Another special benefit of the Family Universal Life product is the inclusion of the insured’s spouse to  the main policy while  doubling the protection value with only a minimal fee increase. This new feature enables the couple to be protected in the same policy without having to buy a new one. This is an optimal solution in the event that the family’s financial inadequacy prohibits the couple from signing a second contract. The spouse protected under this policy is exempted from premium payments during the remaining time of the policy should any insurable event occur to the main insured.

Family Universal Life also allows the insured to add more value to the policy by including a term life  plan for their children in the same contract. This feature helps build awareness among children and encourages them to be well-prepared for inclusion in the main policy when they are mature. If the parents suffer from an insurable event or when the children reach the age of 18, they are automatically allowed to join the main policy without undergoing a health examination. 

Another major benefit of Family Universal Life is the fatal disease treatment rider for 32 fatal diseases specified in the policy. If an accredited doctor verifies that the insured has developed a fatal disease during the period covered by the policy, 100% of the insured value will be paid to the insured as long as no claims for permanent and total dismemberment have been filed before. In addition, in the event  the insured is given a terminal diagnosis, the individual will be offered the advance death benefit to implement his last wishes or for treatment. As these are two separate benefits, the insured can be paid both for fatal disease expenses and the advance death benefit. With the paid benefits, the insured will be able to cover the high expenses which could exceed the family’s financial capacity.

Moreover, owning a Family Universal Life policy, the insured can also increase the protection value with an appropriate premium by including a term life plan until the age of 55/60/65, with the maximum face value equal to 5-fold the main policy’s value. The insured can also include other benefits in the policy such as accidental death, accidental death and disability, and/or a fatal disease treatment rider to receive the best protection should an insurable event occur. 

Mr. Lam Hai Tuan, ACE Life Chief Executive Officer said: “Family Universal Life is a superior variant of Universal Life. The product provides an optimal and comprehensive solution of benefits for all family members. Apart from its financial protection, this product is designed to bond family members together as the special benefits are tied to important family occasions. These benefits help the family members commemorate important family milestones; enabling the breadwinner to take on greater financial responsibility for the family.”