TIAA-CREF, the financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields, today announced through TIAA-CREF Life Insurance Company (TIAA-CREF Life) the launch of Intelligent LifeSM Universal Life (UL) insurance, a new simple life insurance product that offers enhanced transparency and flexibility.
Intelligent Life UL is the latest addition to TIAA-CREF Life’s Intelligent Life family of products, which includes Intelligent Life Variable Universal Life (VUL), released in June 2006.
“The launch of our Intelligent Life policies represents TIAA-CREF Life’s continuing commitment to offering our customers high value and high quality insurance products,” said Bret Benham, President and CEO of TIAA-CREF Life. “Our customers have told us that they want easy to understand insurance products with investment choices and the Intelligent Life series of products is designed to help meet those needs.”
“TIAA-CREF Life is dedicated to helping people work towards meeting their retirement savings goals and we see life insurance as an integral part of a diversified portfolio and financial planning strategy that can help meet income and wealth protection needs,” said Benham.
Intelligent Life UL offers a competitive interest-crediting rate, with a minimum guaranteed rate of 3% (Based upon TIAA-CREF Life’s claims paying ability).
Both products in the Intelligent Life family offer:
Enhanced Transparency — The Cost of Insurance is the same as the monthly premiums TIAA-CREF Life charges for its term life insurance policies, with no additional fees or charges built in. Furthermore, the policies charge state-specific premium taxes, rather than a “blended” premium expense charge; and have no front- or back-end sales loads or surrender charges.
Enhanced Flexibility — Intelligent Life offers customers the option to lock in their insurance costs to be level for a 10- or 20-year period and the ability to renew the option (subject to age and evidence of insurability restrictions).
Intelligent Life VUL also offers:
Expanded Investment Choices — Policy owners can select from more than 40 investment options. Choices include funds managed by TIAA-CREF Life and 13 non-proprietary investment management companies
Simplified Fees & Charges - Consistent with TIAA-CREF’s heritage, Intelligent Life does not embed hidden fees—like commissions, extra administrative costs and loaded investment options. Its simplified mortality and expenses (M&E) charges adjust downward, based on the age of the policy and the amount of cash value
More Investment Control — Dollar Cost Averaging and Automatic Account Rebalancing features are included
Intelligent Life VUL is a flexible premium variable universal life insurance policy. The policy offers a choice of death benefit and investment options. This policy is not suitable as a short-term investment. For a complete explanation of the features of Intelligent Life, please read the product guide and the prospectus. There are inherent risks associated with investing in securities.
Teachers Insurance and Annuity Association (TIAA) has been issuing life insurance since 1919 and has offered its insurance products to the general public through the TIAA-CREF Life Insurance Company since 1999. Products offered include term, universal, survivorship universal, variable universal, and survivorship variable universal life insurance. TIAA-CREF Life’s line of insurance products helps clients meet their need for income protection, wealth protection and accumulation, estate planning, charitable giving, supplemental retirement plans, business continuity plans and executive compensation.
TIAA, a stock life insurance company, along with its subsidiary TIAA-CREF Life Insurance Company, is one of just two insurance companies to receive the highest credit ratings from all major rating agencies (A.M. Best Co.: A++; Standard & Poor’s: AAA; Fitch: AAA; Moody’s Investors Service, Inc.: Aaa). This is particularly notable given that a study of financial advisors conducted last year found that the financial rating of an insurer was the number one consideration by advisers in recommending specific insurance products to clients. According to the “Use of Insurance Products in Financial Plans” study conducted by Investment News (September 12, 2005), 53% of advisers placed the most weight on the financial health of the insurer in deciding which plans to recommend. Another major consideration was price, which is in line with TIAA-CREF’s commitment to offering products with among the lowest fees in the industry.
About TIAA-CREF Life
TIAA-CREF Life Insurance Company is a part of TIAA-CREF group of companies, which is a national financial services organization with more than $390 billion in combined assets under management (9/30/06) and the leading provider of retirement services in the academic, research, medical and cultural fields. In 1999, TIAA-CREF Life Insurance Company began operations, making life insurance products available to a broader clientele, including the general public. Learn more About TIAA-CREF.
TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. Universal life insurance (policy form series AM-SUL.2) and Variable Universal life insurance (policy form series AM-SVUL.2) are issued by TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, NY 10017. These products may not be available in all states.
You should consider the investment objectives, risks, charges and expenses carefully before investing. Please carefully read the prospectus that contains this and other information before investing.
© 2008 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017
