Assurity Final Expense Life Insurance – Simplified Issue Whole Life

Simplified Whole Life Portfolio Product Help   with LIMITATIONS and CONDITIONS

Simplified Whole Life Portfolio offers three benefit options for insureds based on their answers on the application. Simplified Level Benefit Whole Life is a non-participating whole life insurance policy with level, guaranteed premiums through maturity at age 121. To be considered for the Level Death Benefit plan, the proposed insured must be able to truthfully answer “no” to all questions on the application. This policy provides the full face amount* from the first day the policy is issued. Simplified Graded Benefit Whole Life** is a non-participating whole life insurance policy with level, guaranteed premiums through maturity at age 121. To be considered for the Graded Death Benefit plan, the proposed insured must be able to truthfully answer “no” to the medical history questions in Sections A and B, and unable to answer “no” to the medical history questions in Section C of the application. The Graded Death Benefit plan has a reduced death benefit for the first two policy years. If death due to natural causes occurs during the first year, the benefit is 40% of the face amount*. If death due to natural causes occurs during the second year, the benefit is 75% of the face amount*. After the second year, the full face amount of the policy is payable. Simplified Modified Benefit Whole Lifeis a non-participating whole life insurance policy with level, guaranteed premiums through maturity at age 121. To be considered for the Modified Death Benefit plan, the proposed insured must be able to truthfully answer “no” to the medical history questions in Section A, and unable to answer “no” to the medical history questions in Section B and Section C of the application. The Modified Death Benefit plan has a reduced death benefit for the first two years of coverage. For death due to natural causes, the benefit is limited to 110% of the annual premium amount in year one of coverage and 220% return of the annual premium amount in year two of coverage. After the second year, the full face amount* of the policy is payable.

* Less unpaid premiums and policy loans. ** The death benefit in Arkansas is 40% of the face amount in year one and 75% of the face amount in year two, regardless of the cause of death. The death benefit in Missouri in year one is equal to 50% of the face amount.

LIMITATIONS AND CONDITIONS

Policy Form # I L601

Suicide – If the insured dies by suicide within two years of the issue date, Assurity’s liability is limited to a refund of premiums paid.

Misstatement of Age or Gender – If the insured’s age or gender is misstated in the application, Assurity will revise the amount of the proceeds to the amount the premium would have purchased for the correct age or sex using the published rates in effect on the issue date.

Right to Cancel – The policy has a 30-day free look period.

Policy availability, features and rates may vary by state. This policy may not be approved in all states. There may be other reductions of benefits, limitations and exclusions. If this description conflicts in any way with the terms of the policy, the terms of the policy prevail. For costs and complete details of the coverage, please contact your agent or Assurity Life Insurance Company.

 

 

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