Presidential Plan Description


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Presidential Plan Description

The Graded Benefit Life policy offers individuals who are either very highly rated or uninsurable and unable to obtain life insurance at standard rates an opportunity to obtain permanent, non-participating whole life coverage on a guaranteed issue basis. Death benefits under the policy are limited in the event of death from other than accidental causes during the first two or three policy years, depending on age at issue and state of residency.

Guaranteed Issue

No medical questions

No medical examinations

No medical tests

Policy Benefits

The policy death benefit is the full face amount of the policy, except during the first two or three years as described below:

Issue age between 40 – 64

Benefits payable during the first 3 policy years, (2 years in WV) are limited to the premiums paid plus 5% compounded annually except when death results from accidental causes wherein 100% of the benefit is paid.

Issue age 65 or older

Benefits payable during the first two policy years are limited to premiums paid plus 5% except when death results from accidental causes wherein 100% of the benefit is paid.

Accidental Death

If death during the applicable 2 or 3 year limited-benefit period results from accidental causes, the policy death benefit will be the premiums paid plus 5% compounded annually plus an addition sum equal to the policy face amount.

Policy Issues Ages

MO: 40-75

NJ: 65-76 Male

NJ: 65-79 Female

NY: 50-75

WV: 50-80

All other states 40-80

Policy is not approved in AK, AR, CA, KS, MA, MN, MT, NH, WA, or WY

Premium Calculation

Premiums based on age nearest birthday