Whole Life Product Summary

Who’s Eligible

Ages

Amount of Insurance

Features and Benefits

Protection

Member/ Individual

18-80

(Up to age 85 can purchase coverage for other eligible insureds)

CGI: Max of $175k

Simplified: Max of $300k

  • Premiums Level
  • Permanent
  • Portable
  • Affordable (Little as $3/wk)
  • Guaranteed Death Benefit
  • Death Benefit may increase based on Dividends
  • Guaranteed Interest Rate of 3.75%
  • Policy Loan Interest Rate 6.5% fixed
  • Tax-Free Death Benefits
  • Tax-Deferred Cash Growth Value

Death (Final Expenses, Living Legacy)

 

Disability (Waiver of Premium Rider)

 

Retirement (Cash Value, Paid-Up Option)

Spouse/ Domestic Partner (living together)

18-80

 

CGI: $12/week or $50k (whichever is greater)

Simplified: Max of $300k

Dependent Children

(Natural, adopted or step-children), 

Grand/

Great-Grand Children

0-17

18-23 (must be full time student)

Min of $2/week

Ages 0-8 :up to $4/wk

Ages 9-17: up to $5/wk

Ages 18-23: up to $4/wk

Parents (Biological, adoptive or step)

18-80

 

Max of $50k

Riders

Terminal Illness

Up to 75% of death benefit is made available to the policy owner in the event the insured is diagnosed as terminally ill with 12 months or less to live

  • Automatically included at no additional cost
  • An interest charge will be deducted and a service fee up to $250 will be deducted

Waiver of Premium

Premiums waived if insured becomes “totally disabled” for 6 months or more (insured must pay first 6 months in good faith while disabled and will be reimbursed if still disabled after 6 months)

  • Automatically included on all policies if 55 and under, Terminates at age 60
  • If insured never returns to work due to Total Disability, Carrier will pay the policy for the rest of life

Chronic Illness (Must be Eligible)

A long-term care benefit, up to 25% of death benefit is available per year for policy owner that is medically determined unable to perform 2 out of 6 ADLs or suffers severe cognitive impairment requiring substantial supervision (ADLs: Bathing, Continence, Dressing, Eating, Toileting, Transferring)

  • Care can be at home or a facility, Must be medically determined every year
  • Automatically included at no additional cost, applicant must meet basic eligibility questions
  • Once CIR or TIR are activated, the other terminates
  • An actuarial discount fee will be deducted and a service fee up to $100 will be deducted

Dependent Child’s Benefit (Optional)

Multiple children can be added to a member’s policy for a combined additional $3.00 a week for $25,000 of Group Term coverage for each child

  • Can be added if insured is 18-60
  • Coverage terminates after child’s 25th birthday
  • Prior to termination can be converted to WL up to 2x up to $50k
  • Children must be between 14 days and 17 years, must be Natural, Adopted or Stepchild
  • Grandchildren are not eligible

Conditional Insurance (4-2-1) (Optional)

Member only rider, when added, it automatically acquires additional coverage on the 1st and 2nd year policy anniversaries at $4/week

  • No cost to add, policy owners can opt out, notification sent 120 Days before date
  • Only available at the time of application
  • Allows more coverage to be added without reapplying, insurability still required






Whole Life (continued)

 

CGI Application A few simple eligibility questions.  As soon as the member signs the completed application and premium payment, coverage begins on the applicant.

(Maximum Amounts: Member- $175k, Spouse/DP- $12/wk or $50k, Child- Depends on Age, Parent- $50k)

 

Employment

  • Have you for the last 90 days been continuously employed for pay at the regular place of business of your employer for 17 ½ hours or more per week?

*If “No”, they can still be eligible for Conditional Guaranteed Issue for one of these valid reasons:

  1. 1) New Hire – as long as the member is currently employed they are eligible for coverage. (Member must be working on the day of the sale)
  2. 2) Maternity leave – indicate maternity on application. (Member must be working on the day of sale) If member has not returned back to work at least 1 day they are ineligible.
  3. 3) Government Shutdown/Furlough
  4. 4) Retirement – indicate retired on application (Additional health questions are required)

 

General: 

  • Has the proposed insured in the last 12 months, smoked one or more cigarettes? (Determines Smoker or Non-Smoker Rate)
    1. E-cigarettes/Vaping counts as smoker
    2. Other Tobacco Products (cigars, pipe, chew, etc.)     are not considered “smoking”
  • Is the proposed insured an Active Duty Service Member of the Armed Forces of the United States or the spouse or dependent of an Active Duty Service Member?

 

Underwriting: (Standard questions, additional questions may apply)

  • Applicant Only: Other than for normal childbirth, in the past 90 days: Have you (i) been hospitalized OR (ii) missed more than three consecutive workdays due to heart disorder, cancer, stroke, kidney disorder, lung disorder or diabetes as diagnosed by a licensed member of the medical profession? 
  • In the last 5 years, has any Proposed Insured used heroin, cocaine (including crack), LSD, PCP, or any other controlled substance except as prescribed by a licensed member of the medical profession? 
  • Has any Proposed Insured ever been diagnosed by a member of the medical profession as having Acquired Immune Deficiency Syndrome (AIDS) or tested positive for Human Immunodeficiency (HIV)? 
  • Does the applicant have any existing life insurance policies or annuity contracts in force with any insurer?
  • Will the insurance now being applied for replace or change insurance or annuities in any company? (If "Yes," attach required replacement forms.)
  • Are you (the insured) on waiver of premium for any other policy?

 

Chronic Illness Benefit Rider:

  • Are you covered by Medicaid?
  • Do you have in force or pending approval any 1) life insurance policy or certificate providing accelerated benefits for chronic illness or qualified long term care services; or 2) any other long term care insurance, nursing home insurance only, home care insurance only, nursing home and home care insurance policies or coverage provided under any state partnership for long term care program?
  • Do you intend to replace any such coverage presently in force?
  • Other than for normal childbirth, in the last 24 months: Have you been an inpatient in a hospital or patient or resident of a nursing, psychiatric, drug and alcohol or rehabilitation facility?
  • Do you require assistance or supervision or use any type of medical equipment to perform any activity of daily living? (Activities of daily living are defined as bathing, continence, dressing, eating, toileting and transferring.)
  • Have you ever been diagnosed, treated, tested positive for, or been given medical advice by a member of the medical profession for any brain or nervous system disorder, Muscular Dystrophy, Rheumatoid Arthritis, Fibromyalgia, or Chronic Obstructive Pulmonary Disease (COPD)?

Simplified Application Requires some additional medical questions. Used when individual wants more than the CGI amount of coverage. (Maximum Amounts: Member- $300k, Spouse/DP- $300k)