1 Living Benefits THERE S MORE TO LIFE Die Too Soon Become Ill Live Too Long Products issued by National Life Insurance Company Life Insurance Company of the Southwest National Life Group is a trade name of National Life Insurance Company, Montpelier, VT, Life Insurance Company of the Southwest (LSW), Addison, TX and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. LSW is not an authorized insurer in New York and does not conduct insurance business in New York. Centralized Mailing Address: One National Life Drive, Montpelier, VT This marketing material is not approved for use in Oregon Cat No (0415)
2 LIFE HAPPENS PLAN FOR TODAY... Life insurance is a powerful fi nancial tool that can be used to protect and secure your family s future if you should die too soon.
3 ...PROTECT TOMORROW
4 BREATHE EASIER... WITH LIVING BENEFITS Life insurance you don t have to die to use Our optional Accelerated Benefi ts Riders provide you with access to your death benefi t while you are still alive, to help cover the costs of a qualifying: Terminal Illness Chronic Illness Critical Illness or Critical Injury
5 TERMINAL ILLNESS What qualifies? Generally, if you have been diagnosed with a terminal illness that will result in death within 24 months of certifi cation of the illness by a physician. Receiving your benefit The benefi t payment will be a lump sum. There is no waiting period or annual benefi t limit, but there is a lifetime limit on the amount of benefi ts you can receive across all Accelerated Benefi ts Riders. Here if you need it You can elect to either: Request the full acceleration, on a discounted basis, and use the lump-sum as you wish. Choose to leave a portion of the policy s death benefi t intact and receive a partial benefi t. Choose to leave the entire policy intact for your benefi ciary. Please refer to State Specifi c Information and other disclosures at the end of this brochure for exceptions and important information.
6 CHRONIC ILLNESS What qualifies? A doctor has certifi ed, within the past 12 months, that you are unable to perform two out of six activities of daily living for a period of at least 90 consecutive days without assistance, or that you are cognitively impaired. Activities of Daily Living 1. Bathing 2. Continence 3. Dressing 4. Eating 5. Toileting 6. Transferring Receiving your benefit Generally, the rider needs to be in force for a period of two years. There is an annual limit on the amount of benefi ts you can receive. There is also a lifetime limit on the amount of benefi ts you can receive across all Accelerated Benefi ts Riders. Here if you need it Note that you do not have to be in a licensed facility to receive payments, and that you can apply for benefi ts every 12 months. Benefi ts can be used for any reason (with 1 state exception), and do not need to be used for medical expenses. If you should need it, and you qualify, after the waiting period you can: Accelerate portions of your death benefi t every year to receive benefi t payments. Leave the policy intact for your benefi ciary. 2 Medicare, US Dept. of Health and Human Services, 2015 Please refer to State Specifi c Information and other disclosures at the end of this brochure for exceptions and important information.
7 70% of people over 65 will need assisted care. 2
9 CRITICAL ILLNESS OR CRITICAL INJURY What qualifies? Critical Illness includes: ALS (Lou Gehrig s disease) Aorta Graft Surgery Aplastic Anemia Blindness Cancer Cystic Fibrosis Heart Attack Heart Valve Replacement Major Organ Transplant Motor Neuron Disease Stroke Sudden Cardiac Arrest End Stage Renal Failure What qualifies? Critical Injury includes: Coma Paralysis Severe Burns Traumatic Brain Injury Average length of hospital stay is 4.6 days. 3 3 Centers for Disease Control and Prevention, 2015 Please refer to State Specifi c Information and other disclosures at the end of this brochure for exceptions and important information.
10 Receiving your benefit The discounted benefi t you receive for the critical illness or critical injury rider takes into consideration four different categories dependent on the severity of the illness: Minor Severe Moderate Life Threatening The highest payout will result from the Life Threatening category. Generally, the rider needs to be in force for 30 days prior to diagnosis in order to accelerate. There is no annual limit, but there is a lifetime limit on the amount of benefi ts you can receive from all Accelerated Benefi ts Riders. Here if you need it You can elect to either: Request the full acceleration, on a discounted basis, and use the lump-sum as you wish. Choose to leave a portion of the policy s death benefi t intact and receive a partial benefi t. Choose to leave the entire policy intact for your benefi ciary. Approximately $34 billion is spent every year treating strokes. 4 4 Centers for Disease Control and Prevention, 2015
12 IT S HOW WE RE BUILT. We re an independent company and independent in spirit. Our mutual structure means that our core purpose is to serve our policyholders. We don t answer to the demands of Wall Street stockholders. Our goal is to be here when we re needed.
13 But it s not about us. IT S ABOUT YOU. Caring, Planning and Protecting what matters most. Figuring out life s puzzles...we re here to help.
14 State Specific Information In some states, the defi nition of terminally ill may require a 12 month life expectancy instead of 24. Depending on what state you are in and what product you have, the waiting period may vary, the qualifi ers may vary, or the Rider may not be available. Other state specifi c information may apply as well, so make sure to ask your agent. Massachusetts: Chronic Accelerated Benefi ts may only be used for Qualifi ed Long-Term Care services. Qualifi ed Long-Term Care services: the necessary diagnostic, preventative, therapeutic, curing, treating, mitigating and rehabilitative services, and maintenance or personal care services that are required by a chronically ill individual and are provided pursuant to a plan of care prescribed by a licensed health care practitioner. The Critical Illness ABR in the state of MA has some specifi c differences. There is no waiting period, but there is a two-year waiting period if a qualifying event directly results from self-inflicted injury or attempted suicide. Qualifying conditions in MA: 1. Coronary artery disease resulting in acute myocardial infarction or requiring surgery. 2. End-stage renal disease. 3. Major organ transplant. 4. Permanent neurological defi cit resulting from cerebral vascular accident. 5. Diagnosis of an invasive malignancy characterized by uncontrolled growth and spread of malignant cells and the invasion tissue. Cancer does not include: a. Stage A prostate cancer. b. Any skin cancer, except invasive malignant melanoma into the dermis or deeper. c. Pre-malignant lesions, benign tumors or polyps. d. Carcinoma in-situ. New York: New York has its own separate rider for chronic illness. The ABR Chronic II Rider for the state of New York functions similarly to our standard Chronic Illness Rider with a few exceptions.
15 The riders referenced in this brochure are available on: NL AssurePlus Protector Universal Life Insurance, form series 8522(0707)/8523(0707) and various other permanent and term life insurance policies issued and written by National Life Insurance Company. under- LSW Income Builder Universal Life Insurance, form series 8796(0210)/8797(0210)/ ICC (0210)/ICC (0210) and various other permanent and term life insurance policies issued and underwritten by Life Insurance Company of the Southwest. Please note that for term life insurance, the ability to accelerate the death benefi t will end when the life insurance policy is terminated. Following are the form series numbers for the National Life Insurance Company Life Insurance Riders referenced in this brochure: Accelerated Benefi t Rider (ABR) for Terminal Illness, form series 7490, ICC ; ABR for Chronic Illness, form series 7493, 8765, ICC ; ABR Chronic II Accelerated Benefi t Rider for Covered Chronic Illness (form 8591NY) is optional and only available in New York. ABR Critical Illness Rider, form series Following are the form series numbers for the LSW Life Insurance Riders referenced in this brochure: Terminal Illness Rider (ABR), form series 8052, ICC ; Chronic Illness Rider (ABR), form series 8095, 8766, ICC ; Critical Illness Rider (ABR), form series For costs and complete details of the coverage, write or call your agent or company. None of the information in this piece is intended as tax or legal advice. Please consult with your Attorney or Accountant prior to acting upon any of the information contained herein. Riders are optional, may be subject to underwriting, exclusions and/or limitations and may not be available in all states or on all products. Receipt of accelerated benefits reduces the Death Benefit and cash value (if any) otherwise payable under the policy, may be a taxable event and may affect your eligibility for public assistance programs, such as medical assistance (Medicaid), Aid to Families with Dependent Children, and Supplemental Security Income. Please consult your personal tax advisor to determine the tax status of any benefi ts paid under this rider and with social service agencies concerning how receipt of such a payment will affect you, your spouse and your family s eligibility for public assistance. The accelerated benefits offered under this rider are intended to qualify for favorable tax treatment under the Internal Revenue Code of Whether such benefi ts qualify depends on factors such as your life expectancy at the time benefi ts are accelerated and how benefi ts are used. There is no restriction placed on the use of the accelerated benefit with the exception that ABR proceeds for chronic illness in the state of Massachusetts can only be used to pay for expenses incurred for Qualified Long-Term Care services. The actual payment you receive will be less than the portion of the death benefi t accelerated because the benefits are paid prior to death. Values are based on a current interest rate and mortality rates. There is an initial administrative fee at the time the rider is exercised. We currently limit the amount of death benefit that may be accelerated under all contracts made over the entire lifetime of the insured to $1,500,000 for terminal or chronic, and $1,000,000 for critical. (In NY, the maximum amount is $2,000,000 when benefi ts paid are due to chronic illness).we reserve the right to change this limit in the future; however the limit will never be less than $500,000. Other restrictions, limitations and waiting periods may apply. This product is a life insurance policy with a rider that accelerates the death benefit on account of chronic illness and is not a health insurance policy providing long-term care insurance subject to the minimum requirements of New York Law, does not qualify for the New York State Long-Term Care Partnership program and is not a Medicare supplement policy. Our Terminal Illness riders allow for the payment of a portion of an insured s death benefi t, on a discounted basis, if the insured has an illness or chronic condition which can reasonably be expected to result in death in 24 months or less. There is no additional premium for this rider.
16 Our Chronic Illness and Covered Chronic Illness riders allow for the payment of a portion of an insured s death benefi t, on a discounted basis, if the insured is Chronically Ill. A chronic illness is defined as one that leaves you unable to perform, without substantial assistance, two of the six normal activities of daily living for a period of at least 90 consecutive days due to a loss of functional capacity or requires substantial supervision to protect oneself (LSW only - for a period of 90 consecutive days) from threats to health and safety due to severe cognitive impairment. The six activities of daily living include bathing, continence, dressing, eating, toileting, and transferring. There is no additional premium for this rider. Our Critical Illness Riders allows for the payment of a portion of an insured s death benefit, on a discounted basis, if the insured is Critically Ill. Covered critical illnesses are ALS (Lou Gehrig s disease), aorta graft surgery, aplastic anemia, blindness, cancer, cystic fibrosis, end stage renal failure, heart attack, heart valve replacement, major organ transplant, motor neuron disease, stroke, sudden cardiac arrest. Our Critical Injury Riders allow for the payment of a portion of an insured s death benefit, on a discounted basis, if the insured experiences one of the following critical injuries: coma, paralysis, severe burns or traumatic brain injury. Covered Critical illness in the state of MA includes: Coronary artery disease resulting in acute infarction vascular or requiring surgery; End-stage Renal Disease; Major organ transplant; Permanent neurological deficit resulting from cerebral vascular accident; Diagnosis of an invasive malignancy characterized by the uncontrolled growth and spread of malignant cells and the invasion of tissue. Cancer does not include: Stage A Prostate Cancer; Any skin cancer, except invasive malignant melanoma into the dermis or deeper; Pre-malignant lesions, benign tumors, or polyps; and Carcinoma in-situ. There is no additional premium for this rider. Accelerated Benefits Riders (ABR) vs. Long-term Care (LTC) Insurance Certain states require advertising for ABRs to provide a comparison to the benefits provided by LTC insurance. However, Accelerated Benefi ts provided by the ABR riders are not long-term care insurance, and are not intended to be the same as, or an alternative to, long-term care insurance. This is a life insurance benefit that also gives you the option to accelerate some or all of the death benefit in the event that you meet the criteria for a qualifying event described in the policy. This policy or certificate does not provide long-term care insurance subject to California long-term care insurance law. This policy or certificate is not a California Partnership for Long-Term Care program policy. This policy or certificate is not a Medicare supplement (policy or certificate). ABR Riders are supplemental benefi ts that can be added to a life insurance policy and are not suitable unless you also have a need for life insurance. Receipt of benefits may reduce or eliminate the availability of other policy riders and benefits. Benefi ts available are calculated at time of claim based on the age of the policy and our expectation of your future mortality. The amount of Accelerated Benefi t available will depend on your life policy s death benefi t value when ABR benefi ts are claimed. For policies in good standing, if ABR benefi ts are not used, policy death benefi ts and other rider benefi ts are still available. Long-term care (LTC) insurance is a form of health insurance, rather than an optional rider on a life insurance policy, and as such, has no death benefi t or cash value. LTC insurance benefi ts are specifi ed at the time of the contract. LTC benefi ts are paid as a form of expense reimbursement for qualifi ed longterm care expenses. By comparison, since ABR benefi ts can be used for any reason, they are paid once qualifi cations are met, and do not require you to provide receipt of specifi c expenses to qualify for the benefi t. LTC premiums vary based on the level and length of benefit chosen by the policyholder. Premiums are paid on a recurring basis, and failure to pay premiums will generally lapse the policy. If LTC benefi ts are not claimed, they are typically forfeited. LTC insurance policies may offer non-forfeiture benefi ts for additional premium. This is a solicitation of insurance. An insurance agent may contact you.
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