Guaranteed Acceptance Universal Life Insurance

 

The Guaranteed Acceptance Flexible Premium Universal Life Insurance Policy1 provides “Living Benefits” for Chronic Condition, Terminal Illness, Total Disability Premium Waiver, Face Amount Increase Option, 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 Tax-Deferred Growth - Tax-deferred cash accumulations credited at a guaranteed minimum interest rate of 3.00%.

• 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.)

• Guaranteed Coverage to Age 100 - Coverage continues to age 100 without periodic evidence of insurability.

• 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 partial withdrawal of up to 75% of the death benefits for a Terminal Illness with a maximum of $100,000. (Example: $150,000 of life insurance would provide $100,000 of Terminal Illness benefits.)

• Automatic Face Amount Increase Option - Enrolled employees have the ability to increase their life insurance coverage each year for five years, beginning in the second year, without medical underwriting.

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

• Cash Value Withdrawals - Cash Accumulations can be taken in a lump sum for emergencies or opportunities as a partial withdrawal or policy loan.

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

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