FlexTerm 15-20-25 – 1 Policy – 3 Coverages

Assumption Life’s FlexTerm 15-20-25 combines 3 protections – life insurance, serious illness and disability – in 1 product!

Clients’ life insurance needs are never the same. Temporary insurance ensures financial security at a time when the need for insurance is great – to pay off a home or business mortgage, a car loan, or to pay for your children’s education.

People often want temporary insurance with guaranteed level coverage, but also with guaranteed level premiums for a period longer than 10 years. With FlexTerm 15-20-25, clients can get insurance and not have to worry about increasing life insurance premiums.

Summary of FlexTerm 15-20-25 Features

Protection: Life Insurance

  • Issue ages:
    • 15-year FlexTerm 18 to 65 years of age
    • 20-year FlexTerm 18 to 60 years of age
    • 25-year FlexTerm 18 to 55 years of age
  • Minimal coverage: $50,000
  • Maximum coverage: $2,000,000
  • Smokers and Non-Smokers rates
  • Convertible to a simplified issue permanent policy (after 5th policy anniversary)
  • Available as individual policy or rider to the FlexTerm 15-20-25
  • Guaranteed level premiums
  • Renewable until the policy or rider anniversary nearest to the insured’s 80th birthday.
  • Simplified issue for life insurance coverage of $250,000 or less

Protection: Critical Illness (CI) Insurance

  • Issue ages: 18 to 55 years
  • Minimal coverage: $50,000
  • Maximum coverage: $100,000 without exceeding life insurance amount
  • Available as rider to and must be issued at the same time as life insurance
  • Upon payment of C.I. benefit, corresponding amount deducted from death benefit
  • Non-guaranteed premium rates
  • Renewable as rider to life coverage until policy anniversary nearest insured’s 75th birthday.
  • C.I. pays lump sum if insured suffers from a covered illness
    • insured must live 30 days after the diagnosis,
    • without being maintained alive by artificial means.
  • Simplified issue � without a medical exam (certain conditions apply)

Covered Illness

  • Heart Attack (myocardial infarction; cerebrovascular accident (CVA);
  • Kidney Failure,
  • Vital Organ Transplant,
  • Cancer, some exclusions apply.

Protection: Disability Income (DI) Insurance

  • Issue ages : 18 to 55 years
  • Mimimum insurance amount: $300
  • Maximum insurance amount : 1 % of the life insurance amount without exceeding $2,500
  • Available as rider to and must be issued at the same time as life insurance
  • Guaranteed leveled premiums
  • Renewable as rider to life coverage until policy anniversary nearest insured’s 60th birthday
  • Simplified issue for a monthly disability income of $1,500 or less

The maximum monthly D.I. benefit may NOT exceed 75% of the insured’s average monthly employment income during the 12 months preceding the date of issue of the disability income rider, including any amount already in force with other insurance companies.

Waiting period = 90 days with retroactive payment to the 61st day of disability
Total monthly income payments =  24 for the same disability.
Total monthly income payments =  48 for disabilities from different causes.

Contact Ken MacCoy, CHS for more information, with NO Obligation.