Path Protector Whole Life Insurance
PARTICIPATING WHOLE LIFE INSURANCE TO AGE 121
ESPECIALLY DESIGNED FOR:
Bari Happi 4/20/2015
PRESENTED BY:
William H Corley Jr Lake Worth, Florida 33467
561-329-3344 [email protected]
Designed For:
Bari Happi
Male, Age 35, Preferred Non-Tobacco
Path Protector Whole Life, Narrative Summary
Initial Death Benefit: $504,892 Monthly Premium: $457.60
Plan Description
Whole Life insurance provides permanent protection with guaranteed premiums, cash values and death benefits. This policy is participating and features level guaranteed premiums payable to age 121.
Underwriting Class
Male, Age 35, Preferred Non-Tobacco, ABRV PMD,HOS,Blood Profile,MVR,PHI.
Actual premiums for the proposed life insurance coverage will ultimately depend on the outcome of the underwriting process, and may vary from this illustration. If so, you will receive a revised illustration with your insurance contract.
Death Benefit
The Death Benefit is the amount payable at the death of the insured to the named policy beneficiary. The initial Death Benefit is $504,892.
Cash Surrender Value
The amount available to the policyowner on surrender of the policy.
Non-Guaranteed Policy Elements
The values shown in the current and mid-point columns are not guaranteed and assume that our current dividend scale will remain unchanged for the years shown. This is not likely to occur and actual results may be more or less favorable. Future dividends can vary at the company's discretion depending upon factors such as death claims, investment earnings and overhead costs.
Dividend Option
The dividends are used to purchase additional insurance.
Premium Mode
This illustration assumes a Monthly Premium Mode.
Modified Endowment Contract (MEC)
If your cumulative premium payments exceed certain amounts specified under the Internal Revenue Code, your policy will become a Modified Endowment Contract (MEC). If your policy is a MEC, the tax treatment of any death benefit provided under the contract will still qualify for income tax free treatment but you may be subject to additional taxes and penalties on any distributions from your policy during the life of the insured. The policy, presented in this illustration, would not be classified as a MEC.
Premium Payment Modes Annual Monthly
Base Policy Premium $5,200.00 $457.60
Rider Premiums $0.00 $0.00
Designed For:
Bari Happi
Male, Age 35, Preferred Non-Tobacco
Path Protector Whole Life, Tabular Detail
Initial Death Benefit: $504,892 Monthly Premium: $457.60
Year-End Values and Benefits, Dividends to Paid Up Additions
Designed For:
Bari Happi
Male, Age 35, Preferred Non-Tobacco
Path Protector Whole Life, Numeric Summary
Initial Death Benefit: $504,892 Monthly Premium:$457.60
Guaranteed Assumptions: Policy values and benefits are guaranteed provided the premium is paid when due. Midpoint Assumptions: Policy values and benefits are based on 50% of current dividend scale.
Current Assumptions: Policy values and benefits are based on current dividend scale.
* Cash surrender value is the amount of the cash value without any policy indebtedness; any paid up additions; and any dividends left on deposit with the Company.
** Death benefit assumes that there is no policy indebtedness and all premium is paid.
Guaranteed Assumptions Non-Guaranteed Midpoint Assumptions Non-Guaranteed Current Assumptions
Summary at Year 5 (Age 40) Cummulative Outlay Cash Surrender Value* Death Benefit** $27,456 $12,143 $504,892 $27,456 $12,283 $505,567 $27,456 $12,423 $506,241 Summary at Year 10 (Age 45)
Cummulative Outlay Cash Surrender Value* Death Benefit** $54,912 $39,250 $504,892 $54,912 $40,384 $509,401 $54,912 $41,519 $513,909 Summary at Year 20 (Age 55)
Cummulative Outlay Cash Surrender Value* Death Benefit** $109,824 $107,759 $504,892 $109,824 $115,278 $525,683 $109,824 $122,798 $546,473 Summary at Year 35 (Age 70)
Cummulative Outlay Cash Surrender Value* Death Benefit** $192,192 $239,309 $504,892 $192,192 $275,082 $567,312 $192,192 $310,856 $629,732
I have received a copy of this illustration and understand non-guaranteed elements illustrated are subject to change and could be higher or lower. The agent has told me they are not guaranteed.
Signature of Applicant
I certify that this illustration has been presented to the applicant and that I have explained that any non-guaranteed elements illustrated are subject to change. I have made no statements that are inconsistent with the illustration.
Designed For:
Bari Happi
Male, Age 35, Preferred Non-Tobacco
Path Protector Whole Life, Optional Riders
Initial Death Benefit: $504,892 Monthly Premium: $457.60
Accelerated Death Benefit Rider
No Additional Premium
The Accelerated Death Benefit Rider allows the owner of the policy to access a portion of the life insurance death benefit if the insured becomes terminally ill. Terminally ill is defined as having a life expectancy of 12 months or less as determined by a licensed physician. There is no additional premium required for this benefit. The minimum benefit payable under this rider is $5,000. (In Connecticut, the minimum benefit allowed is 25% of the death benefit as shown in the policy schedule). The maximum benefit may not exceed the lesser of a) the amount shown on the Policy Schedule page, or b) 75% of the death benefit, minus the sum of any policy indebtedness. When an accelerated benefit is paid, the death benefit, cash values and loan values of the policy will be reduced accordingly.
Limitations of this Rider
The rider is not intended to replace any health or disability coverage. Rather, it provides an added source of funds to meet critical needs during a difficult time. You choose how the funds will best meet your needs. There are no restrictions on how an accelerated benefit payment can be used.
Accelerated benefits payable under this rider may or may not be taxable. You should consult your personal tax advisor. Receipt of the accelerated benefit may affect Medicaid and Supplementary Security Income (SSI) eligibility. This explanation is designed as a short summary of the
Accelerated Death Benefit Rider. Please refer to the policy for a detailed description of the benefits and terms of the rider.
Designed For:
Bari Happi
Male, Age 35, Preferred Non-Tobacco
Path Protector Whole Life, Composite Summary
Initial Death Benefit: $504,892 Monthly Premium: $457.60
Whole Life Insurance Composite Illustration
Guaranteed Premiums for the Payment Period
