Lifetime Benefit Universal Life

Transcription

1 Lifetime Benefit Universal Life UL f r o m For nt/broker Use Only

2 PRODUC SPECIFICAIONS Individual s ( Last Birthday) ( s ) Nontobacco User ( s ) obacco User ( s ) Minimum Size Band $,$, Band $, and above Modal Factors Semiannual. Quarterly. Monthly EF. Coverage ypes Option A: he Death Benefit is equal to the face amount. Policy can increase and decrease coverage subject to contract and underwriting requirements. Fees & Expense Monthly Expense Charge: $. per month + $./, of death benefit Premium Expense Charge: % of each premium for all face amounts Policy Premiums he following tables show the annual Guaranteed No Lapse Premium (GNLP) per $, of coverage based on sex, risk class, and issue age of the insured. he GNLP means that the policy is guaranteed to stay in force for life, even if the policy has a negative fund value, as long as the sum of premiums paid to date less any indebtedness, equals or exceeds the accumulated monthly GNLP amounts to date. he monthly GNLP varies by age, amount of insurance, any attached riders, gender, and underwriting class. 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 %.%.% %.%.% %.%.% %.%.% %.%.% % Surrender Value Surrender value equals the account value less any policy debt and surrender charge. 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 minimum 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. RIDERS Accelerated Death Benefit Rider (Living Benefit II) Provides for an 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 physician 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 if the event of the insured s death as a result of an accident. ages: through Benefit ages: through Maximum: wo times the face amount. In addition, the total amount of ADB on any one life is $,, including all insurers. he minimum is $,. Underwriting class limitations. Rates: See table Children's erm Rider Provides level term insurance on each insured child to age. Covers eligible children from days to age. Children must be less than age at time of issue. Primary insured must be 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 $.. Waiver of Premium Benefit Rider Provides for credit of the guaranteed no lapse premium into the policy after a period of six continuous months of total and permanent disability. ages: through Benefit ages: to age erminates upon the policy anniversary on or next following the insured's th birthday. Rates: See table

3 = Nonobacco = Nonobacco table $, and over Rates per $, No Policy Fee $, and over Rates per $, No Policy Fee table (COINUED)

4 ABLE A ABLE A (COINUED) = Nonobacco = Nonobacco Under $, Rates per $, No Policy Fee Under $, Rates per $, No Policy Fee

5 table table (continued) ADB ADB ADB ADB Accidental Death Benefit Rider Rates per $, Waiver of Premium Rider Rates per $ Waiver of Premium Rider Rates per $ Accidental Death Benefit Rider Rates per $,

6 Surrender Charge Rates Rates per $, = Nonobacco table Surrender Charge Rates Rates per $, table (continued)

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