Product Description
Term Life Insurance - Developer Edition is a competitively-priced, guaranteed-premium term life insurance policy. The Accelerated Underwriting process uses real-time data to provide instant approvals on up to 50 percent of applicants who qualify based on age, personal history and face amount requirements. Premiums are guaranteed level for the initial term period, after which the policy may be renewed at annually increasing rates or converted to a permanent plan.
Term Periods
10, 15, 20, 30 years
Issue Ages
Age last birthday, based on level term period:
10-year level premium period, 18 through 75
15-year level premium period, 18 through 70
20-year level premium period, 18 through 65
30-year level premium period, 18 through 55 (Non-Tobacco); 18 through 50 (Tobacco)
Issue Amounts
$25,000 – $10 million
Underwriting Classes
Preferred Plus Non-Tobacco, Preferred Non-Tobacco, Preferred Tobacco, Standard Non-Tobacco, Standard Tobacco
Premiums
Level and guaranteed for the initial term period of 10, 15, 20 or 30 years. Annually renewable after the initial term to age 95.
Premium Bands
$25,000 - $249,999; $250,000 - $499,999; $500,000 - $999,999; $1,000,000 and above
Conversion
Conversion period begins on issue date and ends on the earlier of:
one year prior to the end of level term period for 10-year plan; or,
two years prior to the end of level term period on 15-, 20- and 30-year plans; or, policy anniversary on which the insured attains age 65
Included Rider (no additional premium, not available in all states)
Accelerated Benefits Rider
Optional Riders (additional premium, not available in all states)
- Disability Waiver of Premium Rider
- Endowment Benefit Rider (also known as Return of Premium Rider)
(available on 20-year and 30-year policies; returns premium paid on base policy and this rider only) - Monthly Disability Income Rider
- Accident-Only Disability Income Rider
- Critical Illness Benefit Rider
- Children’s Term Rider
Premium Modes
Annual, semi-annual, quarterly, list bill, monthly automatic bank withdrawal and credit card (can be used to pay first premium if using the E-app, as well as reoccurring)
Policy Fee
$70, non-commissionable
State Approvals
Available to residents of all states except New York. New York residents are not eligible.
Advantages of Accelerated Underwriting
Term Life with Accelerated Underwriting provides your clients:
- A less invasive, streamlined approach for faster application approvals
- Flexible face amounts from $25,000 up to $1,000,000 (for ages 18-50) and up to $500,000 (for ages 51-65)
With Accelerated Underwriting, all applicants are considered for approval at the time of application without further underwriting; not all will qualify. For those who don’t receive instant approval, Accelerated Underwriting seamlessly transitions their applications into a more traditional underwriting process for the same product with the same available premium classes.
Eligibility Requirements
Common factors that automatically require additional underwriting:
- Face amounts above $1,000,000 for ages 18-50, and over $500,000 for ages 51-65
- Build is outside of the allowable weight limits (see below)
- History of bankruptcy in the last 2 years
- DUI or reckless driving charges in the last 2 years
- Prior felony conviction
- High-risk activities or hobbies like private aviation or skydiving
- Prescription drugs taken for, or a history of the following conditions: AIDS/HIV, Cancer, Chronic pulmonary disease, Kidney disease, Bipolar disorders, Multiple Sclerosis (MS), Heart disease, Parkinson’s disease, Stroke
15-007-011101-20