Income Provider Option

Life insurance can help provide financial protection for your clients and their loved ones.  In fact, life insurance is a valuable planning tool that can be part of an overall financial planning strategy or can stand alone as a single source of protections.  Properly planning for life insurance needs today can help provide a lifetime of financial security for the clients loved ones.

Our Income Provider Option Rider allows the policy owner to select a guaranteed monthly or annual income stream for the death benefit payout. An initial lump-sum payment is also available to help cover final expenses or immediate death obligations.  This rider can be added to our very competitive GUL and our Term product!

The Surprise of Reality

Statistics show us that of all lottery winners and windfall recipients, about 70 percent end up broke within a few years.  This product will assure that your family will not be left without an income.

With the Income Provider Option Rider

  • Benefit payments can be made monthly, annually, or on a specific day each year.
  • Ability to select multiple beneficiaries
  • Benefit payment periods ranging from 1 to 30 years
  • Initial lump sum benefit payment available to help cover immediate expenses.

This product sits on a level term or GUL foundation to offer affordable protection ranging from 10 to 30 years.  The simple design of the Income Provider Option provides flexibility without the complications of cash-value and surrender charges found in traditional policies.

With the Income Provider Option, you can customize the duration of life coverage.  Choose the amount of desired coverage and level benefit period, 10, 15, 20, 25, 30 years or longer.  During this time, as long as scheduled premiums are paid, the death benefit is guaranteed to remain level and the policy will never lapse.  The Custom Choice 10, 15, 20, 25 and 30 year product offers level premiums after the death benefit period ends.

Built-In Lapse Protection

For the GUL products, the built-in lapse protection automatically included on each policy can guarantee death benefit coverage up to the lifetime of the insured based on the premiums paid and the formulas described in the Lapse Protection Endorsement.

Grace Period

The GUL Products offer a 61 day grace period.  The policy owner has 61 days to cover the current and past due monthly deductions.  The policy will remain inforce during the grace period, but if the premium payment is not received by the end of the grace period, the policy will lapse.

Catch-Up Provision

If lapse protection is lost, your client may restore it by paying additional or higher premiums.  The premiums required to restore lapse protection may be significantly higher than the premiums illustrated.

Short Term Needs with Long- Term Options

The unique design on the Custom Choice product, offers continued coverage after the initial level benefit period ends.  During the period after the guaranteed death benefit, the death benefit will begin to decrease while the premium payment amount remains level.  The death benefit amount will decrease each year until age 120.

Your clients also have the option to exchange their policy for a permanent universal life insurance option anytime in the first 20 policy years up to age 70, without going through more medical exams.  (Internal replacement is not available in the first policy year.)

Maturity Age – No stated maturity age.  Premium and charges discontinue at attained age 121.