Term Life

Question 1

Target market

Answer 1

Clients who are focused on low rates.

Question 2

Guarantee level premium

Answer 2

10, 15, 20, or 30 years 1 - 1. After the premium guarantee period, premiums will increase annually but will never exceed the Guaranteed Annual Renewal Premium.

Question 3

Issue ages

Answer 3

10 Year 18 - 75
15 Year 18 - 70
20 Year 18 - 65
30 Year 18 - 55 (50 tobacco classes)
(Age nearest birthday)

Question 4

Maturity age

Answer 4

Renewable to age 95

Question 5

Minimum face amount

Answer 5

$100,000

Question 6

Banding

Answer 6

Band 1 $100,000 - $249,999
Band 2 $250,000 - $499,999
Band 3 $500,000 - $999,999
Band 4 $1,000,000+

Question 7

Underwriting classes

Answer 7

Preferred Plus Non-Tobacco
Preferred Non-Tobacco
Standard Non-Tobacco
Preferred Tobacco
Standard Tobacco

Question 8

Policy fee

Answer 8

Monthly $5.72
Quarterly $17.81
Semi-Annually $33.93
Annually $65.00
(Policy fee is not commissionable.)

Question 9

Rates

Answer 9

Visit Supply Online for term life insurance materials including rate sheets.

Question 10

Convertibility

Answer 10

Conversions are allowed according to the following schedule:

10-year term length: the earlier of 7 years or age 70
15-year term length: the earlier of 12 years or age 70
20-year term length: the earlier of 15 years or age 70
30-year term length: the earlier of 20 years or age 70
The conversion period is never less than 5 years regardless of issue age

Question 11

Riders / Endorsements available

Answer 11

Accelerated Death Benefit Endorsement – Critical, Chronic, and Terminal Illness2
Children’s Term Life Insurance Rider 4
Waiver Of Term Premium for Disability Rider (Waiver of Premium Rider, California only)

Question 12

Highlights

Answer 12

Cost-effective premiums
* Level death benefit and term coverage to age 95
* A range of level-premium guarantee periods, from 10 to 30 years
* Five underwriting classes
* Guaranteed convertibility
* Accelerated death benefit endorsements for critical, chronic, and terminal illness.

Question 13

Market

Answer 13

Premier Term is designed to provide low rates for your clients who are seeking death benefit
protection only. Term life insurance is designed to be suitable and affordable for all types of
individuals and purposes:
* For meeting family obligations with a smaller income.
* As protection for outstanding loans, whether these loans are personal or business.
* As a means of protecting against mortgage obligations.
* To provide coverage on other family members.
* To protect key employees of a business in its formative years of growth.
* To purchase temporary death benefit coverage knowing that the coverage can be converted to
a permanent cash value life insurance policy without evidence of insurability.

Question 14

Death Benefit

Answer 14

Minimum/Maximum Death Benefit
* Minimum — $100,000 for all issue ages
* Maximum — Unlimited (subject to underwriting)
Banding
Band 1 $100,000 – $249,999
Band 2 $250,000 – $499,999
Band 3 $500,000 – $999,999
Band 4 $1,000,000+

Question 15

Underwriting

Answer 15

Five underwriting classes:
* Preferred Plus Non-Tobacco
* Preferred Non-Tobacco
* Non-Tobacco
* Preferred Tobacco
* Tobacco
Refer to the Underwriting Guidelines brochure for requirements.
Substandard Underwriting
Available through Table P for Tobacco and Non-Tobacco classes depending on issue age. Premiums increase
by 25 percent for each table rating. Substandard underwriting is not available for Preferred classes

Question 16

Premiums

Answer 16

Level-Premium Period
Duration Issue Age Guaranteed Level-Premium Period
10/15/20-Year All Available Issue Ages Full duration
30-Year
18–50 Full duration (Tobacco Classes)
18–55 Full duration (Non-Tobacco Classes

Question 17

Premiums
(continued)

Answer 17

Renewal Period
At the end of the level-premium period, the premiums increase annually. These premiums are subject to
change but can never exceed the Guaranteed Annual Renewal Premiums.
Payment Modes
All payment modes except direct bill monthly are allowed. Payment modes include annual, semi-annual,
quarterly, and special monthly (EFT and government allotment). In addition, a Civil Service payment
mode is available for an additional fee of $0.50 per month
Policy Fee
Age Nearest Birthday
(Policy age means the age the client was or will be on the birthday that is nearest to the policy
anniversary date.)
If products are guaranteed convertible without evidence of insurability to most permanent products,
the conversion period is never less than five years regardless of issue age.
If conversion occurs after age 70, first-year commission will only be paid on the increased amount of
premium.
Accelerated Death Benefit Endorsement for Term Life — Accelerated Death Benefit Endorsement
for Critical, Chronic, and Terminal Illness for Term Life (form series TR210), Accelerated Death Benefit
Endorsement for Chronic and Terminal Illness for Term Life (form series TR209), Accelerated Death
Benefit Endorsement for Terminal Illness for Term Life (form series TR208).
Children’s Term Insurance Rider 4 (form series TR151A or state variation)
Waiver of Term Premium for Disability Rider (form series WP162 or state variation)
Our ExactIllustrations software automatically calculates rates.
Premier Term products are issued on policy form series T142 or state variation by Midland National Life
Insurance Company, West Des Moines, IA. Products, features, endorsements, riders or issue ages may
not be available in all jurisdictions.
Limitations or restrictions may apply.
Premiums
(continued)
Issue Ages
Conversion
Riders &
Endorsements
Rates
Form
Payment Mode Policy Fee
Annual $65.00
Semi-Annual $33.93
Quarterly $17.81
Monthly (EFT) $5.72

Question 18

Issue Ages

Answer 18

Duration App Code Issue Ages Class
10-Year P10TC8 18–75
15-Year P15TC8 18–70
20-Year P20TC8 18–65
30-Year P30TC8 18–55 Non-Tobacco Classes
30-Year P30TC8 18–50 Tobacco Classes

Question 19

Conversion

Answer 19

10-Year
18–69 Earlier of Policy Age 70 or 7 years
70+ 5 years
15-Year All Earlier of Policy Age 70 or 12 years
20-Year All Earlier of Policy Age 70 or 15 years
30-Year All Earlier of Policy Age 70 or 20 years

Question 20

Riders &
Endorsements

Answer 20

Accelerated Death Benefit Endorsement for Term Life — Accelerated Death Benefit Endorsement
for Critical, Chronic, and Terminal Illness for Term Life (form series TR210), Accelerated Death Benefit
Endorsement for Chronic and Terminal Illness for Term Life (form series TR209), Accelerated Death
Benefit Endorsement for Terminal Illness for Term Life (form series TR208).
Children’s Term Insurance Rider 4 (form series TR151A or state variation)
Waiver of Term Premium for Disability Rider (form series WP162 or state variation)