Variable Universal Life FAQs
Variable universal life insurance is a versatile product which provides both insurance protection and investment opportunities. VUL, like universal life insurance, allows you the flexibility to choose the amount and timing of your premiums, subject to company minimums and IRS maximums. Likewise, you may increase or decrease the death benefit, depending on policy minimums and any underwriting requirements.
To determine a policy's value:
- Log in at the top of our website.
- Next log in to your personal account.
- Select 'Manage my account’ and view the Policy Overview section for details.
Please refer to your contract for additional features and benefits.
Partial withdrawals cannot be made online at this time. Please call our Customer Care Contact Center for help with your policy.
You may be eligible to reinstate your policy by paying past premiums and providing proof of insurability. Please call our Customer Care Contact Center for assistance with your policy.
A partial withdrawal reduces the cash value of your contract and cannot be repaid.
- If your policy has a Death Benefit Option 1 – Level, the specified face amount of your contract will be reduced by the amount of the partial withdrawal
- If your policy has a Death Benefit Option 2 – Changing, the death benefit (specified face amount plus accumulated cash value) is reduced by the cash value withdrawn
If you take a loan, unpaid loan balances will be deducted from the death benefit payable on your contract.
Requests received before 3:00 p.m. CT are processed at market close that day (on a business day), while requests received after 3:00 p.m. are processed at market close of the next business day.
Delivery methods include:
Method Time Charges Check sent via U.S. Postal Service Sent the day after the request is processed. Receipt depends on U.S. Postal Service. None Check sent via Overnight Delivery Service Sent the day after request is processed. For most areas, you will receive the check the next business day. Some remote areas take 2 business days. $25.00 Wire to your account Funds will be credited to your account the day after we process your request. We need the name of your financial institution, routing and account numbers, type of account (savings, checking or share draft) and names on the account. $25.00 Electronic Funds Transfer Funds will be credited to your account within 48 hours (business days) after your request is processed. We need the name of your financial institution, routing and account numbers, type of account (savings, checking or share draft) and names on the account. None
We currently do not provide e-delivery of statements or other documents. Please call us for assistance at 1-800-798-5500.
For assistance by TTY: dial 711 and ask to be connected to 1-800-798-5500. Dialing 711 connects you to Telecommunications Relay Services (TRS). TRS permits persons with a hearing or speech disability to use the telephone system via a text telephone (TTY) or other devices to call persons with or without such disabilities. TRS calls have no time limits and are confidential.
It’s when you exchange one type of insurance contract for another similar type, without any tax penalties. The ‘1035’ comes from Section 1035 of the Internal Revenue Code (IRC), which outlines this requirement. When a contract is exchanged under IRC §1035, the gain or loss of the exchanged contract is transferred to the new contract.
The following exchange types qualify as tax-free:
FROM: TO: Life insurance policy Life insurance policy; nonqualified annuity contract Endowment contract Nonqualified annuity contract Nonqualified annuity contract Nonqualified annuity contract
The other requirements for non-taxable treatment include:
- The owner and insured/annuitant on both contracts must be identical
- The contract being exchanged must be in force. If the contract is maturing, the 1035 exchange request must be signed before the maturity date
- The existing contract’s value must be exchanged. If cash is received, that remains taxable
Forms 1099-INT and 1099-R will be mailed by January 31 for qualifying policies and contracts.