AMERICAN HOME LIFE - MODIFIED PLANS Flashcards
Modified Plans - Preferred Level,
Standard Level, Modified
What are the American Home Life Modified Plans?
Modified Plans: Preferred Level,
Standard Level, Modified
What are the American Home life Modified Plans’ Death Benefits features?
Full face value immediately from policy
issue date if death is due to an accident.
-Accidental Death:
Full benefit immediately
-Non-Accidental Death
Policy years 1 and 2 =
110% of earned premium
Policy year 3 = full benefit
What are the American Home Life Preferred, Standard and Modified issue age categories?
Preferred and Standard Level Benefit
Issue Age: 40-55 $2,500 - $50,000
issue Age: 56-65 $2,500 - $40,000
Issue Age: 66-75 $2,500 - $30,000
Issue Age: 76-89 $2,500 - $25,000
Modified Benefit
Issue Age: 40 - 70 $2,500 - $25,000
What are the American Home life Modified Plans’ Death Benefits features?
Full face value immediately from policy
issue date if death is due to an accident.
-Accidental Death:
Full benefit immediately
-Non-Accidental Death
Policy years 1 and 2 =
110% of earned premium
Policy year 3 = full benefit
What are the American Home Life Modified Plans’ Benefit Riders?
none.
What are the American Home Life Modified Plans’ Cash Value Flexibilies?
Cash value flexibility
Non-forfeiture options enable full or partial benefits or a partial refund of premiums after a lapse in coverage
due to non-payment of premiums. These options allow you to decrease your risk if your policy lapses due to
non-payment at the end of your grace period.
Reduced paid-up insurance
This option allows your beneficiary to receive a
death benefit reduced to the amount of life insurance that can be purchased for the accrued cash
value in the policy, if any.
Extended term insurance
This option provides level term insurance for the
full death benefit amount, but for a shorter period of
time.
Automatic premium loan
This option may help pay future premiums. It takes
the cash value accrued and applies it toward the
premium. If there is insufficient cash value to advance the premium as a policy loan, no automatic
premium loan will be made. Any remaining value will
be applied under the above non-forfeiture options.
You may elect the non-forfeiture option at the time of
application and at any time in writing
during your lifetime. The option is triggered when
your premium remains unpaid at the end of the
grace period and you have sufficient cash value.*
The more cash value you have in your policy at the
time the non-forfeiture option is triggered, the more
the paid-up benefit or the longer term period you will
have.
Build cash value automatically
Over time, you can build up a sum of money that
may be available to you if you need it. You can
borrow your cash value with policy loans exceeding
$1,000 for any reason. Annual interest rate and fees
apply.
What are the American Home Life Modified Plans’ Cash Value Flexibilies?
Cash value flexibility
Non-forfeiture options enable full or partial benefits or a partial refund of premiums after a lapse in coverage
due to non-payment of premiums. These options allow you to decrease your risk if your policy lapses due to
non-payment at the end of your grace period.
What are the American Home Life Modified Plans’ Cash Value Flexibilies?
Cash value flexibility
Non-forfeiture options enable full or partial benefits or a partial refund of premiums after a lapse in coverage
due to non-payment of premiums. These options allow you to decrease your risk if your policy lapses due to
non-payment at the end of your grace period.
Extended term insurance
This option provides level term insurance for the
full death benefit amount, but for a shorter period of
time.
Automatic premium loan
This option may help pay future premiums. It takes
the cash value accrued and applies it toward the
premium. If there is insufficient cash value to advance the premium as a policy loan, no automatic
premium loan will be made. Any remaining value will
be applied under the above non-forfeiture options.
You may elect the non-forfeiture option at the time of
application and at any time in writing
during your lifetime. The option is triggered when
your premium remains unpaid at the end of the
grace period and you have sufficient cash value.*
The more cash value you have in your policy at the
time the non-forfeiture option is triggered, the more
the paid-up benefit or the longer term period you will
have.
*In the early years of your policy, you may have Insufficient
cash value for reduced paid-up insurance, extended term
insurance, or automatic premium loan.
