UTG Profile
UTG, Inc. operates as an insurance holding company that provides individual life insurance, which includes the servicing of existing insurance business in-force, the acquisition of other companies in the insurance business, and the administration processing of life insurance business for other entities.
The company’s principal subsidiary is Universal Guaranty Life Insurance Company (UG). UG operates as an Ohio domiciled life insurance company and is licensed in 37 states.
UG’s product portfolio consists of a limited number of life insurance product offerings. All of the products are individual life insurance products, with design variations from each other to provide choices to the customer.
Tradition: The Tradition policy is a fixed premium whole life insurance policy. Premiums are level and payable for life. Issue ages are 0-75.
Annuity: The annuity product is a 5-year, single premium product. The product offers a guaranteed minimum rate of 1% and the rate can be adjusted at any time. The maximum surrender charge is 5% and subject to waiver for certain qualifying events. The annuity product offers a 10% free withdrawal each year beginning in year 2.
UG serves primarily individuals located in three states. The company owns a variety of investments associated with the oil and gas industry. The company’s investment real estate portfolio includes ownership in oil and gas royalties.
The company performs administrative work as a third-party administrator (TPA) for unaffiliated life insurance companies. The company provides TPA services to insurance companies seeking business process outsourcing solutions.
History
UTG, Inc. was founded in 1966. The company was incorporated in the state of Delaware in 2005.
