20 Year Guaranteed Renewable Term Life Insurance

 

The 20 Year Guaranteed Renewable Term Life Insurance Policy provides “Living Benefits” for Chronic Condition, Terminal Illness, Total Disability Premium Waiver, and Children’s Insurance in a single, competitive Guaranteed Acceptance policy as follows:

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• Guaranteed Acceptance - Guaranteed Acceptance, competitive cost, income tax-free, death benefits up to $150,000 for employees who are actively at work and $50,000 for spouses and $25,000 for children.

• Guaranteed Renewable Coverage to Age 100 - Coverage can be renewed every 20 years at the employee’s attained age.

• Chronic Condition Benefit - Pays 4% for monthly benefit for up to 25 months or 20% of the death benefit face amount as a one-time lump sum resulting in the inability to perform two activities of daily living or having cognitive impairment requiring supervision. (Example: $150,000 of life insurance would provide $6,000 a month for up to 25 months or $30,000 lump sum payment.)

• Total Disability Waiver of Insurance Premium Benefit - Available to age 55 with coverage to age 70, waiver of premium if an employee is totally disabled for 6 months or more. Disability waiver claims beginning before age 60 will continue to be paid until the employee returns to work. As a result, Life Insurance Face Amount, Chronic Condition, Terminal Illness, and Children’s insurance benefits remain in effect.

• Terminal Illness Benefit - Allows the withdrawal of up to 50% of the death benefits for a terminal illness within 12 months of diagnosis with a maximum of $100,000. (Example: $150,000 of life insurance would provide $75,000 of Terminal Illness benefits.)

• Portability - Individual plan ownership provides for continuation of coverage after change of occupation or retirement.

• Guaranteed Face Amounts - Coverage is guaranteed not to decrease.

• Convenient Premium Payment - Premiums paid through convenient payroll deduction or bank draft.

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