Maritime Life on Thursday announced a new universal life policy that provides minimum-guaranteed investment returns.
Essential Solutions is a guaranteed universal life product that offers a balance of insurance protection and tax-deferred savings. A simpler version of Maritime Life’s Universal Solutions, Essential Solutions provides basic features, and a level cost of insurance.
“Essential Solutions is designed for clients who want permanent insurance protection, without having to worry about actively managing the investments within their universal life plan,” said Linda Li, manager, product marketing and support, retail marketing division.
“The plan comes with flexible options that allow clients to expand their investment choice or convert to our full-featured universal life product, Universal Solutions, at any time as their needs change.”
Highlights of the product include:
- Level Guaranteed Cost of Insurance;
- Guaranteed fixed premium tax rate of 2%;
- Guaranteed Investment Return rate of at least 3%, determined upon termination of policy, plus any applicable investment bonus; and
- Guaranteed annual bonus schedule of at least 0.25% to a maximum of 1.25%, starting in year five.