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Money can be withdrawn from a variable universal life contract through a partial withdrawal or loan by phone, fax or written request. There is no fee for a partial withdrawal or loan, but interest is charged on loan balances.
The amount that can be withdrawn depends on the value of your contract and the amount allowed under the policy loan and partial withdrawal provisions of your specific contract.
For information on how to request a policy loan or partial withdrawal, please call us at 1-800-798-5500 Monday through Friday - 7 a.m. to 7 p.m., CT. Or you can send us a letter with the following information:
- Type of withdrawal – loan or partial withdrawal
- Withdrawal amount
- Your current address
- How you wish to have the money delivered
- Indicate what subaccounts the money should be withdrawn from. If you don't tell us, we will process it pro rata (more out of the subaccounts with more money in them).
- Indicate if you want to withhold for federal and state (if applicable) taxes. If you want tax withheld, we will withhold 10% for federal tax unless you request us to withhold more. In those states which require it, state income tax will also be withheld if you elect to have federal income tax withheld.
- Signature of the policyowner
- Send the request to:
CUNA Mutual Insurance Society
Attn: Variable Unit
2000 Heritage Way
Waverly, IA 50677-9202
Forms & FAQs for All Products
Variable Universal Life Insurance Services
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Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (800) 369-2862. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America. The Representative may also be a credit union employee that accepts deposits on behalf of the financial institution.
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©1997-2009 CUNA Mutual Group.
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