Whole Life- Limited Pay Options
Application minimum death benefit amount for 10 pay
$100,000
Application minimum death benefit amount for 20 pay
$25,000
Application minimum death benefit amount for 15 pay
$50,000
Benefits of Pay life options
- Guaranteed lifetime death benefit protection - Guaranteed cash value that grows federal income tax-deferred - Guaranteed premium fully paid-up in 10, 15, or 20 years Eligible to earn dividends. Although dividends are not guaranteed, they may be paid in cash, accumulate at interest, reduce the annual premium, or purchase additional paid-up insurance. - The death benefit generally passes tax-free to beneficiary
Potential Market
- Parents or Grandparents purchasing a "Gift of Life" policy for a child or grandchild - Customers in their 40's or 50's if bought early enough, would have a policy paid-up prior to retirement. -Business owners using life insurance to fund an Executive Bonus plan - Customers who wish to make charitable gifts. Limited Pay life allows them to purchase the gift over a longer period of time, and helps leverage their charitable donation for a larger gift through the death benefit
10 pay life
Customer pays premiums for 10 years, after 10 years has been complete the insured no longer needs to make a premium payment. However, the coverage remains in force until age 121
15 pay life
Customer pays premiums for 15years, after 15 years has been complete the insured no longer needs to make a premium payment. However, the coverage remains in force until age 121
20 pay life
Customer pays premiums for 20 years, after 20 years has been complete the insured no longer needs to make a premium payment. However, the coverage remains in force until age 121
GIO Rider ( Guaranteed Insurability Option )
GIO gives the insured the right to purchase additional insurance, on specific option dates, without evidence of insurability
Waiver of Premium
The Waiver of Premium for Disability (WPD) benefit covers only the disability of the base insured. If the base insured becomes disabled prior to age 60, this coverage will waive all future policy and rider premiums (including any additional insured rider premiums) as they become due, so long as the base insured continues to be so disabled.
Dividends
The policy is eligible to earn dividends; however, dividends are not guaranteed. Dividends can accumulate at interest, purchase paid-up additional insurance, reduce future premiums, or be payable in cash.
Pay options life
This is a whole life policy that provides life insurance protection for the lifetime of the insured with premium payments limited to 10, 15 or 20 years. The policy becomes fully paid-up at the end of the premium paying period.
