guaranteed universal life express (gule)

Transcription

1 guarateed uiversal life express (gule) Guaratee tomorrow. Focus o today. Uited of Omaha Life Isurace Compay A Mutual of Omaha Compay product guide L7464_0314 For Producer use oly. Not for use with the geeral public. 1

2 Guaratee your cliets future so they ca focus o today. Guarateed Uiversal Life Express (GULE) ca help you provide solid, secure protectio that will allow your cliets to focus o today rather tha worry about their future. GULE simplifies the applicatio process ad locks i a death beefit up to $250,000. No legthy health iquiries eeded for qualified applicats. This Product: Provides: Express uderwritig Flexibility: Adjust premium stream Adjust guarateed period Adjust the face amout Guaratees: Dial-a-guaratee feature Paid up life isurace protectio Short pay feature Face amout reductio Exted coverage for a lifetime Dial-A-Guaratee The guarateed coverage ca be aywhere betwee a miimum required period of 20 years ad a maximum of lifetime coverage to age 120. Features Product base pla, provisios, features ad riders may ot be available i all states. Face Amout Miimum $50,000 Maximum $250,000 Issue Ages age last birthday Risk Classes Stadard Notobacco Stadard Tobacco Guarateed Iterest Rate 3 percet iterest rate Iterest Rate Bous Begiig i policy year 10 ad after, a.50 percet iterest bous will be give if the curret credited iterest rate is greater tha the guarateed credited iterest rate. Death Beefit Death beefit optio #1 oly. 2 Maturity Age Age 120 Guaratee Coverage Optios Miimum of 20 years Maximum of lifetime coverage to age 120 Ad ay legth of time i betwee Mothly Charges A $5 per moth admiistrative fee i all moths A mothly charge per $1,000 of the specified amout of isurace A 10 percet premium charge Cost of isurace for the curret moth Cost of ay riders Loas Policy loas may be made at ay time after the first policy year. Charge 6 percet i advace Credit 3 percet Net 3 percet The miimum loa amout is $500 (may ot apply i all states). Partial Withdrawals Partial withdrawals are available after the first policy aiversary ad carry a $100 hadlig fee. The miimum withdrawal is $500. The maximum partial withdrawal is a percetage of the cash surreder value, less ay outstadig loa balace, less a amout ecessary to keep the policy ad ay riders i force for three moths. The maximum partial withdrawal percetages are: Years percet Years percet I policy years 2-19 oly oe partial withdrawal is allowed per year. Surreder charges will apply if partial withdrawals are take from the policy. No-Lapse Guarateed Death Beefit Protectio The umber of years the death beefit will be guarateed depeds upo the isured s issue age, rate class ad premium paymets. As log as the policyholder s o-lapse guaratee has bee met to age 120, the face amout will be guarateed to age 120. If the policyholder sufficietly icreases the plaed premium, the legth of the selected guarateed death beefit period could icrease. Also, the policy could develop a higher accumulatio value if the policyholder pays a premium higher tha the premium required for the guaratee. Specified amout chages, withdrawals, loas, ad premium paymets that are less tha plaed, paid late or skipped will impact the o-lapse guaratee selected. This meas the guaratee could be lost if you take these actios. If the o-lapse guaratee selected has bee lost, the cash value may be zero, ad higher premium paymets may be ecessary to keep the policy i force. There is o explicit charge for the death beefit guaratees. Flexible Premiums The plaed premium is flexible ad may be chaged by the policyholder oce durig the policy year, begiig i policy year two ad thereafter. The policyholder may also make additioal premium paymets at ay time. Premiums are payable to age 120. Missed or late premiums ca affect the o-lapse guaratee.

3 Premium Catch-Up This allows the policyholder to catch up if the premiums are less tha plaed, paid late or skipped. These evets cause the selected guarateed death beefit period to be reduced. To catch up to the origially selected guaratee period, the policyholder must pay more total premium provided the o-lapse guaratee is i effect. No charge riders icluded i the base policy (subject to state approval): Accelerated Death Beefit for Termial ad Chroic Illess Rider These riders are available at issue o all policies. The defiitio of chroic or termial illess may vary by state. Termial Illess Rider: This rider provides a accelerated death beefit if the isured provides evidece that their life expectacy is 12 moths or less. The requested beefit amout may ot exceed the lesser of $1,000,000 or 80 percet of the face amout. Chroic Illess Rider: This rider provides a accelerated death beefit if the isured is uable to perform 2 of 6 Activities of Daily Livig (ADLs) for 90 cosecutive days, as certified by their physicia or requires substatial supervisio to protect him or herself from threats to health ad safety due to severe cogitive impairmet. The requested beefit amout may ot exceed the lesser of $1,000,000 or 80 percet of the face amout at the time of the first accelerated death beefit paymet request. Guarateed Isurability Rider While this rider is i force, you will have the optio to icrease the Specified Amout of the policy. You may elect to icrease the Specified Amout up to 90 days followig: (a) marriage of the isured; (b) the birth of the isured s child; (c) the adoptio of the isured s child; ad (d) the 3rd policy aiversary ad every 3 years thereafter util the rider expires. If you fail to exercise a Specified Amout icrease for 7 cosecutive years, this rider will termiate. A Specified Amout icrease of $25,000 is available to you at the time of issue ad will remai costat for each electio. I o evet may you icrease your Specified Amout more tha oce i a policy year. There are o further restrictios o the umber of times you exercise the Specified Amout icrease, except that o icrease will be allowed uder this rider if the icrease would cause your curret Specified Amout to exceed 200 percet of your iitial Specified Amout or $250,000 (whichever is less). Ay chage i Specified Amout will affect the cumulative Mothly Requiremet test for the o-lapse guaratee. This meas that the o-lapse guaratee may ot be i effect if you chage the Specified Amout uless you pay additioal Premiums. This rider will termiate o the earliest of the followig: (a) the policy aiversary date followig the isured s 50th birthday; (b) the date the curret Specified Amout is double the amout of the isured s iitial Specified Amout; (c) the date the isured s curret Specified Amout reaches $250,000; (d) the date o which the isured has failed to exercise a Specified Amout icrease for seve cosecutive years; or (e) the date the policy eds. Waiver of Surreder Charges for Partial Withdrawal/Liquidity Rider A portio of the fuds may be withdraw without surreder charges i evet the policyholder is: Hospitalized or cofied to a ursig home Uemployed ad receivig uemploymet beefits for at least 60 days Disabled ad has bee approved for Social Security disability beefits Diagosed with termial illess that will result i death withi the ext 12 moths Faced with the death of a spouse or mior depedet Determied to have physical damage of $50,000 or more to his/her primary residece Udergoig trasplat surgery as a orga door or recipiet of liver, lug, kidey, pacreas, or boe marrow (recipiets oly) Additioal riders available for purchase (subject to state approval): Accidetal Death Beefit Rider The rider ca oly be added at issue, ad is available for the base policyower oly. This rider is available to issue ages with reewal ages The miimum amout is $10,000 ad the maximum amout applies to: Issue ages = $100,000 Issue ages = $250,000 Or two times the face amouts, whichever is less Disability Waiver of Policy Charges Rider* The rider ca oly be added at issue, ad is available for the base policyower oly. Available to issue ages with reewal ages Whe we receive proof that the disability of the isured bega while this rider was i force ad has cotiued for six moths or more, we will: (a) icrease the isured cash value by ay mothly deductio amouts that had bee paid for the period of disability after the policy moth i which disability bega. Iterest for these amouts will be added to the cash value. (b) waive future paymets of the mothly deductio amout for the policy durig the time the isured is disabled util the maturity date of this policy. Mothly deductio amouts paid for a period more tha 12 moths before the date otice of disability is received by us will ot be waived. If disability begis durig a grace period while this rider is i force ad eds i the death of the isured before the disability has cotiued for six moths, we, upo receipt of proof of such disability ad death, will cotiue this policy i force util the time of death. Ay upaid mothly deductio amouts will be deducted from the death beefit. *Oly oe Disability rider may be added. 3

4 DEFINITION OF DISABILITY Disability meas icapacity which: (a) results from either bodily ijury sustaied or disease first maifested while this rider is i force; (b) begis after the date of issue of this rider ad before the policy aiversary date followig the isured s 60th birthday; ad (c) prevets the isured from doig for pay or profit ay activity for which they have educatio or experiece. EXCLUSIONS This rider is ot effective if disability results from: (a) a act of declared or udeclared war; or (b) itetioal self-iflicted ijuries. TERMINATION This rider will termiate: (a) o the policy aiversary followig the isured s 60th birthday; or (b) at the expiratio of the grace period, or (c) writte request of the ower. Associatio Group Disability Rider This is icluded at o additioal charges for qualifyig associatio members. Disability Cotiuatio of Plaed Premium Rider* Available to issue ages with reewal ages If the isured becomes disabled before the policy aiversary followig the isured s 65th birthday ad the disability cotiues for at least six moths, this rider will cotribute a specified mothly amout of premium to the policy durig the cotiuace of the disability, eve if the disability exteds beyod age 65. Child Rider The rider ca oly be added at issue. Available to issue ages This rider provides coverage to each covered child s 23rd birthday or to the policy aiversary followig the isured s 65th birthday, if earlier. The rider termiates ad the premium stops at the earlier of the aiversary date followig the isured s age 65 or the yougest child attais age 23. The Childre s Rider covers all umarried childre (age 15 days through 20 years (i.e., caot be added after 20 years of age)) who are members of the isured s household ad listed i the applicatio. Childre bor or adopted after issue of this rider are icluded automatically whe they attai the age of 15 days. Whe the coverage o a child expires, the child may, without evidece of isurability, covert to ay form of permaet isurace up to $5,000 for every $1,000 of term coverage. This rider is available from $1,000 up to a maximum of $10,000 (i $1,000 icremets). Policy Exclusio The face amout will ot be paid if the isured s death results from suicide, while sae or isae, withi two years from the date of issue (withi oe year i CO, MO ad ND). Istead, we will pay the sum of premiums paid sice issue. I MO, beefits are paid for all causes of death uless evidece shows that suicide was iteded at the time of purchase. It is possible coverage may ot cotiue to the maturity date eve if plaed premiums are paid i a timely maer. This restrictio will ot apply whe the o-lapse guaratee is i effect. If the policy does cotiue i force to the maturity date, it is possible that there will be little or o cash surreder value at that time. Policy values will be affected to the extet iterest credits ad cost of isurace charges are more favorable tha guarateed credits ad charges. 4

5 Uderwritte by: Uited of Omaha Life Isurace Compay A Mutual of Omaha Compay Mutual of Omaha Plaza Omaha, NE mutualofomaha.com For Producer use oly. Not for use with the geeral public.