Agent Guide. Vantis. Whole Life / Whole Life Plus - Life Insurance. For Internal Use Only Not for distribution to the public

Transcription

1 Vantis Agent Guide For Internal Use Only Whole Life / Whole Life Plus - Life Insurance Not a deposit Not guaranteed by any bank or credit union Not FDIC/NCUA insured Not insured by any federal government

2 OVERVIEW Vantis Velocity Whole Life insurance products are an ideal way to protect a family s future while also providing the flexibility to meet financial obligations while the insured is alive. Whole life offers the insured a lifetime of protection, with premium amounts that never increase. After the first policy year, money can be borrowed from the policy s guaranteed cash value. The value grows tax advantaged and provides the means to cover various expenses and create additional retirement income. And, in addition to the Velocity Whole Life (non- participating) product, we offer our Velocity Whole Life Plus (participating) product that is eligible for annual dividends. There are valuable accelerated death benefit riders included at no additional cost, namely Chronic Illness, Critical Illness, and Terminal Illness. In addition, a Charitable Giving Rider, included at no additional cost, gives an additional death benefit of 1% to a qualified charity of the owner s choosing. An optional disability waiver of premium rider is also available at an additional premium cost. And, with our innovative Velocity real-time underwriting process, applications are reviewed and decisions are made quickly. That s protection at the speed of life! PRODUCT HIGHLIGHTS VELOCITY WHOLE LIFE/ VELOCITY WHOLE LIFE PLUS One continual pay and three limited payment plan choices, per product Guaranteed, level premiums, cash value and death benefit Standard rate classes for face amounts as low as $25,000 (Velocity Whole Life) Preferred rate classes available for face amounts as low as $100,000 (Velocity Whole Life/Whole Life Plus) Excellent historical dividend performance (participating whole life products) Automatic premium loans, against available cash value to cover unpaid premiums Velocity real-time accelerated underwriting available (age and coverage amount limitations apply) PRODUCT PLANS Straight-Pay 20-Pay 10-Pay Paid up at age 65 USES Living benefits and death benefits Leaving a legacy gift Supplemental retirement income Loans from the guaranteed cash value build-up TARGET MARKETS Middle income (household income ranging from $50,000 to $105,000) Upper-middle income (household income ranging from $105,000 to $150,000) ISSUE AGE RANGES Straight-Pay: 0 (15 days) 70 years old 10-Pay: 0 (15 days) 55 years old 20-Pay: 0 (15 days) 55 years old Paid up at age 65: 0 (15 days) 55 years old

3 RISK CLASSES 2 Standard (non-tobacco/tobacco) 3 Preferred (non-tobacco) BANDING AND RISK CLASS AVAILABILITY Velocity Whole Life (non-participating) Band 1: $25,000 - $99,999 (standard non-tobacco/tobacco classes only) Band 2: $100,000 - $499,999 (standard and preferred classes) Band 3: $500,000 - $999,999 (standard and preferred classes) Band 4: $1,000,000+ (standard and preferred classes) Velocity Whole Life Plus (participating) Band 1: $100,000 - $499,999 (standard and preferred classes) Band 2: $500,000 - $999,999 (standard and preferred classes) Band 3: $1,000,000+ (standard and preferred classes) DIVIDEND OPTIONS (Velocity Whole Life Plus) Policies are eligible to receive annual dividends 1, which can be left to accumulate with interest, reduce future premium payments, purchase paid-up policy additions, or be taken in cash. RIDERS Accelerated Benefit Riders 2 : Chronic Illness, Critical Illness, and Terminal Illness Rider are all included without an additional premium. These riders help protect from financial hardships by providing access to a portion of the policy benefits. Charitable Giving Rider 3 included at no-cost. It provides an additional benefit of one percent to qualified charitable organizations of the owner s choosing and is paid by Vantis Life. Disability Waiver of Premium Rider 4 (optional at an additional cost). Pays future premiums if the insured becomes totally disabled. 1.Dividends are not guaranteed but are paid as earned on an annual basis. Dividends can be left to accumulate with interest, applied to reduce premiums, purchase additional amounts of insurance, or taken in cash. 2. Benefit of these riders accessed through an advance of the policy s death benefit and will reduce the death benefit and cash value. They are not intended to qualify as Qualified Long-term Care Insurance for federal tax purposes. Chronic Illness provided that the insured is unable to perform at least two of six Activities of Daily Living (bathing, dressing, eating, toileting, continence, and transferring) for a period of at least 90 consecutive days, due to a loss of functional capacity. Critical Illness provided that the insured in diagnosed with a heart attack, stroke, invasive cancer, endstage renal failure, or major organ failure. Terminal Illness provided that the insured has an illness or condition that is expected to result in death with 12 months. Access to funds is only available if the insured meets the qualifications and requirements indicated in the rider. A processing fee may be applicable. Age and benefit limitations apply. See policy rider for details. 3. When the policy death benefit is paid at the time of the insured s death, an additional amount equaling one-percent of the death benefit is available to be donated to a qualified non-profit organization (IRS 501 (c) (3)), as chosen by the policy-owner. This will be paid by Vantis Life on behalf of the policy-owner. See policy rider for details. 4. Available through age 55 for an additional cost. Coverage ends at age 60. If the insured becomes totally disabled prior to age 60 for a period of six months or more, all premiums after that time will be waived until the earlier of the end of the disability or age 65. See policy rider for details.

4 Velocity Whole Life Product Specification & Underwriting VELOCITY ACCELERATED UNDERWRITING PROCESS Our innovative underwriting process is utilized for a large percentage of all applications. Based on age and coverage amounts, the following is a summary of availability. Issue Age Amounts Class Par/NonPar 10-Pay, 20-Pay, Pay to 65 & Straight Life Straight Life Only $25,000 - $99,999 Non-Tobacco Tobacco NonPar A A A A A A A Ultra-Select Non-Tobacco A Select Plus Non-Tobacco A $100,000 - $1,000,000 Select Non-Tobacco A Standard Non-Tobacco A A A Standard Tobacco Ultra-Select Non-Tobacco Par/NonPar A A Select Plus Non-Tobacco $1,000,001+ Select Non-Tobacco Standard Non-Tobacco Standard Tobacco *Juveniles ages 0-20 for amounts in excess of $100,000 will require a review by an underwriter. A Possible Outcomes 1. Policy directly qualifies for acceleration 2. Policy qualifies for acceleration after review by underwriter (within 3 business days) 3. Policy does not qualify for acceleration and refers to full underwriting Full underwriting only Not available

5 Questions, Information, or Help Contact your Vantis Life Wholesaler or Sales Desk at , Option #3 Vantis Life Insurance Company 200 Day Hill Road Windsor, Connecticut Vantis Life Insurance Company, Windsor, CT All rights reserved. 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 (New York only). Life insurance policies contain exclusions, limitations, and terms for keeping them in force. A complete statement of coverage is only found in the policy. Product, features, riders and availability may vary by state. All guarantees are backed by the financial strength and claim paying ability of the issuing company. Policy Form Series: ICC15-WL1P, ICC15-WL2 NP, VL-WL1P and VL-WL2NP MKT: Rev 01/2019 State variations may apply