Level premium plans with a fixed number of payments and fixed term. Unlike term insurance these plans
offer cash value accumulation, re-instatement options and policy loans. At the end of the 20 or 30 year
term, insured will be paid the total premiums paid minus council dues and any indebtedness they may
have.
Benefits:
- Lower cost than whole life plans
- Policy Loans may be granted against the cash value (loan may not exceed 80% of available cash
value)
- Policy may be re-instated up to 5 years from last due date (medical approval may be required)
- Cash Value accumulation
- Forecasting the total cost of insurance
- Reimbursement of premiums. At the end of the Term member gets reimbursed for all premiums
paid except the Council dues.
Target Market:
Young adults and families who want to buy insurance protection for a determined number of
years with the assurance that at the end of the term they will get the premium amount returned to
them.