. The cost is approximately 12 cents per month for every $1,000 added.
Children's Term Rider - Add a small term life insurance policy to eligible household children between $2,000 and $20,000. Expect to pay 52 cents per month per $1,000 of coverage on the child.
Waiver of Monthly Deductions Rider - Have your premiums payments and all policy charges waived in the event of becoming disabled. This keeps your coverage in place even when you can't pay it.