First Colony enters 20-year level market with UL plan. (First Colony Life Insurance Co., universal life insurance)

National Underwriter Life & Health-Financial Services Edition, February, 1993 by Koco, Linda

First Colony Life Insurance Co has issued First Term 20, its initial 20-year universal life insurance policy that gives policyholders flexibility in premium payments. First Term 20 is issued for ages 0-70 and requires a minimum $25,000 face amount. Policyholders may make $20-minimum unscheduled payments and make full payment as early as 10 years. First Term 20 is similar to premium deposit funds if clients prefer to take advantage of the tax-free allowance for cumulative interest.

First Colony life has decided to enter the 20-year level premium life insurance market, but it has decided against making its entry with a term insurance policy.

Instead, the Lynchburg, Va. insurer has opted for a universal life format: Its new First Term 20 is a UL policy that...

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