Universal Life

Universal Life
Heritage is StateTrust’s Universal Life Insurance product. It is a permanent life insurance policy, where the excess of premium payments above the current cost of insurance and other deductions, is credited to the cash value of the policy. Interest is credited to the account based on the cash value, and is determined by StateTrust Life and Annuities.
How does Universal Life insurance work?
The premium is paid to your StateTrust Life and Annuities Heritage policy account value (after premium expense and commission charges), where it earns interest. Every month, deductions such as insurance protection are made from the account value. You can take loans or make withdrawals from the account value of your policy for your personal or business needs. Loans will accrue interest and unpaid loans plus interest and withdrawals will decrease your death benefit and cash value. The policy continues in effect so long as the cash value is sufficient to cover the costs and deductions of the policy.
Uses of Universal Life Insurance
Income replacement
Debt Coverage
Estate Liquidity
Estate Replacement
Business succession
Key Person Insurance
Charitable Gift
Life Insurance retirement plan
Annuity maximization
Pension maximization