(Form No. R I1704)
The Other Insured Level Term Insurance Benefit Rider is a guaranteed premium term life insurance rider on an other insured. Premiums are guaranteed level for the initial term period of 10, 15, 20 or 30 years. The rider may be renewed after the initial term period at annually increasing rates.
Availability: Available at or after time of application. The other insured must have an insurable interest with the policyowner. The level premium period must match that of the base policy.
Issue Ages: age last birthday, as follows -
•10-year level premium period, 18 through 75
•15-year level premium period, 18 through 70
•20-year level premium period, 18 through 65
•30-year level premium period
o Non-Tobacco, 18 through 55
o Tobacco, 18 through 50
Termination Age: 95
Underwriting Classes:
•Preferred Plus Non-Tobacco, Preferred Non-Tobacco and Standard Non-Tobacco – no use of tobacco or nicotine-based products, or substitutes within the last five years
•Preferred and Standard Tobacco – use of tobacco or nicotine-based products, or substitutes within the last five years
Face Amounts: $25,000 and above. Other insured face amount cannot be greater than the base policy face amount
Issue Limitations: Available through Table 8 (300 percent)
Rate Structure: Premiums are level and guaranteed for the initial term period of 10, 15, 20 or 30 years; based on the other insured’s gender, underwriting class, age, face amount, and level term period.
•Premium Band 1 – $25,000 through $249,999
•Premium Band 2 – $250,000 through $499,999
•Premium Band 3 – $500,000 through $999,999
•Premium Band 4 - $1,000,000 and above
Rider Fee: $60 annually (non-commissionable)
Conversion Option: All or part of the face amount may be converted to a new policy of permanent insurance without submitting evidence of insurability for a period beginning on the issue date and ending on the earlier of:
•one year before the end of the level term period for the 10-year plan,
•two years before the end of the level term period for the 15-, 20- and 30-year plans, or
•the policy anniversary on which the insured reaches attained age 65.
Premiums for the new policy will be based on the insured’s gender, underwriting class, age and Assurity rates in effect on the new policy's issue date.
If the entire rider is converted, the policyowner will receive a non-commissionable conversion credit equal to the term rider premium paid during the first policy year which will be used to pay a portion of the new policy’s first year base premium or target premium. The conversion credit will be prorated for partial conversions.