Universal Life Insurance

A universal life (UL) insurance policy is more flexible than other permanent policies, so you can customize it to fit your lifestyle.

Universal life insurance:

·       May provide a guaranteed death benefit, ensuring the financial security of your family.

·       Gives you the flexibility of choosing how much, and when, to make premium payments. (Depends upon the cash value in your policy.)

·       Accumulates tax deferred and is accessible on a tax-preferred basis and is generally income tax free (under current tax law) to your beneficiary upon your death.

·       Lets you access the cash value for any purpose you may choose including a down payment on a home, a tuition payment for your child or to provide cash flow during your retirement.*

·       Allows you to change your death benefit which means you can increase or decrease your death benefit amount (increases are subject to underwriting) as your needs change.

·       Guarantees the interest rate that you earn on your cash value to be at least 2.5 percent annually, although our credited rate, which is not guaranteed, has been much higher.

Universal life insurance product choices

·       V-Pro UL provides permanent protection for an affordable premium. It also can accumulate cash value that can be accessed for future use.

·       Virtus Basic provides coverage for juveniles, policies under $100,000 of universal life insurance and coverage for existing "Basic" term policyholders converting to a universal life product.

Universal life insurance products are issued by Ohio National Life Assurance Corporation. Guarantees are based upon the claims-paying ability of the issuer. Product, product features and rider availability vary by state. Company not licensed to conduct business in New York.

*Consult your representative before taking a withdrawal or loan. Withdrawals and loans may cause loss of the no lapse guarantee. In addition, withdrawals may incur substantial charges and tax penalties. Withdrawals and loans will reduce the death benefit and cash surrender value. In the first 19 years, surrender charges apply to withdrawals over 10 percent of cash surrender value as of the prior policy anniversary. Certain policy loans may result in currently taxable income and tax penalties. 

If you are considering the use of policy loans as retirement income, you should consult your personal tax adviser regarding potential tax consequences that may arise if you do not make necessary payments to keep the policy from lapsing.

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