QoLGuarantee Plus GUL II Product Notes

PRODUCT PURPOSE:
Provides guaranteed death benefit coverage; flexibility to select the amount of coverage needed.

KEY BENEFITS:

  • Guaranteed death benefit
  • Guaranteed cash value
  • QoLSelectChoice II Accelerated Death Benefit Riders for Critical, Chronic and Terminal Illness are three valuable riders automatically included at no additional premium cost that allow access to all or a portion of the QoL Guarantee Plus II policy death benefit if a qualifying critical, chronic or terminal illness or condition is met

POLICY TYPE:
QoL Guarantee Plus GUL II is a flexible premium, adjustable death benefit universal life insurance with secondary guarantee provisions.

ISSUE AGES:
Preferred Plus Non-Tobacco: 18-80 (50 – 80 for specified amount greater than $50,000 to $99,999.99)
Preferred No Tobacco: 18-80 (50 – 80 for specified amount greater than $50,000 to $99,999.99)
Standard No Tobacco: 18-80
Preferred Tobacco: 18-80
Standard Tobacco: 18-80
Substandard No Tobacco Special 18 - 80
Substandard Tobacco Special 18 - 80
* Issue ages are calculated on an age near birthday basis.

UNDERWRITING CLASSES:
Preferred Plus: Exceptional mortality risk and a non-user of tobacco.
Preferred Non-Tobacco: Better than average mortality risk and a non-user of tobacco.
Preferred Tobacco: Better than average mortality risk and a user of tobacco.
Standard Non-Tobacco: Average mortality risk and a non-user of tobacco.
Substandard Non-Tobacco/Special: Average mortality risk, a non-user of tobacco, and an extra charge due to health, occupation, or avocation.
Standard Tobacco: Average mortality risk and a user of tobacco.
Substandard Tobacco/Special: Average mortality risk, a user of tobacco, and an extra charge due to health, occupation, or avocation.

DEATH BENEFIT:
Minimum Death Benefit: $50,000

OPTIONS:
Death Benefit Compliance Test
Cash Value Accumulation Test (Corridor Test Only - Larger Corridor Factors) (Available for base policy and with Accelerated Access Solution (AAS) Benefit Option and QoLexcluding the critical illness rider).
Guideline Test (Premium and Corridor Test)(available only with Lifestyle Income Solution (LIS) Benefit Option &QoLbenefitAccelerated Access Solution (AAS) Benefit Option).
CVAT is not available with the Lifestyle Income Benefit Solution (LIS) Benefit option. If LIS Rider is selected, Guideline Test will be set as the Death Benefit Compliance Test.

Changes to the Specified Amount:
- Increases - available at any time subject to evidence of insurability (increases will void the guaranteed cash value provision of the policy).
- Decreases - available at any time after the first policy year.

PLANNED PERIODIC PREMIUMS:
The Planned Periodic Premium (PPP) is the premium the policyholder chooses to be billed for, but it can not be less than $300 ($25/month).

Partial Withdrawals A partial withdrawal of the cash value will result in a proportional reduction of required premium, accumulation value, specified amount, and death benefit amount.

RIDERS & BENEFITS:

  • ACCIDENTAL DEATH BENEFIT: The Accidental Death Benefit Rider provides an Accidental Death Benefit, which is in addition to the base policy's Death Benefit, if the Insured dies from accidental bodily injury as defined and specified in the rider form.
  • CHILDREN'S INSURANCE BENEFIT: Each unit of coverage under the Children's Insurance Benefit Rider provides $1,000 of term insurance coverage on the Insured's eligible children.
  • SPOUSE/OTHER INSURED TERM RIDER: This rider provides term insurance on the life of the spouse of the base policy's Insured. After the first rider year, the rider's Death Benefit may be changed. The rider includes a conversion provision. Minimum amount that will be issued is $10,000; maximum amount is up to two times the Specified Amount. The Unisex version of this rider is only available in Montana and Massachusetts. (not available for USL)
  • TERMINAL ILLNESS RIDER: This is an Accelerated Death Benefit Rider which provides for a benefit to be paid upon notification that the Insured is diagnosed with a terminal illness with 12 months or less to live. (not available for USL)
  • WAIVER OF MONTHLY DEDUCTION: Under the Waiver of Monthly Deduction Rider, the company waives monthly deductions as they come due while the Insured is totally disabled.
  • CUSTOMCHOICELIFESTYLE INCOME SOLUTION (LIS): The rider provides the owner the option to elect to receive guaranteed withdrawal benefits under the rider beginning on the first date that benefit eligibility requirements under the rider are met.
    LIR Issue Age is 18-70.
  • ACCELERATED ACCESS SOLUTION (AAS): Accelerated Access Solution: The Accelerated Access Solution (AAS) Accelerated Death Benefit Rider allows the insured to solve for the accelerated portion of their death benefit over a period of time when the insured becomes chronically ill. Note: If AAS Living Benefit Option is selected, The Maximum allowable Table Rating is Table D.
  • ENHANCED SURRENDER VALUE RIDER: ROP Rider can only be added at issue. The rider cannot be terminated by policy owner's request. Since there is no charge for the rider, the rider will be attached to every policy issued. The policyholder will have a one time option to do a full surrender for an enhanced value for a 60 day period following the end of year 20 if the rider is not terminated.
  • QoLSelectChoice II Accelerated Death Benefit Riders for Critical, Chronic and Terminal Illness are three valuable riders automatically included at no additional premium cost that allow access to all or a portion of the QoL Guarantee Plus II policy death benefit if a qualifying critical, chronic or terminal illness or condition is met.