ING HomeGuard Plus Term. Product Guide/Rate Card. Simplified Issue Term Life Insurance issued by ReliaStar Life Insurance Company

Transcription

1 ING HomeGuard Plus Term Simplified Issue Term Life Insurance issued by ReliaStar Life Insurance Company Product Guide/Rate Card Updated for 2010! See details inside. LIFE Your future. Made easier.

2 Updated for 2010! More eligible life events, including marriage and new child policy fee modal factor loading Three rate bands Your clients can now protect their family and one of their most valuable assets the ownership of their home should a breadwinner die, become disabled or become critically ill. Introducing term life insurance protection that is full of the bells and whistles your clients demand with optional features that your clients may need. $25,000 minimum face amount Choice of a 15, 20 or 30 year term period. Guaranteed level premium periods of either 5 years (for 15-and 20-year terms) or 15 years (for 30-year terms) or an optional Extended Premium Guarantee that extends the level premium period for the entire initial term period. Simplified Issue Underwriting no medical examinations. Waiver of Premium Rider (Unemployment) available at no additional cost. Accidental Death Benefit Rider automatically provides a benefit equal to 50% of the face amount. Additional coverage is available. Optional Premium Endowment Rider allowing clients to get up to 100% of their benefit premiums back if they outlive the initial term period. Optional Critical Illness and Accident Only Disability Income Riders can provide money for expenses if your clients cannot work due to injury or illness.

3 Table of Contents Product Features 2 Riders 3 New Business Submissions 4 Sample Application 5 Underwriting Requirements 14 Sample Premium Calculation 16 Rate Tables 17 Base Policy 15-year term without Extended Premium Guarantee 15-year term with Extended Premium Guarantee 20-year term without Extended Premium Guarantee 20-year term with Extended Premium Guarantee 30-year term without Extended Premium Guarantee 30-year term with Extended Premium Guarantee Premium Endowment Rider Premium Endowment for 20-year term with Extended Premium Guarantee Premium Endowment for 30-year term with Extended Premium Guarantee Riders Critical Illness Rider Children s Term Rider Accident Only Disability Income Rider Waiver of Premium Rider (Disability) Accidental Death Benefit Rider Premium Endowment Rider Waiver of Premium Rider (Unemployment) Please te: ING HomeGuard Plus Term is NOT mortgage life insurance. Mortgage life insurance is a form of life insurance specially tied to and designed to repay the balance of a mortgage in the event of death of the policy owner. If the policy owner were to die while the mortgage life insurance was in force, the policy would pay out a death benefit that would be just sufficient to repay the outstanding mortgage loan. While the death benefit proceeds available through ING HomeGuard Plus Term may be used to help make mortgage payments, ING HomeGuard Plus Term provides level term insurance coverage and is not tied in anyway to an individual's mortgage obligation to any lender and the death benefit proceeds can be used by the beneficiary for any purpose. 1

4 Product Features ING HomeGuard Plus Term, term life insurance issued by ReliaStar Life Insurance Company, provides level death benefit protection with initial term periods of 15, 20 or 30 years. After expiry of the Guaranteed Level Premium Period, which is less than the initial term period, the premiums may increase. Premiums will increase after the initial term period ends. ING HomeGuard Plus Term also offers an array of optional features that your clients can choose from to best meet their needs. Riders* Premium Endowment Rider Accident Only Disability Income Rider Critical Illness Rider Waiver of Premium Rider - Disability Waiver of Premium Rider - Unemployment Children s Term Rider Accidental Death Benefit Rider *Riders may be at an additional cost and may vary by state. Guaranteed Level Premium Periods Level premiums are guaranteed for: Term Years Optional Extended Premium Guarantee (EPG) extends the premium guarantee for the entire initial base policy term period, at an additional cost. Guarantees are based on the financial strength and claims paying ability of ReliaStar Life Insurance Company, who is solely responsible for obligations under its own policies. Rate Bands Band 1: $25,000 - $74,999 Band 2: $75,000 - $149,999 Band 3: $150,000 - $250,000 Policy Fee ne Issue Ages (Age Last Birthday) Minimum Issue Age: 20 Maximum Issue Age: (May vary by state) Without Premium Endowment Rider Term n-epg* EPG* Issue ages differ with the inclusion of the Premium Endowment Rider. See Rider section for details. *EPG = Extended Premium Guarantee Minimum Face Amount $25,000 Maximum Face Amount Lesser of: $250,000 for issue ages 20-44; $200,000 for issue ages 45-59; $150,000 for issue ages 60+ or 125% of mortgage amount, if mortgage is used as qualifying event Modal Factors For modes other than annual, multiply the annual premium by the appropriate factor: Semiannual:.50 Quarterly:.25 Monthly: Renewable After the initial term period, coverage may be continued at annually increasing premium rates to age 95. Conversion The policy may be exchanged for another selected policy acceptable to us no later than the earlier of the policy anniversary when the insured is age 65, or 10 years. evidence of insurability is required and the rate class will be the most comparable at the time of conversion. 2

5 Riders (May not be available in all states. Rider benefits are subject to the conditions and limitations set forth in each rider. Consult the riders for more details about these conditions and limitations.) Accidental Death Benefit Rider This rider automatically provides death benefit protection of 50% of the face amount should the insured die due to an accident. This rider is available at issue only Issue ages: (or the maximum age of the base policy if lower) The rider automatically expires when the insured turns age 70 Additional coverage is available at an additional charge - Maximum amount of additional coverage that may be purchased is 50% of the face amount - Minimum amount of additional coverage that may be purchased is $5,000 Waiver of Premium Rider Unemployment This rider automatically waives premiums in the event of involuntary unemployment beginning 30 days after the start of the unemployment at no charge to the policyholder. This rider is available at issue only Issue ages: (or the maximum issue age of the base policy if lower) Maximum benefit period - six months within any five year period Once benefits have been waived for a period of unemployment, no additional benefits will be paid for five years benefits will be paid after the policy anniversary on which the Insured is age 65 Premium Endowment Rider This rider provides for a return of the benefit premiums paid at the end of the initial term period. Only available at issue with the 20 and 30 year initial terms and with the Extended Premium Guarantee option. Issue ages (Age Last Birthday): Term EPG* 15 t available t available * EPG = Extended Premium Guarantee The amount paid at the end of the initial term period will be the benefit premiums, meaning the gross premiums paid for the base policy and the Premium Endowment Rider, minus policy fees, special class and flat extra premiums, if any, and premiums paid but not yet due and payable. If the policy is terminated before the end of the initial term, a percentage will be applied to the amount defined above to determine the Premium Endowment Rider benefit. This percentage will vary with each policy. Critical Illness Rider This rider allows for payment of an accelerated benefit in the event of a covered illness. This rider is available at issue only. Issue Ages: (or the maximum issue age of the base policy if lower) Covered illnesses include life-threatening cancer, heart attack, stroke, paralysis (of two or more limbs), renal failure, major organ transplant, blindness and loss of two or more limbs. Detailed definitions are contained in the rider form. Diagnosis must occur at least 90 days after policy issue (60 days for life-threatening cancer). If the covered illness is the result of an accident, the benefit will be covered as of the date of the accident. benefit is payable if the illness results from attempted suicide, intentional self-inflicted injury, misuse of alcohol or drugs, or involvement in illegal activity. The benefit cannot exceed the lesser of: - 100% of the death benefit; - amount owner selects at issue; or - $250,000 Minimum benefit amount: $5,000. Only one payment may ever be made for this rider; once payment is made, the rider terminates. 3

6 Accident Only Disability Income Rider This rider provides benefits for disabilities resulting only from an accident. Disability is defined as the inability to perform the essential duties of any occupation for which the insured may qualify based on past training, education, or experience. Also, the insured will be considered disabled as long as he or she suffers the loss of sight in both eyes, the total loss of use of both hands or both feet, or the total loss of use of one hand or one foot. This rider is available at issue only. Issue ages: (or the maximum issue age of the base policy if lower) Rider expires at age 60. For a list of occupations that typically result in a decline, refer to the Underwriting Requirements section. Benefits: Issue limit is the lesser of: - $1,500 monthly benefit; /3% of earned income; or - 1.0% of the life insurance amount. Waiting period 3 months Maximum Benefit Period 2 years Minimum Monthly Benefit Amount: $50.00 Waiver of Premium Rider Disability This rider waives premiums if the insured is totally disabled for longer than six months. Issue ages: (or the maximum issue age of the base policy if lower) This rider is available at issue only This rider terminates at age 60 The rider waives premiums due after the six-month waiting period, and refunds premiums paid during the six month waiting period of total disability. Children s Term Rider This rider provides level term insurance on each insured child to age 25. Issue ages for child: 15 days through 17 years Issue age for the base policy insured: (or the maximum issue age of the base policy if lower) This rider is available at issue only. This rider terminates at the base policy insured s age 65, the date the policy terminates for any reason or upon the policy owner's request. Each unit provides $1,000 of death benefit for each insured child - Minimum: 5 units - Maximum: 10 units Conversion to a selected cash value policy is available without evidence of insurability. The face amount of the new policy may not be less than the minimum face amount required for that policy, and cannot exceed 5 times the amount of the rider coverage. - For each Insured Child the insurance coverage under this rider may be converted to a new policy without evidence of insurability provided no premiums are due under either the policy or this rider. This conversion feature is available for each insured child: - At the earlier of the insured s death or the insured s age 65; or - When the insured child attains age 25 New Business Submissions Complete Life Application. Obtain insured and/or owner signatures on Life Application (and HIV Consent form). Obtain replacement forms in states where required. Leave disclosure section(s) with the insured and/or owner. For Electronic Funds Transfer payment, submit a voided check or deposit slip. Mail completed application, HIV consent form and initial payment to: ING Service Center PO Box 5053 Minot, ND The completed application can also be faxed to If completed application is faxed, there is no need to mail the application. For faxed applications, mail initial premium and a copy of the first page of the completed application to the above address. 4

7 Sample Application Select product, amount and whether Extended Premium Guarantee will be purchased. Complete life event question 6 or 7. Complete the Rider Information Section Complete Personal and contact information for proposed insured. 5

8 Complete remainder of section for proposed insured. Complete all information for primary and secondary beneficiaries. Indicate how premiums will be paid. 6

9 Answer questions and provide details about existing life insurance. Complete Personal History information and details to any "Yes" answers in the chart. 7

10 Answer all questions about the proposed insured, his or her doctor and family history. 8

11 Provide detailed information for all "Yes" answers to proposed insured's personal Medical Declarations. Provide details about yourself, your general agent and any other producer with whom you will share commissions. 9

12 You, the proposed insured, and the Owner (if someone other than the proposed insured) and any producer splitting the sale must sign and date the application. 10

13 Give this form to the proposed insured. Complete and deliver the Temporary Insurance Receipt only if: applicant provides a premium payment with the application. There are no "Yes" answers in the Representations section for the proposed insured. Review with and instruct client to read the Terms and Conditions of the Temporary Insurance Receipt. 11

14 Give these forms to the proposed insured. Provide this form where the Critical Illness Rider is selected. 12

15 If your client is replacing existing coverage, complete this form and provide the original with the application. Provide a completed copy to the proposed insured and keep a copy for your records. Complete appropriate sections of the Credit/ Debit Card and EFT form. 13

16 Underwriting Requirements Client must have a mortgage, refinancing or home equity loan that is no more than 60 months old or have had a qualifying life event (marriage or birth/legal adoption of a child) in the past 24 months Full application required Acceptable up to Table D (Table 4) Automatic decline for any of the following four impairments (in addition to those on the typical decline list): 1. Type 2 diabetes 2. Any history of treatment for alcoholism 3. Any history of treatment for drug abuse 4. Any history of stroke or transient ischemic attack (TIA) Typical Conditions for Decline of ING HomeGuard Plus Term Any of the following conditions typically results in a decline for ING HomeGuard Plus Term. This list is not comprehensive, and other situations or conditions may also result in a decline. AIDS Abdominal aortic aneurysm present Abdominal aortic aneurysm surgically corrected Active military with foreign orders or orders to deploy to hot spots Active military in Special Operations (see Military Guideline section) Addison's disease Alcohol treatment Amputation caused by disease Angioplasty/bypass, or MI/heart attack Alzheimer s disease or dementia Bankruptcy, Chapter 7, that has not been discharged for at least 2 years, or multiple bankruptcy filings Blood pressure exceeding 185/100 Buerger's disease Cancer, other than basal cell skin cancer Cerebral palsy Cirrhosis of liver Congestive heart failure COPD/Emphysema, severe (on oxygen or disabling) CVA (stroke) within 1 year Cystic fibrosis Type 1 Diabetes/diabetes requiring insulin Down syndrome Drug use (other than marijuana) DUIs, two or more in last 5 years Felony conviction, major Gastric/Intestinal bypass within 2 years Grand mal seizures (not controlled) Hepatomegaly Hemophilia HIV positive Hodgkin s disease Juvenile onset diabetes Kidney dialysis Leukemia Mental disorder requiring hospitalization or disability Medical testing advised but not yet completed Military Reserves (if alerted or mobilized to be sent overseas to a hot spot ) MS (multiple sclerosis) (disabling or progressive) Muscular dystrophy Organ transplant (awaiting or recipient) Parole or probation (currently on) Performance enhancing drugs, current or recent use (steroids) Pregnancy (current) with toxemia, eclampsia, pre-eclampsia Pulmonary sarcoidosis Quadriplegia Retardation severe Suicide attempt Surgery (major) advised but not yet completed Tuberculosis recent Valve replacement 14

17 Underwriting Classes ( use of tobacco or nicotine products in any form within the past 12 months) Build Qualifications (Male/Female) Height Weight Height Weight This table is provided for estimation purposes only. Individuals whose weight is greater than listed above may need to provide additional requirements as requested by the Underwriting Department. Typical Conditions for Decline of Accident Only Disability Income Rider The following list of conditions, although not comprehensive, typically results in a decline for the Accident Only Disability Income Rider. Other situations or conditions may also result in a decline. AIDS Abdominal aortic aneurysm present Abdominal aortic aneurysm surgically corrected in the last 6 months Active military with foreign orders or orders to deploy to hot spots Active military in Special Operations Addison's disease Alcohol treatment in the last 2 years Amputation caused by disease Angioplasty/bypass, or MI/heart attack in the last 6 months Alzheimer's disease or dementia Bankruptcy, Chapter 7, that has not been discharged for at least 1 year Bankruptcy, multiple filings Blood pressure exceeding 185/100 Buerger's disease Cancer End stage or recently diagnosed cancer Cerebral palsy Cirrhosis of liver Congestive heart failure COPD/emphysema, severe (on oxygen or disabling) CVA (stroke) within 1 year Cystic fibrosis Diabetes if complications present (i.e. amputation, retinopathy, kidney or vascular disease, etc.) Down syndrome Drug use (other than marijuana) in the last 2 years DUIs, two or more in last 5 years Felony conviction, major Gastric/intestinal bypass within 1 year Grand mal seizures within 1 year of diagnosis Hepatomegaly Hemophilia HIV positive Hodgkin's disease Juvenile onset diabetes Kidney dialysis Leukemia Mental disorder requiring hospitalization or disability in last year Medical testing advised but not yet completed Military Reserves (if alerted or mobilized to be sent overseas to a hot spot ) MS (multiple sclerosis) (disabling or progressive) Muscular dystrophy Organ transplant (awaiting or recent recipient) Parole or probation (currently on) Performance enhancing drugs, current or recent use (steroids) Pregnancy (current) with toxemia, eclampsia, pre-eclampsia Pulmonary sarcoidosis Quadriplegia within last two years. Retardation severe Suicide attempt in the last year Suicide attempts (more than one) if the last one was within the last 2 years Surgery (major) advised but not yet completed Tuberculosis recent 15

18 How to Calculate ING HomeGuard Plus Term Premiums Without or With Premium Endowment Rider 1. Multiply the rates for the units of policy and rider coverage from rate tables by number of units. (each unit equals $1,000 of coverage) 2. Add total premiums for each form of coverage. 3. Multiply annual premiums by Modal factors (.50 semi-annual,.25 quarterly, monthly) for other premium modes. Sample Monthly Premium Calculation Insured: Base Policy: Additional Benefits: Age 40 ( male/female rates), $200,000, 30-Year Term with Extended Premium Guarantee Waiver of Premium, Premium Endowment Rider Coverage Rate per $1,000 face amount Units Premium Base rate w/epg and Premium Endowment Rider $ 6.90 x 200 = $1, Waiver of Premium $.43 x 200 = $86.00 Sum of Annual Coverage Costs $1, Annual Premium $1, Times Monthly Modal Factor x Total monthly policy premium $

19 ING HomeGuard Plus Term 15 Year Band 1 $25,000-$74,999 Rates are per 1,000 face amount (Effective vember 2009) n-extended Extended Premium Premium Guarantee Guarantee Issue Age ING HomeGuard Plus Term 15 Year Band 2 $75,000-$149,999 Rates are per 1,000 face amount (Effective vember 2009) n-extended Extended Premium Premium Guarantee Guarantee Issue Age

20 ING HomeGuard Plus Term 15 Year Band 3 $150,000-$250,000 Rates are per 1,000 face amount (Effective vember 2009) n-extended Extended Premium Premium Guarantee Guarantee Issue Age ING HomeGuard Plus Term 20 Year Band 1 $25,000-$74,999 Rates are per 1,000 face amount (Effective vember 2009) Issue Age n-extended Premium Guarantee Extended Premium Guarantee

21 ING HomeGuard Plus Term 20 Year Band 2 $75,000-$149,999 Rates are per 1,000 face amount (Effective vember 2009) ING HomeGuard Plus Term 20 Year Band 3 $150,000-$250,000 Rates are per 1,000 face amount (Effective vember 2009) n-extended Premium Guarantee Extended Premium Guarantee n-extended Premium Guarantee Extended Premium Guarantee Issue Age Issue Age

22 ING HomeGuard Plus Term 30 Year Band 1 $25,000-$74,999 Rates are per 1,000 face amount (Effective vember 2009) n-extended Extended Premium Premium Guarantee Guarantee Issue Age ING HomeGuard Plus Term 30 Year Band 2 $75,000-$149,999 Rates are per 1,000 face amount (Effective vember 2009) n-extended Extended Premium Premium Guarantee Guarantee Issue Age

23 ING HomeGuard Plus Term 30 Year Band 3 $150,000-$250,000 Rates are per 1,000 face amount (Effective vember 2009) n-extended Extended Premium Premium Guarantee Guarantee Issue Age

24 ING HomeGuard Plus Term 20 Year Premium Endowment Rider with Extended Premium Guarantee Rates are per 1,000 face amount (Effective vember 2009) ING HomeGuard Plus Term 30 Year Premium Endowment Rider with Extended Premium Guarantee Rates are per 1,000 face amount (Effective vember 2009) Band 1 $ 25,000 - $ 74,999 Band 2 $ 75,000 - $149,999 Band 3 $150,000 - $250,000 Band 1 $ 25,000 - $ 74,999 Band 2 $ 75,000 - $149,999 Band 3 $150,000 - $250,000 Issue Age Issue Age

25 Critical Illness Rider 15 Year Premium Rates Rates are per 1,000 of rider face amount and may increase in the future. (Effective March 2007) Issue Age Modal Factors for All Classes: Semiannual.50 Quarterly.25 Monthly For policies issued in Montana, use Female rates. Critical Illness Rider 20 Year Premium Rates Rates are per 1,000 of rider face amount and may increase in the future. (Effective March 2007) Issue Age Modal Factors for All Classes: Semiannual.50 Quarterly.25 Monthly For policies issued in Montana, use Female rates. 23

26 Critical Illness Rider 30 Year Premium Rates Rates are per 1,000 of rider face amount and may increase in the future. (Effective March 2007) Children's Term Rider All Risk Classes Rates are per 1,000 of rider face amount. (Effective March 2007) Issue Age Attained Age Children's Term Rider Modal Factors for All Classes: Semiannual.50 Quarterly.25 Monthly For policies issued in Montana, use Female rates

27 Accident Only Disability Income Rider All Risk Classes Rates are per dollar of monthly income and may increase in the future. (Effective March 2007) Issue Age Accident Only Disability Income Rider Waiver of Premium Disability Rider All Risk Classes Rates are per 1,000 face amount. (Effective March 2007) Issue Age Waiver of Premium Rates Accidental Death Benefit Rider All Risk Classes Rates are per 1,000 of rider face amount. (Effective March 2007) Attained Age Male or Female

28 For more information: Visit or contact your upline. ING HomeGuard Plus Term, policy form # /09 (may vary by state and may not be available in all states) is issued by ReliaStar Life Insurance Company (Minneapolis, MN), a member of the ING family of companies. Guarantees are based on the financial strength and claims-paying ability of ReliaStar Life Insurance Company who is solely responsible for obligations under its own policies ING rth America Insurance Corporation cn /23/2009