Meet Suneel At age 35, Suneel bought an Ethos Term Life – Choice policy with a 20 year term. Five years later, he was diagnosed with Stage 3 prostate cancer and had to take several months off work for treatment. Suneel exercised his policy’s Critical Illness benefit coverage to help pay his medical bills, the mortgage and other daily living expenses.
Benefit amount
90% of death benefit
$136,338
$450,000
Payment is determined by actuarial present value (APV) calculation, which is impacted by: ● Death benefit amount and ● future premiums ● Remaining life expectancy ● Actuarial discounting ● Administrative fee (up to $250) Contrast with total of premiums paid after 5 years: $2,464.20
Suneel can request a lower % to retain more of the death benefit
Original death benefit
10% of death benefit $50,000 $12.21/mo. premium
$500,000 $41.07/mo. premium
Total premiums paid to date: $2,464.20
New premium uses same risk class as before, new face amount + policy fee
For more info, see the Living Benefits client 1-pager
*Living benefit claims have no effect on comp but renewal comp is scaled down proportionally.
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