Versatile Life ® - Benefits and Riders

Attached to all Versatile Life policies automatically. A no cost accelerated death benefit rider that allows for early payment of part of a policy’s death benefit if the Insured is expected to live no longer than 12 months. Payment will be made to the owner of the policy in a lump sum. Maximum amount available is 50% of the difference between the death benefit and the cash surrender value (ignoring any loans) exclusive of any additional benefits and riders, but not more than $50,000. No premium or cost of insurance charge; an administrative fee is deducted prior to payment.

Provides disability protection of premiums during the premium payment period. Available ages 15-55. Coverage goes to age 60. The premium waiver on the Limited Pay plans is discontinued when the owner stops paying premiums. If the owner continues his premiums under the continuation option, the Premium Waiver will remain in force as long as he pays the premiums. If disability occurs during the premium payment period, premiums will be paid until the disability ends or death, whichever occurs first.

Provides additional death benefits if death occurs by accidental means. Available from ages 15-70. It may be purchased at ages 0 to 60. Maximum coverage is $300,000.

Provides term insurance coverage for members of the immediate family of the insured. Several different family riders are available. This rider will be prefunded so coverage will be extended to insured's age 65 and the premium payment schedule will be extended.

5, 10, 15 or 20 Yr. level premium term to age 70 with options to age 100. Versatile Life (VL) face amounts starting at $25,000 allow one or two term riders (base insured and his/her spouse) which can be from $25,000 to a maximum of 300% each of the VL face. Issue ages 20 through 65 (see specific term plan for maximum issue age limits).

(Drop-In) Rider - Cash accumulation rider with interest paid at the same tax sheltered rate as the base policy. Commissionable. Will accept minimum deposits of $10 per month on Checkless and Salary Savings Plans, $50 if separate billing. Maximum deposits are 30% of the initial basic policy face amount. May pay a portion of, or the entire policy premiums by transfers from the rider fund at no charge. Partial Surrenders include a $25 fee. A surrender charge schedule begins at 9% in the first year and decreases 1% per year to zero in year ten.

Provides vehicles for accumulation of money to pay future premiums. Interest is compounded monthly. Interest is taxable and 1099 reports will be provided. Attached to all Versatile Life policies at no cost to the owner.

Provided at no cost to the owner and allows the purchase of a pension at the policy guaranteed rates. Also provides a vehicle to accumulate additional money over the maximums allowed by the Premium Deposit and Drop-In funds.