WHOLE
LIFE
Whole life is a permanent type of insurance with
guaranteed cash values.
You can choose a life pay plan, meaning you will
make monthly premiums for as long as you live or go with a 20 years pay
plan. Some people prefer to go with a 20 years pay plan, simply because
they don't want to worry about making an extra monthly payment once they
have retired. It's a piece of mind to know that the insurance is there to
stay, fully paid up and the beneficiary will receive a tax-free benefit
upon the insured's death.
Guaranteed cash value can be used by the insured to borrow
against if a need for extra funds arises at any time. Borrowed funds can
either be paid back or they will be deducted from the death benefit paid
to the beneficiary.
UNIVERSAL
LIFE
Universal life insurance policy combines long-term
insurance protection with tax-sheltered savings opportunities. It provides
for considerable control and flexibility by allowing the Owner to choose
and change the amount of insurance coverage, the premiums to be deposited,
the premium payment period and the investment options.
Transit Account
The Transit Account is a holding account where deposits
can be temporarily invested when the Yearly Maximum Premium has been
reached in a year, or when the Fund Value has been increased to the point
where the policy is no longer tax-exempt.
Tax Exempt
Status
Companies will ensure that the policy retains its exempt
status. If the policy exceeds the allowable amount, exempt status can be
restored by:
-
Transferring excess amount to Transit Account.
-
Sending the excess amount directly to the Owner.
-
Shelter Optimizer Option (available only at issue)
This option, selected by the Owner, allows the Sum
coverage to be adjusted to take full advantage of the tax exemption room
available to life insurance policies. Available for Single, Joint
First-to-Die, Joint Last-to-Die and Multiple Life contracts. Increases
will stop once a maximum Sum Insured is reached.
Riders and
Benefits
-
10-Year Renewable and Convertible Term Rider
-
20-Year Renewable and Convertible Term Rider
(preferred rates are offered on our Term Riders)
-
Disability Waiver
-
Death and Disability Waiver
-
Children's Protection Rider
-
Children's Enhanced Protection Rider
-
Accidental Death Benefit
-
Guaranteed Insurability Benefit
-
Survivor's Insurance Benefit
