GUARANTEED DEATH BENEFIT
Signature Guaranteed UL – SI (Simplified Issue) is an individual universal life insurance policy that will provide a guaranteed death benefit to age 100, assuming that all premiums have been paid as scheduled. The policy can still lapse due to loans and withdrawals but you can make additional premium payments to keep the policy in force.
Signature Guaranteed UL – SI will pay a tax-free death benefit directly to your named beneficiary to help replace your income, take care of final expenses, and meet your financial promises.
WHAT DOES SIMPLIFIED ISSUE (SI) MEAN FOR ME?
When applying for life insurance, underwriting refers to the extensive
review process that may include medical exams, blood tests, physician
reviews and more. Simplified Issue underwriting requires a few simple
health questions and NO medical exams or blood tests. Only standard
rates are available.
AM I ELIGIBLE?:
To be considered for the Simplified Issue Program your employer must be
approved to participate by American National and you must fulfill the
- Be an active Full Time employee
- Be between ages of 18 and 65
- Be able to answer a few simple medical questions.
Even though you must be an employee to apply for Simplified Issue Life
Insurance, if you choose to leave your employment, you may keep your life
insurance by continuing to pay premiums on your own.
SPECIAL FEATURE: LATE PAYMENT FORGIVENESS
Your Signature Guaranteed UL-SI policy has late payment forgiveness
which allows premiums to be paid up to one full month beyond the monthly
deduction billing date without negatively affecting the lapse date. This
feature prevents the projected lapse date from decreasing due to late
payments here and there.
ADDITIONAL BENEFITS AVAILABLE WITH SIGNATURE GUARANTEED UL – SI:
ACCELERATED BENEFIT RIDERS
Should you become terminally, chronically, or critically ill, a full or partial accelerated death benefit may be available to you before you die, providing an unrestricted cash benefit for you to use for any expense, including medical.
- ACCELERATED BENEFIT RIDER FOR TERMINAL ILLNESS:
For use if an eligible insured has an illness or chronic condition that is expected to result in death within 12 to 24 months, depending on state definitions.
- ACCELERATED BENEFIT RIDER FOR CHRONIC ILLNESS:
For use if an eligible insured is unable to perform two out of six activities of daily living (bathing, continence, dressing, eating, toileting, or transferring) or is cognitively impaired. The benefit is an unrestricted cash payment.
- ACCELERATED BENEFIT RIDER FOR CRITICAL ILLNESS:
For use if an eligible insured experiences a critical illness described in the rider after the issue date. The 16 covered critical illnesses (13 in California) may be found in the ABR Overview, Form 10743.
MINIMUM DEATH BENEFIT REQUIRED FOR ABRs:
- Terminal Illness: $25,000
- Chronic & Critical Illness: $50,000
MAXIMUM DEATH BENEFIT AVAILABLE FOR ACCELERATION ON SI POLICIES PER INSURED:
- Up to $250,000
There is no additional premium for this benefit. However, the death benefit accelerated will be less than requested as it is discounted by an amount calculated based on American National’s evaluation of the insured’s health at the time the benefit is exercised as well as an administrative fee of up to $500 assessed when the benefits are elected. See the Accelerated Benefits Rider Brochure 10473 for more information on these riders.
DISABILITY WAIVER OF STIPULATED PREMIUM
For an additional premium, we will waive the stipulated planned policy premium in the event of disability. Any waived premiums are considered to be paid premiums and are credited to the insurance policy. This amount may not keep the policy active to the policy maturity date.
The insured must provide proof of total disability, which must last for at least six consecutive months.
This rider expires after the policy anniversary following attained age 60.
Form Series PWSTP (Forms May Vary by State)
CHILDREN’S TERM RIDER
For an additional cost, separate level term life insurance may be provided for each child age 15 days old through 18 years if the base policy insured is between 18-55. Each insured child can be covered up to the earlier of either:
- The child’s attained age of 25, or
- The policy anniversary following the insured’s attained age of 65.
The insured can apply for additional coverage on a child at issue or following the birth of the child.
Form Series ULCTR14 (Forms May Vary by State)
Source: American National