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LIFE OPTION II
Overview
| Life Option II is a permanent life insurance plan. Your premium payments will never increase. Payments may be made for 20 years, until your are 65, or until you are 100. The policy may be purchased for one person, or shared between 2 people on a Joint First-to-Die, or Joint Last-to-Die basis. There are a number of optional features available with this plan. This plan can be purchased by those 18 to 80. |
Standard Benefits
Coverage
| Standard coverage amounts range from $50,000 to $5,000,000. Coverage amounts below $50,000 will be accepted subject to a $500 annual premium. In some cases, coverage amounts above $5,000,000 can be arranged in consultation with head office. |
Best DoctorsTM
| If you are diagnosed with a serious medical condition, Best DoctorTM provides a free list of the best medical specialists in your area, country, or throughout the world. These medical specialists work with local medical staff to better diagnose and treat your medical condition. The services of the Best DoctorsTM professionals are not necessarily free, depending upon provincial and national health insurance plans. But adequate critical illness and life insurance plans will provide much needed cash to pay for the best treatment that money can buy. Best DoctorsTM has a worldwide database of over 50,000 doctors recognized by their peers as the top specialists in their fields of expertise. This benefit is included at no extra cost. |
Joint Lives
| The Plus Option II is available on a single life, Joint First-to-Die, and Joint Last-to-Die basis. "Joint First-to-Die," means that 2 people can share one policy and that when one of the policyholders die, the survivor receives the coverage amount. "Joint Last-to-Die," means that 2 people can share one policy and that when both of the policyholders have died, the chosen beneficiary receives the coverage amount. |
Reduced Paid-Up Option
| Beginning in the 4th policy year, you can apply to have your coverage amount reduced and you will not have to make any more premium payments. This benefit is included at no extra cost. |
Cash Surrender Option
| Beginning in the 4th policy year, you can cancel your policy and receive a lump-sum payment based on your base premium payments. This benefit is included at no extra cost. |
Policy Loan
| With the 20-year pay option or pay-to-65 option, the policyholder may borrow money from the insurance company once all of the premium payments have been made. The insurance company sets the loan value and the interest rate. This benefit is included at no extra cost. |
Optional Features
Return of Premium Rider
| If this option is purchased, 100% of your base premium payments and payments for this option are given to your beneficiary in addition to the coverage amount. This option is available for those aged of 18 to 65 at the time of purchase. The premium amount for this option will never increase. |
Accidental Death Benefit
| If you die by accidental means and your payments are up to date, your coverage amount is doubled. For example, if your initial coverage amount is $100,000 and you die in an accident, your beneficiary will receive a total of $200,000. This option is available for those 18 to 60. Premiums for this option will not increase. This benefit ends when you turn 70. |
Disability Waiver
| With this benefit, if you become completely and continuously disabled for more than 6 months, your premiums will be paid until you are no longer completely disabled. This benefit ends when you turn 65. This option is available for those 18 to 55. |
Child Term Rider
| If you purchase the Life Option plan, you can also purchase $10,000 to $20,000 in coverage for your children. This option is available for children 0 to 16 years. The benefit ends when the child turns 25, or when you turn 65, whichever occurs first. When this benefit does expire, the child may convert the coverage to a term or permanent life insurance plan worth up to 5 times the Child Term rider amount. |
Cash Value Term Rider
With this optional benefit, the death benefit value of the policy increases
each year.
Payments
| Premium payments may be made annually, semi-annually, or monthly through automatic banking. The annual policy fee is $100 and additional policies have an annual fee of $50. |
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