SecureLife Universal Life Insurance AGENT GUIDE FOR AGENT USE ONLY NOT FOR PUBLIC USE

Transcription

1 AGENT GUIDE SecureLife Universal Life Insurance Flexible Premium, Adjustable Death Benefit Universal Life Insurance With No-Lapse Guarantee Provision FOR AGENT USE ONLY NOT FOR PUBLIC USE

2 SECURELIFE: AN INTRODUCTION SecureLife is a universal life policy that allows you flexibility to build substantial, tax-deferred cash value over time. It also provides a 20-year no-lapse guarantee. As long as your client pays the minimum premium, the policy will not lapse during the 20-year period, regardless of changes to the policy s cash value. BASIC COVERAGE Benefits Age Minimum Face Amount Life Coverage (Principal Insured) 0-80 $10,000 Term 10 or 20 Rider (Same or Additional Insured) 10 yr: max issue age yr: max issue age 50 $10,000 Children s Insurance Rider Children s Ages Parent s Ages 15 days to 18 years 55 or less $2,000 Max Face Amt: $10,000 Waiver of Specified Premium max issue age 55 none ($400/mo. max coverage) Wavier of Monthly Deduction max issue age 55 none A maximum of five people can be insured on the same contract, including the principal insured. 20-YEAR NO-LAPSE GUARANTEE The SecureLife 20-year no-lapse guarantee is included automatically at issue with no additional cost. As long as the minimum premium is paid, the policy is guaranteed to remain in force for the entire guarantee period. The guarantee period for every SecureLife policy is the lesser of the 20 years or until age 90 is attained. The guarantee period is reduced for issue ages (see table below). Issue Age Guarantee Period Issue Age Guarantee Period INTEREST RATE BONUSES Prior to each Policy Month after the fourth Policy Anniversary, an effective annual bonus interest rate is calculated according to the following table: Declared Interest Rate Bonus Interest Rate 3% to 4% 0% 5% 0.75% 6% 1.25% 7% 1.75% 8% 2.25% over 8% 2.25%

3 PRODUCT OVERVIEW Issue Ages 0-80 Guarantee Basic Coverage Riders (includes an additional charge) Policy remains in force for 20 years, as long as minimum premium is paid. Minimum for standard rate is $10,000 and preferred rate is $100,000 for issues ages 18 and older. Maximum is subject to individual consideration and underwriting limits. Term 10/20 for Insured or Additional Insured, Children s Insurance, Waiver of Specified Premium, Waiver of Monthly Deduction, and Accidental Death Benefit. See comprehensive Riders Section for full details. Death Benefit Options Flexible Premiums Premium Payment Options Option 1: Level death benefit that does not vary. Option 2: Death benefit that increases over time as the cash value grows. A range of choices including the ability to vary the amount and frequency of premiums. Annual, Semi-Annual, Quarterly and Monthly Pre-Authorized Checking. Interest Rate Bonuses Guaranteed Minimum Interest Rate Policy Loan and Partial Withdrawal Available after the fourth Policy Anniversary, to all qualifying policyholders with interest bonuses up to 2.25% on amounts accumulated. 3% per year A loan can be requested after the first Policy Anniversary. The loan interest rate is 8% and the loan balance will earn 3% interest compounded annually. The maximum loan or partial withdrawal is the net cash value less any outstanding loans and the cash value needed to maintain the policy to the next policy anniversary. Surrender Charge Period 15 years Monthly Admin Fee $7.00 guaranteed for single life PLUS $0.04/1,000 of face amount.

4 UNDERWRITING Categories Type Face Amount Required Issue Ages Male or Female, Preferred, Non-Tobacco $100, Male or Female, Standard, Non-Tobacco $10, Male or Female, Smoker $10, Requirements General instructions to determine the amount of risk: 1) the amount applied for; plus 2) the total amount issued with the company on a non-medical basis in the past two years. Age Up to $99,999 $100,000- $250,000 $250,001- $500,000 $500,001- Over $1,000,000 $1,000, NM P# P# P# PE# NM P# P# PE# PE# P P# PE# PE# PS# P PE# PE# PS# PS# 66+ APS APS APS APS APS Acronyms: NM = Non Medical P = Paramedical examination with urine specimen E = Electrocardiogram S = Stress Electrocardiogram # = Full Blood Profile APS = Attending Physician s Statement Inspection reports are required on all cases of $1,000,000 or more and will be ordered by IAP. An HIV consent form must be signed by all clients that require blood testing. Industrial Alliance Pacific reserves the right to request additional requirements or other evidence. PARAMEDS AND TELEMEDS IAP provides producers with a choice of using traditional paramedical firms or the TeleMed service to complete their age and amount underwriting requirements. We have contracted with five national paramedical firms to process our requirements. These companies are provided with our age and amount requirements and our paramedical exam forms. They include: APPS ExamOne exam1 EMSI Portamedic Superior Mobile Medics IAP uses LabOne for all laboratory testing. TeleMeds can be ordered at teleunderwritingorders@labone.com or via fax at The Telemed service will ask all medical questions, ask additional questions to avoid medical records requirements, and schedule the exam and blood draw appointment.

5 PREFERRED UNDERWRITING GUIDELINES Preferred underwriting is not offered to applicants under the age of 18. To be eligible for Preferred class, the person to be insured must answer NO to the following questions: Have you used tobacco or nicotine products in the past 36 months? Using the Height and Weight Table below, does your weight exceed the maximum weight corresponding to your height indicated in the Preferred column? In the past 10 years, have you taken medication to treat high blood pressure or an elevated cholesterol level? In the past 10 years, have you had, been tested for, received treatment or been told by a medical professional that you have diabetes, cancer or cardiac disease (heart attack, myocardial infarct, angina, cardiac insufficiency, cerebral thrombosis or coronary artery disease)? Has more than one member of your family (father, mother, brother or sister) died before age 60 from breast, colon, intestinal or prostate cancer, or from cardiovascular disease (heart attack, myocardial infarct, angina, cardiac insufficiency, cerebral thrombosis or coronary artery disease)? In the past 10 years, have you been treated for alcohol abuse? In the past 10 years, have you been treated for drug abuse or used any drugs not prescribed to you? In the past five years, have you had more than two moving motor vehicle violations or any DUI/DWI convictions? In the past five years, have you been convicted of a felony or misdemeanor? HEIGHT AND WEIGHT TABLE (This table applies to both men and women.) Height Preferred Standard Height Preferred Standard Height Preferred Standard

6 RIDERS (Availability and terms vary by state.) Accidental Death Benefit Rider Max Issue Age: 60 Issue Limit: $150,000 or face amount of the base policy, whichever is less. This benefit is paid to the beneficiary upon receipt of written proof that the insured died from an Accident, which is defined as an unforeseen and unintended event that is not the result of any fault or misconduct on the part of the insured. The death must occur within 365 days of the Accident and while the rider is in force. Death cannot be caused or contributed to by, either directly or indirectly, any physical or mental illness or disease or treatment for the illness or disease. The policy automatically terminates at the policy anniversary nearest the insured s 65th birthday. Additional Insured Benefit Rider/Term Rider Two Options: Term 10 years and Term 20 years Max Issue Age for Term 10: 60 Max Issue Age for Term 20: 50 Minimum face amount: $10,000 Also known as a term rider, this is a simple way to obtain short-term security on an additional insured. Benefits can help pay off mortgages and other outstanding debts in the event of a premature death. Term riders can also insure a client s spouse or business partner. Premiums remain level for the full duration of the term. Children s Insured Benefit Rider Children s Issue Age: 15 days to 18 years Parent s Issue Age: 55 or less Minimum face amount: $2,000 Maximum face amount: $10,000 For each unit purchased under this Rider, $1000 of term insurance is provided on the life of every insured child. An Insured Child means a child of the insured, a child of the insured s spouse, a child legally adopted by the insured whose name is on the application or who was born or legally adopted after the date on which the application was signed. This Rider automatically terminates at the Policy Anniversary nearest the insured s 65th birthday or at the child s 25th birthday. If the insured dies while this Rider is in force, the children s benefit will become fully paid-up. The benefit may be converted at up to 5 times the death benefit amount without evidence of insurability. Waiver of Monthly Deduction Benefit Rider Max Issue Age: 55 Waiting Period: 4 months This Rider provides that the monthly deduction will be waived retroactively from the date of *total disability after four months of *total disability provided that the *total disability, occurred before the insured s 60th birthday. This Rider automatically terminates when the Policy terminates or on the date of the insured s 60th birthday. Waiver of Specified Premium Rider Max Issue Age: 55 Waiting Period: 4 months Maximum benefit amount: Lesser of $400 or monthly equivalent of current planned periodic premium. This Rider provides that upon written proof of *total disability, the premium specified on the Policy Data Pages will be waived. This benefit amount will be credited to the policy value and will have the same effect on the policy value as if it had been paid on the monthly anniversary. Premiums may continue to be paid while a benefit is being paid under the terms of this Rider. This Rider will automatically terminate when the Policy terminates or on the date of the insured s 60th birthday. Either the Waiver of Monthly Deductions Rider or Waiver of Premium Rider can be chosen, but not both. *Total disability means an injury or sickness of the Insured that requires the regular care and personal attendance of a registered physician and which totally and continuously disables and prevents the Insured from performing every duty of any occupation that such person is, or may become, reasonably fitted by reason of education, training or experience.

7 INDUSTRIAL ALLIANCE PACIFIC CORPORATE OVERVIEW Industrial Alliance Pacific Insurance and Financial Services Inc. (IAP) is a member of the Industrial Alliance Insurance and Financial Services Inc. (IA) a Canadian life and health insurance company serving customers since Built on the foundation of strength and reliability, Industrial Alliance has grown and progressed steadily over the past 115 years: 1892 Foundation of Alliance Nationale in Montreal Foundation of Industrial Life Insurance Company in Quebec City Acquisition by Industrial of The North West Life, now known as Industrial Alliance Pacific Acquisition of The North West Life Assurance Company of America Merger of Industrial and Alliance, and creation of Industrial-Alliance Life Insurance Company Acquisition of The National Life Assurance Company of Canada, located in Toronto Merger of Industrial Alliance and The Solidarity, a life insurance company based in Quebec City Acquisition of Seaboard Life Insurance Company (Vancouver) and merger with Industrial Alliance Pacific (IAP), United States Branch. In 2001, IA began to expand beyond the traditional life insurance sectors, moving into individual wealth management, mutual funds and securities. Today, the companies of the IA, operate internationally in all regions of Canada and the United States. Collectively, they contribute to the financial well-being of over 3 million customers, employ more than 2800 people and manage and administer over $50 billion in assets. IAP s financial strength has been rated A (Excellent) by A.M. Best Company. This rating is assigned by Best to companies that have achieved excellent overall performance and have a strong ability to meet their obligations to policyholders over a long period of time. In 2007, IAP opened its newest office in Scottsdale, AZ. This U.S. base of operations will continue to offer the proven financial security products that have been the foundation of IA s success for more than a century. We look forward to partnering with you to ensure our continued growth and service to our customers.

8 This brochure provides a summary of the features and benefits of the SecureLife policy POL If there is a discrepancy between this brochure and the SecureLife policy, the policy will prevail. For a complete description, please refer to the policy contract. Availability and terms vary by state. Policies issued and underwritten by: Industrial Alliance Pacific N. Perimeter Drive, Suite 210, P.O. Box 26900, Scottsdale, AZ, Important: Prior to soliciting business, be certain that you are appropriately licensed and appointed with IAP and the product has been approved by the insurer in that state. If uncertain, contact us for assistance. FOR AGENT USE ONLY NOT FOR PUBLIC USE Trademark of Industrial Alliance Insurance and Financial Services Inc.