Term Life Product Summary

Who’s Eligible

Ages/ Term Periods

Amount of Insurance

Features and Benefits

Protection

Member/ Individual Only

18-65- 15 year 

18-65- 20 year

18-50- 30 year

 

Minimum: $50,000

Maximum: $300,000

 

  • Premiums level during Term
  • Portable
  • Affordable for large amount
  • Fully convertible to FSP WL
  • Renewable annually until age 90 (based upon attained age)

Death during Term period

 

 

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
  • 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

Dependent Child’s Benefit (Optional)

Multiple children can be added to a member’s policy for a combined additional $1.20 a week for $10,000 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
  • Children must be between 14 days and 17 years
  • Grandchildren are not eligible

Conversion Details

Term policy may be converted in its entirety to our Whole Life Policy. Partial conversion allowed in increments of $5,000 as long as a $10,000 Term Life Policy remains. No evidence of insurability is required. Rates based on age of the insured at the time of conversion.

* All conversions will be handled by Security Mutual Life Insurance.

Term Period

Conversion Period

Attained Age @ Time of Conversion

Conversion Increments

15 Year Level Term

First 10 Policy Years

18-65

$5,000

20 Year Level Term

First 10 Policy Years

18-65

$5,000

30 Year Level Term

First 15 Policy Years

18-50

$5,000

 

Instant decision at point-of-sale using rapid underwriting without medical tests.

 

SML runs Prescription (RX), Motor Vehicle Reports, and a Disability Report.

•             Immediate Real-Time decision

•             Accept/Decline decision in 30 seconds

 

 










 

Term Life (Continued)

 

Underwriting:

  • Current Height:  ft. inches Current Weight: lbs.
  • 2.a Does the Proposed Insured have any existing life insurance policies or annuity contracts in force with any insurer?
  • 2.b Will the insurance now being applied for replace or change insurance or annuities in any company? (If "Yes," attach required replacement forms)
  • 3. Have you applied for or are you receiving disability benefits from any source
  • 4. Do you require assistance or supervision or use any type of medical equipment to perform any activities of daily living? (Activities of daily living are defined as bathing, continence, dressing, eating, toileting and transferring.)
  • 5. Currently or within the past 12 months have you
    1. a. Used any tobacco, nicotine or marijuana containing product or delivery method, or been prescribed any tobacco or nicotine cessation treatment?
    2. b. Used marijuana more than 2 times per week? 
    3. c. Used heroin, morphine, other narcotics, barbiturates, amphetamines or hallucinogenic drugs other than as prescribed by a licensed member of the medical profession?  
    4. d. Been or are you currently a resident or inpatient of a hospital (excluding maternity), nursing, assisted living, drug or alcohol treatment facility?               
    5. e. Participated in non-commercial flights as a pilot or crew member, hang gliding, sky diving, more than one instance of scuba diving, motorized vehicle racing or mountain climbing?
  • 6. Currently or within the past 5 years, have you been diagnosed as having or received treatment from a licensed member of the medical profession for any of the following?
    1. a. Cancer (other than basal cell and squamous cell skin cancer)   
    2. b. Heart attack, aneurysm, peripheral arterial disease, or other heart condition   
    3. c. Stroke or mini-stroke  Yes     No Required
    4. d. Multiple Sclerosis, Muscular Dystrophy, Parkinson's, ALS (Amyotrophic Lateral Sclerosis)
    5. e. COPD (Chronic Obstructive Pulmonary Disease), pulmonary fibrosis, emphysema          
    6. f. Kidney failure 
    7. g. Hepatitis (other than hepatitis A), cirrhosis or other liver disorder or disease    
    8. h. Diabetes requiring insulin        
    9. i. AIDS (Acquired Immune Deficiency Syndrome) 
    10. j. HIV (Human Immune Deficiency Virus) 
    11. k. Alcohol abuse, drug abuse, or dependency on prescription pain medications    
    12. l. Depression requiring hospitalization or emergency treatment 
    13. m. Major organ transplant
  • 7. Within the past 5 years, have you had an application for life or health insurance declined for medical reasons?
  • 8. Within the past 5 years, have you been convicted of reckless driving or driving under the influence of alcohol or drugs?
  • 9. Name of your personal health care professional/clinic:
  • 10. Are you (the insured) on waiver of premium for any other policy?