- Life Insurance
Financial family of financial services companies markets a
competitive portfolio of individual life insurance, annuity
contracts, securities, and related financial services to individuals
and business through multiple distribution channels.
GenAmerica Financial - Life Insurance Products
two basic types of individual life products offered through
General American Life Insurance Company are permanent insurance
(including variable universal life, universal life, joint
survivor life and whole life) and term insurance. Permanent
plans are designed to provide insurance protection for a lifetime,
paid for through level, limited or flexible premiums. Term
insurance provides coverage for a specified length of time,
such as one, ten, or 20 years, at a level annual premium.
Term policies give the owner the option to renew the coverage
(for a higher premium) at the end of the specified term.
Financial's permanent life portfolio subdivides into three
categories of policies: variable universal life, universal
life and traditional whole life.
American markets variable universal life (VUL) products, which
feature the flexibility of universal life plus self-directed
investing of the net premiums by the policyowner. The lead
products are Variable Universal Life (VUL2000) and Joint Survivor
Variable Universal Life (JSVUL2000), the new American Vision
product series. VUL2000 and JSVUL2000 each offer 36 different
investment subaccounts for cash value accumulation. The subaccounts
invest in everything from equity securities, bonds, and the
money market to international equities, balanced funds, and
even "hard assets" (e.g. precious metals and real estate).
The investments are managed by well-respected money managers.
American's VUL2000 and JSVUL2000 can provide a powerful platform
for reaching your objectives in estate planning, wealth accumulation,
business continuation and retirement planning.
American VUL policies are underwritten by Walnut Street Securities,
Inc. (WSS), which is a Member of the National Association
of Securities Dealers and the Securities Investor Protection
Corporation. WSS is a wholly-owned subsidiary of GenAmerica
complete details on GenAmerica Financial's VUL products, including
charges and expenses, please refer to the appropriate product
prospectus and fund prospectus (available through a registered
representative of WSS) and read them carefully before you
Financial's universal life product has expanded in recent
years to include Joint Survivor Life for estate planning needs
along with their versatile Universal Life-100. These products
feature flexible premiums and coverage amounts, current interest
earnings, interest rate guarantees of 4.5 to 5 percent, and
options for withdrawing cash values. A selection of riders
also is available.
flagship of GenAmerica Financial's traditional whole life
series is Whole Life to Age 100 (WL-100). It is highly competitive
on the basis of cash value buildup and death benefits per
dollar of premium, and is available for issues ages from birth
to age 90. In addition, they offer policy riders to enhance
coverage in various ways. With different combinations of riders,
a policyowner can:
Maximize death benefits or cash values per dollar of
Have premiums waived if he or she becomes totally disabled
Add a large initial premium in the first year of the
Guarantee insurability for future increases in coverage
Guarantee coverage and the option for additional insurance
on the survivor when the "first death" occurs in a joint life
Term life products
life insurance is ideal when insurance protection is needed
only for a limited period (such as to cover a mortgage or
other loan) or when a person needs coverage at the lowest
available premium rates. GenAmerica Financial's term portfolio
includes two "level term" plans for more extended coverage
Term for 10 Years (LT-10) and Level Term for 20 Years (LT-20)
provide coverage for 10 years and 20 years, respectively,
at a guaranteed level annual premium, with premiums increasing
upon renewal. Both have a minimum policy size of $100,000.
of the two term policies can be converted to a permanent insurance
plan without evidence of insurability.