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SIMPLIFIED LIFE
PLUS OVERVIEW This Simplified Life Plus policy is designed for the hard-to-insure, seniors, and those who do not want to take the time for a medical examination or wait for a doctor's report. There are a number of options available with this plan. It can be purchased by those 25 to 80. Coverage Coverage amounts range from $50,001 to $75,000.
Free Terminal Illness Benefit If you are diagnosed with
a terminal illness, you can receive up to 25% of your coverage amount
while you are alive. A terminal illness is defined as an illness that
is expected to end your life in less than 2 years. Any amount paid under
this benefit will be deducted from your coverage amount at the time of
death. This benefit is included at no extra cost. Cash Value Starting in the 5th policy
year, you can cancel your coverage and receive a percentage of your premiums.
This benefit is included at no extra cost. Automatic Premium Loan Provision Once you have made a number
of premium payments, and you miss a payment then the insurance company
automatically borrows (with interest) against the policy coverage to pay
your missed premium. Any missed payments can later be repaid to return
your coverage amount to its full value. This benefit is included at no
extra cost. Optional Features Accidental Death Benefit The accidental death benefit can equal your benefit amount, or be 3 times, or 5 times your initial coverage. This means that your beneficiary would receive a total of 2, 4, or 6 times your initial coverage amount if you pass away in an accident. This option can be purchased by those under 65 and the benefit ends at age 70. Child Term Rider This option can be purchased for children from 1 month to 18 years of age. It provides $5,000 in coverage per child up to age 21, or age 25 if the child is a full-time student (or until the policyholder turns 65). If the Child Term Rider is purchased, you will need to complete form CPP01 - Child Term Benefit Questionnaire. Hospital Cash Benefit This optional benefit pays $25, $50, or $100 a day while you are in hospital up to 180 days and double the benefit amount if you are in ICU (Intensive Care Unit) for up to 30 days. Payments Premium payments may be
made annually or monthly. All payments can be made through your bank account
or credit card. There is an annual policy fee of $60. There is a $40 policy
fee for an optional second policy. |
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