Level Premium Term Insurance

Transcription

1 Term Level Premium Term Insurance Is term insurance right for you? One policy. One premium. One company. A multitude of coverages. Product issued by Life Insurance Company of the Southwest This marketing piece may not be used in California TC77447(0214)3 Cat No 62782(0315)

2 A policy so versatile and flexible that it can protect you, your family and your business. If you want a life insurance policy with the flexibility and affordability to protect what s important to you, then take a look at the term life insurance offered through Life Insurance Company of the Southwest. With Life Insurance Company of the Southwest s term insurance, you can be prepared to meet your family s major life event needs under a single, affordable life insurance policy. It s a solution we call... Life Insurance You Don t Have to Die to Use. TC77447(0214)3 2

3 There are many reasons why term life insurance, rather than permanent coverage, may be right for your needs and budget. Do you only need insurance protection until your home mortgage is paid off? Do you have a temporary need for additional coverage for example, until your children have completed their education? Do you need protection for your business just until retirement? Do you need high-quality coverage now at an affordable cost, and want to convert to permanent insurance in the future? One policy. One premium. One company. A multitude of coverages. TC77447(0214)3 3

4 Disability Income Money to help pay your bills Optional rider can provide benefi ts to help pay your bills such as your mortgage and household expenses. Disability Income Rider form series 8054(0798),8065(0798) Pays a fi xed monthly benefi t amount should you become disabled and unable to work for either two or fi ve years TC77447(0214)3 4

5 Two-year Disability Rider Three-month elimination period with retroactive benefi ts Pays benefi ts when you cannot perform the duties of your own occupation Five-year Disability Rider Six-month elimination period Pays benefi ts when you cannot perform the duties of your own occupation for the fi rst two years, for any occupation during the remaining three years you are qualifi ed for Note: Certain occupations are ineligible for coverage. Waiver of Premium Rider form series 8086(0998) Waives your policy premiums should you become totally disabled There is a six-month waiting period before the benefi t is paid If the policy lapses while the benefi t is being paid, it will be paid to you until your disability ends Benefi ts may not be mutually exclusive and the use of one benefi t may affect the availability of another. Disability and Waiver of Premium Riders are optional, involve an additional cost, and may not be available in all states. These insurance riders have exclusions, limitations, reduction of benefi ts, and/or terms under which the rider may be continued in force or discontinued. For costs and complete details of the coverage, call or write your agent or company. TC77447(0214)3 5

6 Accelerated Living Benefits Money for a terminal, chronic or critical illness Benefi ts help pay nursing home care, medical procedures, drug therapies, household expenses and other quality of life expenditures. Accelerated Benefits Riders (ABR) Available at no additional cost Allows you to access all or part of your benefi t to help pay for the costs associated with a terminal, chronic or critical illness Terminal illness rider pays a lump sum distribution Chronic illness rider accelerates up to 2% of the death benefi t each month Critical illness rider pays a lump sum distribution. TC77447(0214)3 6

7 Life Insurance Money for your family A death benefi t can be used to help pay off debts such as a mortgage, fund a college tuition or supplement a spouse s income. 10, 15, 20, and 30-year Term Plans Available Designed to fi t nearly any budget or insurance need Ability to purchase the amount of coverage you need for the time you need it TC77447(0214)3 7

8 Other Available Riders Accidental Death Benefit Rider form series 8050(0798) Pays an additional death benefi t should you die as a result of an accident Will stay in force until the policy anniversary following your 70th birthday, as long as your life insurance coverage remains in force Children s Term Rider form series 8056(0707) Provides term life insurance coverage on all of your children until they reach age 23 Covers any children born or adopted after the policy is issued, and any dependent stepchildren living in your home Unemployment Rider form series 8058(0798) Ability to waive your policy premiums for three months when you have been involuntarily unemployed from your full-time job One policy. One premium. One company. A multitude of coverages. All riders are optional, may not be available in all states, and involve an additional cost unless otherwise noted. TC77447(0214)3 8

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10 Accelerated Benefi t Riders, form series 8052, 8095, 8165, 8766, ICC 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 benefi ts reduces the Death Benefi t 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 benefits 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 benefi ts 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 or whether you use the benefi ts to pay for necessary long-term care expenses, such as nursing home care. There is no restriction placed on the use of the accelerated benefi t with the exception that ABR proceeds for chronic illness in the state of Massachusetts can only be used to pay for expenses incurred for Qualifi ed Long-Term Care services, which are defined as: 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 actual payment you receive will be less than the portion of the death benefit 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 benefi t 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. 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. 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. 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 defi ned 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 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. TC77447(0214)3 10

11 Our Critical Illness Riders allows for the payment of a portion of an insured s death benefi t, on a discounted basis, if the insured is Critically Ill. Covered critical illnesses are heart attack (myocardial infarction), stroke, diagnosis of cancer, diagnosis of end-stage renal failure, major organ transplant, diagnosis of ALS (amyotrophic lateral sclerosis), or blindness (corrected vision no better than 20/200 in both eyes). 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 defi cit 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 benefi ts 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 product is a life insurance policy with a rider that 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 rider. It is not a health insurance policy providing long-term care insurance subject to the minimum requirements of State Law, does not qualify for the State Long-Term Care Partnership program and 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 benefi ts may reduce or eliminate the availability of other policy riders and benefi ts. Benefi ts available are calculated at time of claim based on the age of the policy and our expectation of your future mortality. 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. 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. TC77447(0214)3 11

12 LSW Level Premium Term Insurance form series 8119, ICC (0613), ICC (0613), 20172, ICC (0613), 20173, ICC (0613), 8120, and applicable riders are underwritten by Life Insurance Company of the Southwest, Addison, Texas. Not available in NY. National Life Group is a trade name representing various affiliates, which offer a variety of fi nancial service products. Life Insurance Company of the Southwest is a member of National Life Group Centralized Mailing Address: One National Life Drive, Montpelier, VT Home Office: Addison, TX TC77447(0214)3 12