 |
|
|
|
|
Planning for Your Family's Financial Security
Planning for our families’ financial security is perhaps the most fundamentally important — and emotionally difficult — financial planning task we undertake in our adult lives.
The most common and most cost-efficient way for most people to guarantee the financial security of their loved ones is through the purchase of a life insurance policy, the tax-free benefit of which can replace our earning power when we’re gone, free a spouse from the burden of outstanding debts, provide the basic necessities for our children, or make sure that funds are available to pay our final expenses.
Unfortunately, many people find that just when they most clearly realize their need for life insurance and want to purchase it to protect their family’s financial future, they are unable to do so because their health histories make that impossible.
If you find yourself in this situation, take heart. While it may be too late to purchase the life insurance protection you want for your family from many other companies, Presidential Life can help you achieve your family security goals with its Graded Benefit (whole) Life (GBL) policy.
Presidential’s Graded Benefit (whole) Life policy can provide your family with as much as $50,000 of tax-free proceeds just when they’ll need it most.
And, best of all, the only thing you have to do to obtain this protection for your family is apply for the coverage. You can’t be turned down because there are no medical questions, no medical examinations, and no medical tests. Your protection is permanent and your premiums are guaranteed to remain level.
There are, however, some limitations on benefit payments during the first two or three years your policy is in force. These restrictions depend on your age at the time you purchase coverage.
|
|
|
If you purchase a Graded Benefit (whole) Life policy before age 65, benefits payable for all causes except accidental death during the first three years your policy is in force are limited to premiums paid plus 5% compounded.* If you purchase the policy at age 65 or older, this limitation applies for only the first two policy years. If benefits are payable by reason of accidental death, then your beneficiaries would receive not only premiums paid plus 5% compounded annually, but also an additional sum equal to your policy face amount.
When the applicable graded benefit period expires, your policy pays a benefit equal to the full face amount, regardless of cause of death.
* Two (2) years in West Virginia.
Source: Presidential Life Insurance Company
|
|
|
|
Last updated on: 11/14/2008
|
|
|
|
|
|
