EstateWise. Agent Guide. Single Premium Whole Life Insurance. For Internal Use Only Not for distribution to the public

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1 18 SPWLntGuide2018_All_Guides:Layout 1 9/28/ :04 AM Page 11 EstateWise nt Guide For Internal Use Only Not for distribution to the public Not a deposit Not guaranteed by any bank or credit union Not FDIC/NCUA insured Not insured by any federal government agency

2 Product Features Product Features Policy Type: Non-participating whole life insurance Modified Endowment Contract (MEC).* Premium Type: Single premium Accumulation Value: Tax-deferred cash value build-up. Amount of Insurance: Determined by the insured s issue age, gender, underwriting class, and single premium payment. Underwriting Classes: Non-Tobacco User: (allows cigar, pipe, chewing tobacco, or snuff use). Tobacco User: (includes cigarettes, e-cigs and/or marijuana use in the last 12 months). Issue s (age last birthday basis): Minimum: 50 Years Old Maximum: 80 Years Old Minimum Premium: $10,000 Maximum Premium: $500,000 ($175,000 - Simplified Issue) *EstateWise Platinum is considered a Modified Endowment Contract, and as such, pre-death distributions (for example, loans) may be subject to taxation to the extent there is a taxable gain in the policy. In addition, a tax penalty equal to 10% of the taxable amount may be applied to funds distributed prior to the owner's age of 59½ years old. Please seek professional tax or legal advice regarding your specific situation. 1

3 Policy Riders Guaranteed Principal Rider is included without additional premium. Guarantees that the cash surrender value will never be less than the single premium payment (minus any loans or withdrawals and applicable premium taxes). Product Features Accelerated Benefit Riders are included without additional premium. They help protect policyholders from the financial hardships by providing access to a portion of their base policy benefits* for: Chronic Illness means that the insured is unable to perform at least two of six Activities of Daily Living (bathing, dressing, eating, toileting, continence, transferring ) for a period of at least 90 consecutive days, due to a loss of functional capacity. (THIS RIDER IS NOT AVAILABLE IN NY) Critical Illness means that the insured has been diagnosed with a heart attack, stroke, invasive cancer, end-stage renal failure, or major organ failure. (THIS RIDER IS NOT AVAILABLE IN NY) Terminal Illness means that the insured has an illness or condition that is expected to result in death within 12 months. *Up to 90% of the policy face amount of insurance (less any debt) will be available to a maximum of $250,000. A processing fee may apply. Benefits of these riders are accessed through an advance of the policy s death benefit and will reduce the benefit and the policy values. and benefit limitations apply. Access to funds is only available if the insured meets the qualifications and requirements indicated. See policy for details. Charitable Giving Rider is included at no-cost. It provides an additional amount of insurance equalling one percent of the face amount of insuance, up to $100,000, at time of death to a qualified charitable organization (501(c)(3)) of the policy owner s choosing and is paid by Vantis Life. Product Note: Standard product features for EstateWise Platinum are shown in this nt Guide. All Vantis Life products and riders are subject to their policy forms, state availability, and issue limitations. See policy for details. Approval subject to underwriting review. 2

4 Benefits Benefits EstateWise Platinum is specifically designed for: Customers between the ages of who are in relatively good health. Customers who are looking for security, guarantees and an attractive rate of return. Customers with large amounts of money in savings. Customers who renew CDs. Potential annuity buyers. Parents and grandparents who wish to pass money to their children and grandchildren. Compare the Benefits Certificate Tax-Deferred of Deposit Fixed Rate Platinum* Annuities Security Access to Money Tax-Deferral Avoid Probate Income Tax-Free to Beneficiaries Immediate Increase in Estate Value Greater Benefits! *EstateWise Platinum is considered a Modified Endowment Contract, and as such, pre-death distributions (for example, loans) may be subject to taxation to the extent there is a taxable gain in the policy. In addition, a tax penalty equal to 10% of the taxable amount may be applied to funds distributed prior to the owner's age of 59½ years old. Please seek professional tax or legal advice regarding your specific situation. Not a deposit Not guaranteed by any bank or credit union Not FDIC/NCUA insured Not insured by any federal government agency 3

5 Talking Points: Taxable Products: Typically have safety, a set rate and access to money BUT carry a tax liability that s due every year on the gain. Tax-Deferred Financial Products: Similar benefits as taxable products, plus tax-deferral for the owner and avoidance of probate for heirs BUT heirs are taxed on the gain as ordinary income in their current tax bracket. Some Income Tax-Free Financial Products: Have benefits of the tax-deferred products PLUS an immediate increase in the estate value to heirs because an immediate death benefit is purchased AND the death benefit passes income tax-free to them. The income tax liability is mitigated under current tax law. Single premium life insurance is one of the few products that allow people to pass money to heirs income tax-free. Talking Points Platinum Single Premium Whole Life Tax-Free Advantage Female age 65, Standard Non-Tobacco User $50,000 single payment Annuity $50,000 Immediate Death Benefit EstateWise Platinum $10, 0 Immediate Death Benefit** Benefit to Heirs in 15 Years (at age 80) Benefit to Heirs Value of Annuity* $67,293 Taxes Due** -$ Net Value to Heirs $ Benefit to Heirs Value of SPWL*** $10, Taxes Due - $ 0 Net Value to Heirs $10, * ** Tax rate of 25% assumed *** The death benefit shown for EstateWise Platinum is guaranteed and assumes no loans or withdrawals Not a deposit Not guaranteed by any bank or credit union Not FDIC/NCUA insured Not insured by any federal government agency 4

6 How To Determine Death Benefit Amounts How to Determine Death Benefit Amounts Instructions: 1 Choose underwriting class. 2 Locate age and gender of proposed insured. 3 Multiply single premium amount by the indicated factor. 4 The result is the estimated death benefit for proposed insured. Example Applicant Standard: Female, 65 Standard Non-Tobacco User Single Premium: $50,000 Calculation Single Premium: $50,000 X Female Factor: = Total Estimated Death Benefit: $102,890* Issue Male Single Premium Whole Life Non-Tobacco & Tobacco User NON-TOBACCO USER TOBACCO USER Issue Female Issue Male Issue Female *Actual Death Benefit may vary due to rounding. Use ntweb for accurate quote. 65

7 Death Benefit* / Dollar Payment Factors Single Premium Whole Life - Non-Tobacco User Issue Issue Male Issue Issue Female Single Premium Whole Life - Non-Tobacco User *Death Benefit is Amount of Insurance as shown on Policy Schedule Page at time of issue. 6

8 Single Premium Whole Life - Tobacco User Death Benefit* / Dollar Payment Factors Single Premium Whole Life - Tobacco User Issue Male Male Issue Issue Female Female *Death Benefit is Amount of Insurance as shown on Policy Schedule Page at time of issue. 7

9 Eligibility Questions In order to better determine your client s eligibility for this product, please complete these questions. While a yes answer would not preclude the issuance of a policy, Vantis reserves the right to further underwrite the case in order to determine eligibility for coverage. Eligibility Pre-Screening Questions Has the proposed insured been: 1. Declined or charged an extra premium for life insurance in the past 5 years? *Yes q No q 2. In the last 5 years treated or admitted to a hospital, lived in a nursing facility or received home health care or assistance with activities of daily living (Bathing, Grooming, Toileting, Mobility or Self-Feeding?) *Yes q No q 3. In the last 10 years treated for or diagnosed with heart disease or a heart disorder, stroke, mini-stroke, lung disease, cancer or tumor, liver or kidney disease or disorder, diabetes treated with insulin, a disorder of the immune system, or excessive alcohol use or drug abuse? *Yes q No q 4. Treated for or diagnosed with Alzheimer s disease, dementia or a mental or nervous disorder? *Yes q No q *If any questions are answered YES, the proposed insured may not qualify for approval. 8

10 How to Submit Electronically: How To Submit 1 Log on to ntweb to complete a quote and determine applicant s eligibility for this product (see page 8 for details). 2 If applicant wishes to proceed, complete eapplication and esign. Desktop approval or referral to Underwriting notification will follow within minutes. 3 Forward premium and any other additional documentation to Vantis Life via your standard financial institution procedures. Paper: 1 Determine applicant s eligibility for this product (see page 8 for details). 2 If applicant wishes to proceed, complete application, other required forms, and sign. 3 Forward original application, premium and other additional documentation to Vantis Life via your standard financial institution procedures. 4 Vantis Life Underwriting will contact your office if applicant is approved for coverage or if additional underwriting is required.. Questions, Information, or Help Contact your Vantis Life Wholesaler or Sales Desk at , Option #3 9

11 2018 Vantis Life Insurance Company, Windsor, CT All rights reserved. Vantis Life, A better life experience, ntweb and EstateWise are registered trademarks of Vantis Life Insurance Company. Policies are issued by Vantis Life Insurance Company, Windsor, CT (all states except New York) and by Vantis Life Insurance Company of New York, Brewster, NY (NY only). All guarantees are backed by the financial strength and claim paying ability of the issuing insurance company. Not a deposit Not guaranteed by any bank or credit union Not FDIC/NCUA insured Not insured by any federal government agency Policy Form Series: ICC17-SPWL, CMP 0506 with State Variations Identified by State Codes MKT Rev. 09/2018