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ANNUITYLife Policy

What is ANNUITYLife?

  • Net Single Premium Value-Added Whole Life policy with a graded death benefit in the first three years.
  • Option to annuitize the cash value immediately, at a future date or never.
  • Generally for older members who may not meet medical underwriting requirements for a standard permanent policy.
  • Modified Endowment Contract (MEC) and subject to TAMRA rules. If over age 59 ? the 10 percent IRS penalty does not apply.
  • Guaranteed crediting rate of 4 percent (4.5 percent less 0.5 percent charge for mortality and expenses).
  • If cash value is annuitized, monthly payments are guaranteed until age 100.

Are there any medical requirements I must meet?

  • No medical records or physicals are required.
  • Policy can be approved regardless of age, sex, or nicotine use.
  • Policy is subject to standard two-year contestability and suicide clauses.
  • Once cash value is annuitized, death benefit and life insurance policy terminate and monthly payments are guaranteed to age 100
  • No extensive medical underwriting ? three simple questions on the application
  • Insured must not be in a hospital, confined to bed, or have a known terminal illness expected to result in death within two years of issue.

What does my single premium buy me?

  • An ANNUITYLife policy where the single premium is $817 per $1,000 of death benefit, with a minimum of $10,000 coverage.
  • Death benefit is graded at 90 percent in year one, 95 percent in year two, and 100 percent in year three.
  • Cash value and death benefit grow based upon the actual crediting rate applied to all Value-Added Whole Life policies, currently 7.2 percent for 2008 ? not guaranteed, subject to change.

What happens if I die before age 100?

  • Present value of the remaining payments are payable to the beneficiary.
  • Beneficiary can take settlement with any of our four settlement options: Life Annuity, Life Annuity with 10 years certain, Interest Only, Lump Sum.
     

In Summary, ANNUITYLife is:

1. A special, ?no underwriting? Value-Added Whole Life policy with cash value and death benefit.

2. Option to annuitize the cash value immediately, at a later date, or never.

3. If annuitized, guaranteed payments to age 100, plus an annual bonus check if Net Yield on Assets for the previous year exceeds 4 percent.

For more information about ANNUITYLife and to get a projection and application, please call a Membership Coordinator toll-free at 1-877-398-2263, or locally (VA) at 703-522-3060.
 


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