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The Beneficiary Asset Account
The current interest rate is 1.25%*
The Ullico Beneficiary Asset Account is a convenient settlement option made available to beneficiaries of Life and/or Accidental Death and Dismemberment insurance policies with benefit amounts of $10,000 or more. The account contains the full amount of a policy’s proceeds and includes any interest earned on the account’s balance.
How does the account work?
The Ullico Beneficiary Asset Account works just like a personal checking account with instant access to a policy’ proceeds through convenient free drafts. Advantages of the Ullico Beneficiary Asset Account include:
- Convenient Access with no limit to the number of drafts written per month. The entire account balance may be withdrawn with one draft or an unlimited number of drafts may be written on a monthly basis, as long as the combined total amount written does not exceed the total account balance. Access to withdraw from this account is subject to confirmation of a policy’s claim approval with an insurance benefit of $10,000 or more. Select and complete the policy’s appropriate claim form to submit a claim for benefit payment consideration.
- Safety because the full amount in the Account including the interest earned is completely guaranteed by The Union Labor Life Insurance Company.
- Earned Interest at a competitive rate that is compounded daily and credited to the account monthly or when the account is closed.
- Free Account Service with no monthly service fees, closing fees, or draft charges.
- Access to Trained Service Representatives to help answer questions.
- Beneficiary Assistance Program that provides grief counseling, access to legal and financial experts, and funeral/memorial planning consultations.
*Rate effective as of August 1, 2011.