Features (continued)
Vitality program (Also referred to as the Healthy Engagement Benefit)
Vitality is the provider of John Hancock's Vitality PLUS: • The Healthy Engagement Benefit determines the total premium refund received each year based upon the status achieved by the life insured, as shown below: Bronze: 0%, Silver: up to 5% , Gold: up to 10%, Platinum: up to 15% • The percentage will vary by issue age, gender and face amount. • There are four Vitality Status levels, here are the point caps for each level: Bronze 0 points, Silver 3,500 points, Gold 7,000 points and Platinum 10,000 points. The insured can earn a maximum of 18,000 points annually by engaging in the program. • The achievement of a status is dependent upon the life insured meeting the total number of points required for each status
• The discounts and rewards will be provided only to the life insured • The Vitality program will cease at the end of the term period
Accelerated benefit
Provides a “living benefit” if the insured is certified to be terminally ill with a life expectancy of one year or less. This provision allows the policy owner to receive 50% of the eligible death benefit. • Available to all issue ages • This benefit may be added at any time, regardless of current health, provided that the following conditions are met: – There must be a least one year remaining in the benefit period – The consent of the irrevocable beneficiary (if any) is required – The consent of the assignee (if any) is required • The death benefit is reduced by the rider benefit amount plus one year’s interest at current loan rates on the benefit paid, and an administrative-expense charge • Benefits may be taxable under current tax law. Policy owners should consult their personal tax advisors regarding the tax implications of benefits received under the accelerated benefit • There is no charge to elect this rider
Simple Term with Vitality
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