10 Pay Whole Life. (10 Pay WL) Introduced: September 2009

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1 10 Pay Whole Life (10 Pay WL) Introduced: September 2009

2 Table of Contents GENERAL INFORMATION... 3 PRODUCT DESCRIPTION... 3 ISSUE RULES... 3 ISSUE AGES... 3 FACE AMOUNT... 3 BAND BREAKS... 4 GENDER... 4 UNDERWRITING CLASSES... 4 PREMIUMS... 4 SUBSTANDARD EXTRAS... 5 FLAT EXTRAS... 5 PREMIUM MODE... 5 POLICY FEE... 5 BACK DATING... 5 DEATH BENEFIT... 5 CONVERSIONS AND EXCHANGES... 6 MATURITY DATE... 6 MODIFIED ENDOWMENT CONTRACTS (MEC) 7 PAY PREMIUM TEST... 6 TAXATION OF MODIFIED ENDOWMENT CONTRACTS... 6 DIVIDEND OPTIONS... 6 AVAILABLE RIDERS... 7 LOAN PROVISION... 8 DIRECT RECOGNITION... 8 CASH VALUE... 9 Introduced: Sept Page 2 of 9

3 GENERAL INFORMATION Descriptions and availability of certain policy features may vary from state to state. Specific variations will be set forth in the policy issued to the policyowner Please consult the New Business Resource Center on Guardian On-line for availability and variations in your state Please consult the contract for definitions of terms used in this guide and not defined here PRODUCT DESCRIPTION The marketing name is Guardian s 10 Pay Whole Life is a permanent, traditional whole life insurance plan. It is an addition to the product portfolio, sold by The Guardian Life Insurance Company Premiums are level and the policy is fully paid up after 10 years The maturity date of the policy equals the anniversary nearest the insured s attained age 121 The product is based on the 2001 CSO table The cash values, reserves, and net single premiums are based on 2001 CSO composite mortality table Loans are permitted when there is sufficient cash value in the 2nd year, except in states where a first year loan is required to be made available There will be a unisex version of this product sold in Montana There will not be a PT version of this product at this time ISSUE RULES ISSUE AGES Issue ages vary by class (see Premium Classes below) In general, issue ages are 0 75 FACE AMOUNT Face Amount Minimum $25,000 for all classes except ο Preferred Plus NT: $250,000 ο Preferred NT: $100,000 Introduced: Sept Page 3 of 9

4 Face Amount Maximum o The maximum amount of insurance that may be purchased will be determined on a case-bycase basis. It depends on the retention limits, the availability of reinsurance and on the amount of other insurance, if any, on the lives of the insured BAND BREAKS There are no dividend band breaks GENDER Male Female Unisex only for sale in Montana UNDERWRITING CLASSES Preferred Plus NT (best class non-tobacco) ages o To have a Preferred Plus NT class the base face amount can be as low as $100,000 provided the following: Base face plus Option Q target is $250,000 or greater, or Base face plus Option R initial target is $250,000 or greater o If at any point in time, the base face plus the Option Q target (or Option R target) drops below $250,000 the underwriting class will be reclassified as Preferred NT Preferred NT (2nd best class non-tobacco) ages o If at any point in time, the base face drops below $100,000 the underwriting class will be reclassified as Non-Smoker (minimum base face amount for Preferred NT is $100,000) Non-Smoker (standard non-cigarette) ages 0 75 Standard (cigarette users) ages Substandard N/C (non-cigarette) ages Note: For ages 10 to 14, we only offer classes 1, 2, and 3 Substandard Class (cigarette users) ages PREMIUMS The basic premiums are guaranteed for the premium period (10 years) Basic premiums vary by issue age, sex, underwriting class, and face amount Premium is the same for two best underwriting classes Introduced: Sept Page 4 of 9

5 The basic premium is banded using the same band breaks as the current series products Continuous Banding Methodology is used SUBSTANDARD EXTRAS Substandard charges on the base policy can be flat extras and/or table extras Table extras are up to class 16 (non-cigarette users and cigarette users); Table extras are assessed for the premium period of 10 years FLAT EXTRAS Flat extras are assessed for a fixed number of years Only temporary extras are allowed; the period cannot exceed 10 years PREMIUM MODE Annual Semi-annual Quarterly Guard-O-Matic POLICY FEE None BACK DATING Backdating up to a maximum of 6 months is allowed only to save age, where permitted Backdating is subject to normal rules Backdating prior to introduction of the product in the state is allowed DEATH BENEFIT The death benefit is equal to the face amount Plus: Any insurance on the insured s life purchased as additional benefit riders Any insurance on the insured s life purchased with additions The value of dividends left at interest Any dividends credited at death Any premium (not waived) paid beyond the policy month of death Introduced: Sept Page 5 of 9

6 Less: Any outstanding loans and loan interest Any premium due up to and including the policy month of death CONVERSIONS AND EXCHANGES Term conversions to this product are permitted, however there are no conversion credits 1035 Exchanges are permitted MATURITY DATE The maturity date is the policy anniversary nearest to the insured s attained age of 121 at which time the base policy s guaranteed cash value equals the policy s face amount MODIFIED ENDOWMENT CONTRACTS (MEC) 7 PAY PREMIUM TEST The taxation issues and MEC testing follows the same protocol as other Whole Life policies TAXATION OF MODIFIED ENDOWMENT CONTRACTS If the premium exceeds the cumulative 7-pay premium limit the policy will be a MEC Distributions, including loans, from a MEC are taxed immediately up to the gain in the policy and may be subject to a 10% penalty tax A policy can have a material change if the policyholder has made EPUA payments In this event, a new 7-pay premium rate will be established as of the material change date During any seven years period, if the total outlay exceeds the new cumulative 7-pay premium limit, the contract will be classified as a MEC The 7-pay premium rates are based on the 2001 CSO composite mortality table There are no Definition of Life Insurance issues (IRC 7702) as this product automatically complies with those rules Certain policies may be a MEC at issue DIVIDEND OPTIONS The policy is participating Introduced: Sept Page 6 of 9

7 Dividends are not guaranteed. They are declared annually by Guardian s Board of Directors The dividend scale will not vary by the face amount The first dividend is payable at the end of year 2 Dividends are affected by policy loans through Direct Recognition For the first 10 years, basic policy dividends for rated classes are the same as non-rated classes; after the policy is 10 years old, the policy will be paid-up. It will receive dividends based on policies that are fully paid-up on its terms Note: As a change, for all 2001 CSO products, we pay higher dividends on policies fully paid-up on their terms vs. reduced paid-up policies The policyowner may elect any of the following dividend options; the default option is D: Option Description A Cash Payment B Reduce Premium C Dividend Accumulation D Paid Up Additions One Year Term Addition Up to Policy Cash Value-Balance to Purchase Dividend F Additions G One Year Term Addition Up to Policy Cash Value-Balance to Reduce Premium L One Year Term Addition Up to Twice Policy s Face Amount-Balance to Purchase Dividend Additions One Year Term Addition Up to Twice Policy s Face Amount- Balance to Reduce P Premium Q One Year Term Addition With Target Face Amount S Premium Offset R Increasing Q Term U Dividends Repay Loan Note: for Options Q and R, the policyholder can make deficiency payments for the term insurance even after the premium period of 10 years AVAILABLE RIDERS The following riders are available with this product. Riders may incur additional costs. Unless otherwise stated, no rider has cash or loan value. All riders attached to a policy will terminate if the base policy lapses. Refer to the Traditional Riders Manual for more details Waiver (W) New expanded issue ages Applicant s Waiver of Premium (AWP) - New Rider Accidental Death Benefit Rider (ADB) Introduced: Sept Page 7 of 9

8 Guaranteed Insurability Option Rider 10 (GIO-10) New Rider Enhanced Accelerated Benefit Rider (EABR)/Accelerated Benefit Rider (ABR) 10 Yr. Annually Renewable Term Rider (RTR-10) Select Security Rider Simplified Insurability Option Rider (SIO) not available with GIO-10 Exchange of Insureds Lifetime PUA (LPUA) New Rider Waiver of Specified Amount (WSA) LOAN PROVISION The policy loan rate decreases from 8% to 5% at the later of the 20th policy anniversary or the anniversary nearest age 65 Because of Direct Recognition, policies with a loan at the 5% interest rate will receive lower dividends than a policy with the same loan at 8% First year loans are not permitted in most states There is no minimum loan The maximum loan is equal to the cash value of the basic policy, plus cash value adds from dividends or rider payments less any outstanding loans and loan interest to the next policy anniversary The requested amount can be either a specific amount or the maximum amount Unpaid loan interest is capitalized each anniversary Repayments are accepted at any time Policy benefits are reduced by any outstanding loans and loan interest DIRECT RECOGNITION Guardian computes dividends for all permanent policies, based on the direct recognition of policy loans. This means that the average loan balance during the policy year affects the dividend for each policy Please refer to the Summary of Policy Provisions Document in Guardian Online/Products/Life, for detailed information on direct recognition Introduced: Sept Page 8 of 9

9 CASH VALUE There will be first year cash values (but no loan values unless required by states) Guaranteed values are based on a 4% interest rate and 2001 CSO Composite Sex Distinct Mortality Table For substandard ratings, the guaranteed cash value is the same as for non-substandard classes Introduced: Sept Page 9 of 9

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