The following policy description is according to the policy as approved in most states. Benefits and provisions may vary by state. For complete details of coverage, please contact Assurity or review the policy.
Term Life Policy (Form No. I L1702)
Term Life is a guaranteed premium term life insurance policy. Premiums are guaranteed level for the initial term period of 10, 15, 20 or 30 years. The policy may be renewed after the initial term period at annually increasing rates.
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
•Preferred Tobacco and Standard Tobacco – use of tobacco or nicotine-based products, or substitutes
Face Amounts: $25,000 and above
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 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
Policy Fee: $70 annually (non-commissionable)
Premium Modes: Annual, 1.000; Semi-Annual, 0.510; Quarterly, 0.264; Monthly (automatic bank withdrawal or credit card), 0.087
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 policy is converted, the policyowner will receive a non-commissionable conversion credit equal to the term base 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. No conversion credit will be available if the return of premium (ROP) benefit from the Endowment Benefit Rider is being paid.
No-Cost Riders: Accelerated Benefits Rider
Optional Riders: Accident Only Disability Income Rider – Base Policy Insured and Other Insured, Children’s Term Rider, Critical Illness Benefit Rider – Base Policy Insured and Other Insured, Disability Waiver of Premium Rider, Endowment Benefit Rider (ROP), Monthly Disability Income Rider – Base Policy Insured and Other Insured, Other Insured Level Term Rider