State Farm Life® Introduces New Joint Universal Life Product
Bloomington, IL - May 2, 2012 - State Farm Life Insurance Company today announced the addition of Joint Universal Life (JUL) insurance to the State Farm Life Affiliates' product portfolio. JUL provides an affordable way for two individuals to obtain life insurance coverage under one policy.
Joint Universal Life (JUL) is a flexible premium life insurance policy with the death benefit payable at the first death of two insured lives. This product is available in most states and Canada, and is designed to help households where income needs and the desire to meet liabilities exists regardless of who dies first. JUL is also designed for the business continuation market, providing funds in the form of a death benefit upon the first death which can be used to meet business obligations. The policy can be customized to meet specific needs by adding term riders on either insured. Additionally, the policy builds account value from which loans and withdrawals are available.
In addition to providing the important benefits of permanent life insurance, JUL has the convenience of allowing customers to purchase one death benefit, instead of being faced with purchasing insurance on each insured not knowing who will die first. With a single death benefit for two lives, JUL is typically more affordable than purchasing two individual permanent policies.
We are pleased to be able to offer this new product, said Joe Monk, senior vice president and chief administrative officer, State Farm Life Insurance Company. It gives customers the flexibility of a permanent life insurance product with living benefit features at a more affordable price to households, business owners and others.
About State Farm®
State Farm and its affiliates are the largest provider of car insurance in the U.S. and is a leading insurer in Canada. In addition to providing auto insurance quotes, their 17,800 agents and more than 65,000 employees serve 81 million policies and accounts more than 79 million auto, home, life and health policies in the United States and Canada, and nearly 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 43 on the Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com or in Canada http://www.statefarm.ca.