Annuity glossary
No-Lapse Guarantee
A provision that keeps a universal life policy in force, sometimes to an advanced age or for life, as long as you pay the specified premium on schedule, even if poor cash value performance would otherwise cause the policy to lapse. Paying late, skipping, or reducing premiums can permanently void the guarantee. Policy documents explain the timing, charges, limits, and conditions that apply to the owner. Any guarantee is backed by the claims-paying ability of the issuing insurer.
Any guarantee is backed by the claims-paying ability of the issuing insurer.
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