Termination: Rider terminates at the earliest of 1) when any premium for the policy is due and unpaid beyond the end of the premium’s grace period; 2) when the policy terminates for any reason other than the death of the insured; 3) the policy anniversary nearest the insured’s 70th birthday; 4) if the death of the insured shall occur by suicide within two years from the issue date of this rider; or 5) the date the company receives written notice from the owner requesting termination of this rider. Reinstatement: The rider may be reinstated upon reinstatement of the policy. Available After Issue: No. Care4Life Accelerated Death Benefit Design: Provides an accelerated death benefit if the insured faces a serious medical hardship such as a critical, chronic or terminal illness. In New York and California, the Care4Life benefits are offered through three independent riders—Critical Illness, Chronic Illness and Terminal Illness and vary for the Critical Illness Rider. The Care4Life riders are not a long-term care product.
Qualifying Event
Benefit Amount
Critical Illness
Up to 25% of the eligible amount with a maximum of $250,000
Chronic Illness
Up to 50% of eligible amount with a maximum of $1 million
Terminal Illness
Up to 75% of eligible amount with a maximum of $1 million
Issue Ages: 20–65 [(61-65 coming soon)]. In California, the Critical Illness Rider is only available to insureds age 64 or younger who have comprehensive health benefits from a health insurance policy, HMO or employer plan and the invasive life threatening cancer is replaced by invasive/metastatic cancer. Substandard Rating: This rider may be added to a policy where the table rating is worse than Table 4. For policies with table ratings worse than Table 4, terminal illness coverage may be available. Underwriters may decline to issue this rider based upon their discretion. Payment Frequency: Accelerated death benefits will be paid in a lump sum for critical illness and terminal illness. If the maximum chronic illness accelerated death benefit amount payable does not exceed the per diem limitation declared for that year by the Internal Revenue Service, then the amount payable will be in a single sum. If the maximum amount payable under a chronic illness qualifying event exceeds the per diem limitation declared for that year by the Internal Revenue Service, then the amount payable will be paid in periodic installments. The first payment will be made immediately but will be limited to the annualized per diem limitation. A second payment will occur on the first business day of the calendar year following the initial payment. The amount of the second payment will be limited to the lesser of the remaining amount owed or the per diem limited for the new calendar year. Thereafter, if proceeds remain payable, the policyowner should request the payment once per year, where the year starts with the anniversary date of the initial payment. Each payment will be limited by the remaining amount owed or the per diem limitations. Lien: The advanced payment plus a $250 administrative fee (guaranteed maximum except in Florida $100 current and max.) plus accrued interest is treated as a lien against death benefit proceeds. The maximum lien interest rate will be the greater of the current yield on ninety-day treasury bills; or the current maximum statutory adjustable policy loan interest rate. Residual Death Benefit: Upon the death of the insured, we will pay at least the 10% residual death benefit, reduced by the amount of any partial withdrawals taken after the first accelerated benefit request and any loan balance. Eligible Amount: Specified amount of the base policy, the supplemental coverage and the early cash value riders, as of the first accelerated benefit request.
For financial professional use only. Not for use with clients.
IUL-AG-0723
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