Ameritas Life Insurance Corp.
Increases are not permitted. Decreases are permitted at any time as long as the face amount does not go below $50,000.
Policies will be terminated, and any premiums paid in advance will be refunded, on the first monthly date after we receive written notice, when the insured dies or when the grace period ends without sufficient premium being paid.
Within five years of the lapse date, provided the insured is living, the policy may be reinstated subject to proof of insurability, payment of all overdue premiums with interest, and insured is alive on the date of reinstatement.
Upon the insured’s death, a beneficiary may alternatively elect to receive some or all of such beneficiary’s share of the death benefit under a settlement option. If a settlement option is requested, an agreement, which will state the terms and conditions under which the payments will be made, will be prepared and signed.
Conversions are allowed to any single life Ameritas individual permanent life insurance product made available at the time of conversion. The premium class upon conversion will be the same as the premium class shown on the schedule page.
The base policy final conversion date is 5 years.
There is no waiting period for conversion.
The suicide and incontestability periods will be measured from the issue date of the original term policy. If the new policy includes coverage for which evidence of insurability was submitted, new incontestability and suicide provisions may apply to the coverage.
Conversion credits will not be paid if the policy is converted in the first policy year. Term conversion credits will be applied toward target premium before any premiums paid in the first policy year.
Premiums paid in the first policy year receive first-year compensation up to the target premium less conversion credits. A commission of 20% will be paid on term conversion credits.
This results in a total of $9,000 in premiums and credits applied to the new policy in the first year. Credits are applied toward the target first, and receive a 20% first year commission rate, leaving $3,000 of target remaining. The $7,000 in cash premiums then results in $3,000 applied toward the target and receives a 50% first year commission rate,and the remaining $4,000 receives the excess commission rate of 2%.
Adding the Conversion Extension Rider extends the conversion period either to the end of the level term period or to the policy anniversary nearest to the insured's 70th birthday, whichever comes first.
Design: Pays an additional death benefit to the beneficiary in the event of the insured’s death resulting from accidental bodily injury occurring within 180 days of the injury. The policy owner selects the amount of the additional death benefit when the rider is issued. If death results from the insured’s travel as a fare-paying passenger on a public conveyance operated by a licensed common carrier for passenger service, the rider benefit is doubled. There are certain conditions under which the rider is not payable. Please refer to the rider itself for a complete listing of risks not assumed.
Issue Ages: 18-65 for one-year, 10-year and 15-year terms and 18-60 for 20-year and 30-year terms.
Cost: Based on the insured’s age and gender. Shown on policy schedule.
Substandard Rating: The rider may be added to a policy that is rated Table A to H or with flat extras.
Minimum: $25,000
Maximum
Termination: Rider terminates when the policy terminates or lapses or the anniversary nearest the insured’s 70th birthday; or the date written notice is received requesting termination of this rider.
Reinstatement: The rider is allowed to be reinstated within five years of lapse with evidence of insurability and payment of all overdue premiums and interest.
Available After Issue: Yes.
Design: Allows the policy owner to accelerate 90% of the policy’s death benefit up to $1.5 million if the insured has been certified by a physician as having an illness or physical condition, which can reasonably be expected to result in death within 12 months. We reserve the right to obtain a second medical opinion at our expense. In the event of conflicting medical opinions, a third opinion at our expense from an agreed upon licensed health care practitioner will control.
Issue Ages: All base issue ages.
Cost: No additional premium cost. There is a $250 administrative fee at the time of acceleration. In Florida, the fee is $100.
Benefit Amount: The maximum accelerated death benefit is shown on the policy schedule. It is the lesser of 90% of the initial death benefit, up to $1,500,000. The amount payable will always be less than the total accelerated death benefit requested due to discounting for mortality, interest, and future premiums. If the face amount is voluntarily reduced by the owner, the maximum benefit will be recalculated as if the initial death benefit was the reduced face amount.
The amount payable is determined as follows:
(1) the accelerated death benefit; less
(2) the actuarial discount amount; less
(3) the administrative fee, as shown on the policy schedule; less
(4) any due and unpaid premiums
Benefit Payment: The benefit will be paid in a lump sum. Only one policy death benefit acceleration may be paid. Upon payment of an accelerated death benefit, the policy owner and any irrevocable beneficiary will be provided with a benefit statement demonstrating the impact of the accelerated death benefit on the death benefit proceeds and premium. Before an accelerated death benefit will be paid any amount required to prevent the policy from terminating must be paid, any existing assignee or lien holder must release their assignment or existing lien and any irrevocable beneficiary must consent in writing to
the request for the accelerated death benefit. This rider allows for the accelerated payment of death benefit proceeds, which would otherwise be payable to the beneficiary of the policy. This benefit cannot be paid if the policy death benefit is required by law to be used to meet the claims of creditors, whether in bankruptcy or otherwise; or by a government agency to use this benefit in order to apply for, obtain, or otherwise keep a government benefit or entitlement.
Effect on Other Riders: Optional rider benefits under this policy will continue to remain in force subject to the terms and conditions of the policy and riders. Charges for optional riders will be calculated according to the terms of the rider form.
Premium Payments: After payment of the accelerated death benefit, payment of premiums is required to keep the policy and any attached riders in force. Future policy premiums, not including the policy fee, will be reduced by the same percentage as the percentage reduction in the death benefit.
Termination: This rider will end at the earlier of when we receive written notice or termination of the policy. If the accelerated death benefit is terminated, this shall not prejudice the payment of benefits for any qualifying event that occurred while the form was in force.
Reinstatement: If the policy lapses and is reinstated, this rider will automatically be reinstated with the policy.
Available After Issue: No
Design: Waives the premium on the policy and riders during the initial term period after the insured is totally disabled for six months. If the insured’s total disability begins before the policy anniversary nearest the insured’s 65th birthday, the annual premiums due under the policy will be waived for the period that the insured continues to be totally disabled, not to extend beyond the initial term period.
Issue Ages: 18 – 55.
Cost: Based on the insured’s attained age, sex and underwriting classification. Premiums must be paid in full until the claim for waiver of premium is approved.
Written Notice and Proof of Claim: Notice and proof of the insured’s total disability must be provided during the life of the insured, during the period of total disability, within one year after the beginning of the total disability begins and before the policy anniversary nearest the insured’s 65th birthday. Proof of continuance of total disability must be provided as reasonably required.
Definition of Total Disability: The insured is considered to be totally disabled if: during the first 24 months of total disability, the insured is unable to perform any of the substantial and material duties of his or her occupation for wage or profit, due to sickness or accidental bodily injury and, after the first 24 months of total disability, the insured is unable to perform any of the substantial and material duties of his or her occupation for wage or profit, or any other occupation for which he or she becomes reasonably suited by education, training or experience, due to sickness or accidental bodily injury. Being ahomemaker or student is considered engaging in work for wage or profit. Total disability is also the total and permanent loss, by the insured, of the sight of both eyes; hearing of both ears; speech; the use of both hands; the use of both feet; or the use of one hand and one foot.
Termination: This rider will terminate at the earliest of when any premium for the policy is due and unpaid beyond the end of the premium’s grace period; the end of the initial term period; when the policy terminates; the policy anniversary nearest the insured’s 65th birthday; or the date written notice is received requesting termination of this rider. However, the termination will not affect an eligible claim for total disability that occurred before age 65.
Available After Issue: Yes.
Design: There is a 20-day review period once the policy is received. If the policy is a replacement of an existing policy the review period is 30 days. If the client is not satisfied and sends the policy back, the policy is void from the beginning. Premiums paid will be refunded within 10 days after the policy is returned.
Suitability Guidelines: You must have reasonable grounds for believing that this product is suitable for your client based on the facts disclosed by your client about the client’s investments, other insurance products, financial situation and needs. You shall make reasonable efforts to obtain information concerning: (1) the client’s financial status, (2) the client’s tax status, (3) the client’s investment objectives and (4) such other information used or considered to be reasonable by an agent in making recommendations to the client.
Suicide: If the insured commits suicide (while sane or insane) during the first two full years from the issue date, no death benefit payment will be made. The policy will be voided, and premiums returned. The definition of suicide may vary by state. Riders may have separate suicide provisions.
Misstatement of Age and Gender: If the insured’s age or gender has been misstated, policy benefits and values will be adjusted to those that the most recent premium paid would have purchased at the correct age or gender.
For financial professional use only. Not for use with clients.
Ameritas Life Insurance Corp.
Ameritas and Modern Life, are separate, independent entities. Modern Life is a licensed insurance producer, and solicits policies issued by Ameritas Life Insurance Corp. (not licensed in New York). Products and their features may not be available in all states.
Guarantees are based on the claim-paying ability of Ameritas Life Insurance Corp.
Neither Ameritas Life Insurance Corp. nor its representatives provide tax or legal advice. You may want to consult your attorney or other tax professional for more information.
Ameritas Value Plus Term life insurance (form 3021) is issued by Ameritas Life Insurance Corp. Policy and riders may vary and may not be available in all states. The product is not available in New York.
This information is provided by Ameritas®, which is a marketing name for subsidiaries of Ameritas Mutual Holding Company. Subsidiaries include Ameritas Life Insurance Corp. in Lincoln, Nebraska and Ameritas Life Insurance Corp. of New York (licensed in New York) in White Plains, New York. Each company is solely responsible for its own financial condition and contractual obligations. For more information about Ameritas®, visit ameritas.com.
Ameritas® and the bison design are registered service marks of Ameritas Life Insurance Corp. Fulfilling life® is a registered service mark of affiliate Ameritas Holding Company.
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