benefit UNIVERSAL LIFE

Transcription

1 benefi UNIVERSAL LIFE ul f r o m For nt/broker Use Only

2 s ( Last Birthday) product specifications Standard ( s ) Nonobacco User ( s ) obacco User ( s ) Minimum $, Modal Factors Semiannual. Quarterly. Monthly EF. Coverage ypes Option A: he Death Benefit is equal to the face amount. Option B: he Death Benefit is equal to the face amount plus the account value as of the date of death. Policy can increase or decrease coverage subject to contract and underwriting requirements. Fees & Expenses Monthly Administrative Fee: $. per month (policy fee) Plus a specific rate/$, of face amount for the first policy year and another specified rate/$, for face amount thereafter to age. See table for rates. Premium Expense Charge: % of each premium if the policy face amount is $, or greater. % of each premium if the face amount is less than $,. Policy Premiums arget Premium is the premium that receives the full commission rate payable in the first policy year. Minimum premium is the amount, if paid on time, that will assure the policy will stay in force during the first five policy years. (he sum of premiums paid to date, less any withdrawls and partial surrender charges and less any indebtedness, must equal or exceed the minimum monthly premium times the number of months from the policy issue date.) Surrender Charges he surrender charge is based upon the policy year and the insured s sex, risk class, and issue age. See table for initial surrender charge. Rates per $, of original face amount. Renewal surrender charges are equal to a percentage of the surrender charge at the end of the first policy year. he surrender charge decreases uniformly over the first years from issue, or an increase in death benefit amount. After the th year from issue or increase, no surrender charge applies. Surrender Charges Surrender Charges after year are equal to the following percentages of the Initial Surrender Charge (no charges apply after year ): Year Percentage Year Percentage %.%.% %.%.% %.%.% %.%.% %.%.% % Loans A rate of % interest is charged on loans. he account value equal to the loan amount is credited with % interest. Exchange Any internal transfer of funds into this policy are subject to the same expense charges as any new funds deposited. Flexible Premiums Premiums in excess of the target can also be paid. Subject to sufficient cash value, premiums may be increased, decreased, or suspended at any time. Unscheduled premiums are allowed. Premiums are subject to current tax law guidelines. A new minimum and target premium is calculated for all increases subsequent to issue. he premium is based on the sex, risk class, and issue age of the insured at the time of increase. Please consult the Home Office for minimum premium requirements on increases. Surrender Value Surrender value equals the account value less any policy debt and surrender charge.

3 riders Accelerated Death Benefit (Living Benefit II) Provides for advance of death benefit proceeds if the insured meets conditions of a terminal illness or nursing home confinement. % of the death benefit, less an administrative fee of $ and not to exceed $,. o be eligible, a physican must certify that insured is terminally ill with a life expectancy of months or less, or permanently confined to a nursing home facility. here is no cost for this rider however, exercising this rider will reduce the death benefit of the policy. Any unused portion of the death benefit will be paid upon death. ages: and under, a $, minimum death benefit is required; and older, a $, minimum death benefit is required. Accidental Death Benefit Rider Provides for additional death benefit in the event of the insured s death as a result of an accident. ages: through erminates at age. Minimum $,; maximum times the specified amount. otal amount no greater than $, including all insurers. Underwriting class limitations. See table for rates. Additional erm Insurance Rider Provides additional term insurance on the primary insured. ages: through erminates at age. May be issued in amounts from $, up to times the base face amount. Conversion: he amount of this rider may be converted to any plan of permanent life insurance on the life of the insured without proof of insurability if the policy and rider are in force and if written request is received prior to the policy anniversary on or next following the insured s th birthday. Supplementary benefit riders will not be allowed on the new policy unless evidence of insurability is submitted and approved by the Home Office. See table for rates. Children s erm Rider Provides level term life insurance on each insured child to age. Covers eligible children from days through age. Child must be less than age at time of issue. Available when primary insured is at least and not more than years old. May be issued for amounts of $, or $,. he conversion date of an insured child is the earlier of the policy anniversary on or next following the child's th birthday or the insured's th birthday. Amount convertable is up to five times the rider amount. Children s insurance will be paidup on death of the primary insured and continue until the policy anniversary on or next following the child's th birthday. Rider terminates upon the policy anniversary on or next following the insured s th birthday, or the youngest child s th birthday. Premium for $, is $. and for $, is $.. Cost of Living Rider (Standard Only) (May be added at time of issue only) No premium cost to include the rider. However, on exercising an increase, billed premium will be increased by the target amount of the increase and a new surrender charge will be added. Face amount of base policy is increased automatically on each policy anniversary date. No evidence of insurability required. Increase amount is smaller than % of face amount or $,. erminates at age, or on th policy anniversary, or after the first time the owner does not accept the increase, whichever occurs first. Maximum total increase is % of original face amount. Guaranteed Insurability Rider (May be added at time of issue only) Guarantees the right to purchase additional insurance on certain policy anniversary dates without evidence of insurability. Available ages: through ; premiums payable through age Minimum $,; maximum based on the following schedule based on issue age: $, $, $, $, Maximum benefit amount may not exceed the base policy face amount. Option dates: s,,,,,, and See table for rates. Other Insured Rider Provides for term insurance coverage on a named insured other than the primary insured. Covers the spouse or any other individual with an insurable interest. ages: through Minimum $,; maximum up to the base face amount on primary insured. Conversion: he amount of this rider may be converted to any plan of permanent life insurance on the life of the Other Insured without proof of insurability if the policy and rider are in force and if written request is received prior to the policy anniversary on or next following the Other Insured s th birthday; or if the Other Insured s written request is received within days after the death of the primary insured. Supplementary benefit riders will not be allowed on the new policy unless evidence of insurability is submitted and approved by the Home Office. See table for rates. Waiver of Monthly Deduction and Monthly Cost of Insurance Rider Waives all costs of insurance, fees, and expenses, including any riders, after being totally and permanently disabled for six continuous months. ages: through Benefit ages: through erminates at age. See table A for rates. NOE: Waiver of Premium Benefit Rider and Waiver of Monthly Deduction and Monthly Cost of Insurance Rider may not be attached to the same policy at the same time. Waiver of Premium Benefit Rider Provides for a credit of a specified monthly premium benefit into the policy after a period of six continuous months of total and permanent disability. ages: through Benefit ages: through erminates at age. Minimum premium rates for rider is a rate of $ of monthly benefit based on issue age. he monthly benefit available may range from the target premium up to % of target premium. See table A for rates.

4 table arget Annual Premium Under $, Rates per $, table (continued) arget Annual Premium Under $, Rates per $, = Nonobacco = obacco

5 table A arget Annual Premium $, and Above Rates per $, table A (continued) arget Annual Premium $, and Above Rates per $, = Nonobacco = obacco

6 table table (continued) Minimum Premium Under $, Rates per $, Minimum Premium Under $, Rates per $, = Nonobacco = obacco Calculation of Premium for Waiver of Cost or Waiver of Premium Example: Nonobacco $, Face Factors: Base arget Premium per =. Waiver of Cost (WC) =. per $ of target premium Waiver of Premium (WP) =. per $ of monthly benefit Calculations: Base arget. x + =,. WC, x. =. WP, =. per month benefit. x. =

7 table A Minimum Premium $, and Above Rates per $, = Nonobacco = obacco table A (continued) Minimum Premium $, and Above Rates per $,

8 table Other Insured Rider and Additional erm Rider arget Premiums Rates per $, * * * * * * * * * * * * * * * * * * * * *For Additional erm Rider only; OIR only available for ages to. table A Other Insured Rider and Additional erm Rider Minimum Premiums Rates per $, * * * * * * * * * * * * * * * * * * * * *For Additional Level erm Rider only; OIR only available for ages to.

9 table Accidental Death Benefit Children's erm Rider Guaranteed Insurability Rider Riders arget Rates per $, table A Waiver of Premium arget Premiums per $ Monthly Waiver of Premium Waiver of Monthly Deduction and Monthly Cost of Insurance Rider Waiver of Monthly Deduction and Monthly Cost of Insurance Rider Riders.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% %.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Premiums for WOC are percentage of target premium for the base and all riders.

10 table First Year Renewal Year Monthly Administrative Fee Rates per $, Surrender Charge Rates Rates per $, = Nonobacco = obacco table

11 Surrender Charge Rates Rates per $, table (continued) notes

12 notes

13 national mutual benefit P.O. Box Madison, WI () or Form Rev.