Policy Details

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Who’s it For?

Term life insurance is an individual insurance policy. It’s suitable for those seeking level life insurance protection for 10, 20, or 30 years and is often used to protect income and mortgage debt. For those seeking to life insure their mortgage, we suggest a coverage amount of your current mortgage balance plus 10% and a term at least as long as your current mortgage amortization period.

Critical illness insurance is suitable for individuals seeking to protect minor expenses and short term lost income in the event of a critical illness.

Policy Features

1

The policy is guaranteed renewable until age 85 (at which point the coverage expires).

2

Coverage is guaranteed level for as long as the policy is in force.

3

Premiums are level for the term (either 10,20 or 30 years depending on the policy you select) then increase after that time.

4

The policy comes with a free conversion option until age 65. This option allows you to exchange the term policy for a permanent lifetime policy without a medical exam. If you become uninsurable, this option lets you lock in coverage for life.

5

The policy is not directly tied to your mortgage. Death benefits are paid to the beneficiary of your choice who may use the funds to pay off the mortgage, continue to pay the monthly mortgage payments, or neither – the choice is theirs. You may maintain the coverage even after you’ve paid off your mortgage.

Critical Illness Insurance Option

You may select an optional $100,000 of Critical Illness insurance. The critical illness benefit pays $100,000 if you develop any one of 25 defined critical illnesses, and $5000 if you develop any of 4 minor defined conditions. Premiums for the Critical Illness option are level for 10 years and the increase in 10 year increments until age 80 at which point this optional coverage expires.

Exclusions and Limitations

The policy is guaranteed renewable, and can’t be cancelled by the insurance company other than for misrepresentation. The policy pays for any type of death (accidental or medical) with two exceptions you should be aware of:

1

Suicide exclusion clause: No death benefit will be paid for death due to suicide in the first two years of the policy.

2

Contestibility clause: In the first two years of the policy the company may contest a death benefit claim for misrepresentation or misinformation. After two years the company may only contest due to fraud.

The best way to avoid the contestibility clause is to be thorough and complete when describing your medical history. While this is not intuitive, underwriters are looking to assess and then discard risk. Providing full details not only guards against the contestibility clause but also allows underwriters to fully evaluate, and then discard risk where appropriate. In other words, everyone gets the best results and best premiums when we are thorough with our medical history.

Right to Cancel

You may cancel the policy at any time without penalty. To cancel, simply contact our office, or put a stop payment on premium withdrawals.

10 Day Free Look

You have a 10 day free look; you may accept the policy and within 10 days return it for a refund of all premiums paid. This allows you to accept the policy and bind the coverage, then take some time to review it before making a final decision.

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