Simple Term with Vitality specifications Features
Product design
Level premium for 10-, 15-, 20-, 25- and 30-year term durations
Ownership
Individual (non-entity) with insurable interest. No trust or corporation ownership allowed.
Issue ages
10-year 20 – 60
15-year 20 – 60
20-year 20 – 55
25-year 20 – 50
30-year
20 – 45 Renewability through age 94; must be a resident of the United States
Risk classes
Tobacco and Non-tobacco
Minimum face amount
$25,000
Maximum face amount
$500,000 (per life)
Payment frequency
Issued with monthly premium payments only*
Monthly policy fee
$7
Face amount increases
Face amount increases not permitted
Face amount decreases
Years 1–3 • No face amount reductions allowed during the first three policy years Years 4+ • Any reduction allowed, starting in year 4, as long as the remaining Face Amount is at least the contracted minimum face Amount of $25,000. Note: Decreases are processed only at the policy owner’s request. Provides a supplemental cash back benefit and provides a return of up to 75% of premiums paid during the level-term period. • Available at the time of policy issue and cannot be added post issue • Available for 25- and 30-year term durations • Rider premiums and benefits will cease after the level term period • Premiums must be paid through the year in which the percent of the ROP grading scale is greater than zero • The return-of-premium benefit will be offered in a grading scale, which scales to a maximum of 75% at the end of the level-term period • Rider rates will be based on the insured’s issue age, length of the level-term period, risk class, gender, and band
Return of Premium (ROP) rider
*Insureds can switch to annualized payments post issue
Simple Term with Vitality
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