Guaranteed Issue Whole Life
Guaranteed Issue Whole Life – Plan Description
Guaranteed Issue Whole Life offers lifetime protection with no medical questions or health exams. The premiums are guaranteed and remain level until the end of the premium payment period at which time the policy becomes fully paid-up. The death benefit and cash surrender values are also fully guaranteed.
ISSUE AMOUNTS
The minimum issue amount is the greater of $1,000 or that amount which an be purchased by an annual premium of $180.
The maximum issue amount is $25,000 at age 50 and decreases by $500 for each issue age thereafter. These maximum issue amounts are included on the Rate Sheet.
ISSUE AGES
50 – 80 (based on age nearest birthday)
POLICY FEE
$30.00
PREMIUM PAYMENT PERIOD
Premiums are payable for 20 years or to age 85, whichever is earlier, subject to a 10 year minimum for issue ages 75 to 80.
INITIAL DEATH BENEFIT
If death, other than by accidental means, occurs during the first two years following issue, there will be a return of the premiums paid with interest at a rate of 3%.
If death occurs as a result of accidental means during the first two years following issue, the Face Amount will be paid instead of the refund of premiums.
ACCIDENTAL DEATH BENEFIT
If death occurs as a result of accidental means after two full years following issue, an amount equal to two times the Face Amount will be paid. This benefit ceases at age 70.
CASH SURRENDER VALUE
Cash Surrender Values begin after the end of the second full year following issue.
DIVIDENDS
Dividends will be credited at each policy anniversary following the end of the third policy year. These dividends will be used to purchase paid-up additions which become payable in addition to the face amount.
MODAL FACTORS
Semi Annual = 0.52
PAC = 0.09
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