Universal Life Insurance Individual Universal Life Insurance Colonial's universal life program, ChoicePlus, meets the life insurance needs of employees with lifetime coverage, the accumulation of cash value, and the advantage of flexible premium payments and death benefits. What this product can do for employers Employers can increase the value of their employee benefits program with an individual universal life insurance plan that provides security for employees and their families. Employers can attract and retain the best employees when they offer benefits options that meet their employees' needs.
Employers can provide a more comprehensive benefits program at no additional cost.
This plan complements other types of life insurance and will not replace any other existing life insurance included in an employee benefits program. What this product can do for employees Only 43 percent of adults have individual life insurance policies 1 . With this plan, employees can own a universal life insurance policy that helps protect their families' financial assets. Employees have tax-free access to any cash value available after the first policy year through policy loans. Employees can choose from a variety of coverage amounts.