Term Life

You know you need life insurance. Upon death, it can provide financial income to your beneficiaries, or it can provide the funds to pay off personal debt so that your survivors aren’t burdened with your financial obligations. But how do you add the benefits of life insurance to your financial plan without putting too much stress on your budget?

That’s where Motorists Life’s Value Term PLUS policy comes in. It provides death protection for a stated time period, or term at a lower cost than permanent insurance. With Value Term PLUS you can have the peace of mind that comes when you know your outstanding financial obligations will be met. It’s perfect for mortgage protection, families with young children or business owners seeking coverage for key employees. And you can only get it from your Motorists Life agent.
 
Take a look at the advantages of our Value Term Plus policy.

Sample Monthly Rates
$250,000 death benefit
10-Year Level Term (non-tobacco rates*)

 

Age	Male	Female
30	$13.55	$13.12
35	$13.76	$13.33
40	$18.28	$16.56
45	$23.22	$19.78
50	$32.90	$26.02

*preferred best non-tobacco rate class

Flexible terms
Choose between 10-year, 15-year, 20-year, 25-year, 30-year and 40-year term periods. The premiums are guaranteed for the entire length of the term regardless of your issue age. At the end of the level period, guaranteed annual renewable term rates will be charged until age 95.

Flexible payment options
Premiums may be paid directly to us on a quarterly, semi-annual or annual basis-or, for your convenience, we can automatically deduct them from your checking account on a monthly basis.

Flexible coverage amounts
The minimum death benefit is $50,000, and there is no maximum death benefit on any of the plans. So, whatever your needs are, Motorists Life’s Value Term Plus policy can meet them.

You should base the amount of insurance that you purchase on your family’s current and future financial needs and obligations in the event of your death.

As initial guidelines, consider the following:

• Immediate financial obligations at death-final medical expenses, funeral costs, etc.
• Ongoing expenses and life adjustments for survivors-monthly bills, previous debt, mortgage payments, school tuition, daycare, funds to maintain standard of living, etc.

There are, of course, other needs that you may have to consider. Your agent can assist you in determining the amount of insurance that is right for you.

Renewability
As long as you are under the maximum issue age for the plan, you have the option of renewing your term insurance after the level period ends. You will, however, have to re-qualify based on your attained age and medical condition. If you choose not to reapply, you will remain covered; however, you will be charged an annual renewable term premium that is guaranteed and increases each year until age 95.

Easy conversion
If you decide you need permanent coverage, you can convert your term policy to a whole life policy. For 10 years following the date of issue, or at age 70 (whichever is first), you may convert your term policy to a whole life insurance policy. Premiums will be recalculated at your attained age for the new policy; however, you will not have to qualify medically.

Tax advantages
The death benefit is paid federal income tax-free to your beneficiary(ies).

Age requirements
Depending on what term period you choose, the issue ages vary according to the following:

 

Plan	Issues Ages
10-year	15-80
15-year	15-70
20-year	15-65
25-year	15-60
30-year	15-55*
40-year	15-45**

*Maximum age 53 - for male tobacco classifications.

**Maximum age 40 - for all tobacco classifications.

 

Additional optional coverages
You may choose to add any of the following riders to your Value Term Plus policy for an additional premium.

Additional Insured Rider
Provides insurance coverage on an additional insured (subject to the issue age limits for the plan chosen) of an equal term period as on the base insured. With a $50,000 minimum, you may choose the amount that is right for you.

Disability Income Rider
If you are totally disabled* for a period of 90 days or more, this rider provides you a check between $250 and $1,500 per month (maximum of 1 percent of the total death benefit) for a period of two to five years to help pay living expenses. Coverage is available for individuals who qualify or joint coverage is available for two people if both qualify. The Waiver of Premium Rider must also be purchased with this benefit. The Disability Income Rider is not available in Florida.

Waiver of Premium
If the primary insured becomes totally disabled for a period of 90 days or more, the entire premium for the policy will be waived for the duration of the disability.

Accidental Death Benefit
Available on the primary insured, this rider provides additional insurance coverage in the event of death due to accidental bodily injury or drowning. The amount of the rider may be equal to or less than the base policy amount.

Children’s Term Rider
This rider provides coverage on all the primary insured’s dependent natural children, legally adopted children and stepchildren (current and future), who are age 15 days to age 18. The benefit can range from $3,000 to $10,000.

At any time prior to age 25, each child can convert the $5,000 term coverage to a permanent plan of insurance with the opportunity to grow cash value. This may be accomplished without proving evidence of good health. In addition, each child will have the opportunity to convert to $25,000 of permanent coverage without evidence of insurability following their 25th birthday or expiration of the rider.

Accelerated Death Benefit
Advances up to 55 percent of the base policy face amount if the primary insured is diagnosed with a terminal illness. There is a $100,000 maximum on the advanced amount. There is no charge for this rider.

*Total disability occurs if insured is unable to perform the material and substantial duties of his or her occupation for the first two years or any occupation after two years and is under the care of a physician.

This is a brief description only. Full details about both the policy and riders are found only in the policy. Not available in all states.