Whole Life LP95: Plan Overview

Overview

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Whole Life LP95 is the latest of Golden Life Group  life insurance products. Here is what LP95 has to offer:

• A value proposition normally found in life insurance plans requiring much larger levels of coverage

• Guaranteed premiums, guaranteed death benefit, strong guaranteed cash values and guaranteed issue

• Valuable supplemental benefits that can be added at the option of the employee

• 2 distinct accelerated death benefit riders

• Web-based, laptop, enroller assisted and third party platform core enrollment options

• Competent and flexible administrative support—backed by a history of quality

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Supplemental Riders

Chronic Illness Accelerated Death Benefit Rider

This rider allows access to precious resources should the insured become chronically ill—a time when such resources may be needed most. This living benefit is available on policies insuring the employee and/or the employee’s spouse, children and grandchildren. 


The benefit allows the policy owner to accelerate up to a maximum of 25% of the face amount of the policy each year until a residual death benefit of $5,000 remains.* Access to early distribution of the death benefit can be requested if the insured suffers from a chronic  illness** requiring continuous care for the remainder of his or her life in an eligible facility or at home and (i) is unable to perform two of the six Activities of Daily Living (ADLs)—bathing, continence, dressing, eating, toileting and transferring—due to a loss of functional capacity, or (ii) if he or she has a severe cognitive impairment that requires substantial supervision by another person to protect him or her from threats to health and safety. 


There is no separate premium charge to add this rider. Eligibility requirements apply. Payments made under this rider may be taxable depending on the insured’s circumstances, and anyone applying for benefits should consult with his or her tax adviser. 



  

20 Year Level Term Insurance Rider

This rider is a cost-effective way to add additional coverage to the permanent base plan. This rider adds term life insurance coverage that will remain level for a period of 20 years or until rider termination as defined in the rider form. 


Prior to termination, the policy owner can choose to either reduce the weekly premium to the amount needed to support the base plan of insurance, or convert the coverage to a new permanent plan of life insurance coverage* with no health-related questions required. This coverage is available on policies insuring the employee and/or the employee’s spouse from age 18 up to and including age 50 (age 60 in New York). 


An amount of term insurance equal to the coverage selected under the base plan can be added. 




Supplemental Riders

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Waiver of Premium Benefit in Event of Total Disability Rider

The waiver of premium benefit waives the premium on the policy to which it is attached in the event the insured becomes totally disabled* as defined in the rider for a continuous period of at least 6 months. This benefit is available on policies insuring the employee, the employee’s spouse and any children. 


Dependent Children’s Insurance Benefit Rider

This rider is a cost-effective way to insure all children of the insured. The rider is available on a policy insuring either an employee or the employee’s spouse from age 18 up to and including age 60. It may be added to the base policy, and provides coverage for all the insured’s unmarried, dependent children age 14 days up to and including age 24.  


The policy owner can elect a minimum of $1,000 to a maximum of $25,000 of coverage in $1,000 increments. If the policy owner elects this rider, future born children of the insured will be covered automatically from age 14 days up to the rider anniversary after such child’s 25th birthday with no increase in premium. The weekly premium is $.11 per $1,000 of coverage. 


This rider can be converted up to the child’s age of 25 to a permanent policy in an amount not to exceed 5 times the rider benefit or $25,000 (whichever is less) without Evidence of Insurability.* 



Accidental Death Benefit Rider (ADB)

This optional benefit provides an additional death benefit to the beneficiary should the insured’s death occur as a direct result of an accidental injury as defined in the rider. The benefit is available to cover insured individuals from the age of one year up to and including age 60. The benefit will cease on the policy anniversary on which the age of the insured is 70. 



Terminal Illness Options Accelerated Benefit Rider

Under this rider, the policy owner may access up to 75% of the policy’s death benefit if a physician determines that the insured is terminally ill (life expectancy of 12 months or less).* There is no charge for this rider, and it can be added at issue or at any time during the life of the policy. It is available on policies insuring the employee and/or the employee’s spouse, children and/or grandchildren, with issue age of 14 days up to and including age 72. Receipt of accelerated death benefits may be taxable and may affect eligibility for public assistance programs. 



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Underwriting Guidelines

Employee

Guaranteed Issue (GI) 


Guaranteed Issue life insurance covers the insured with predetermined maximum coverage amounts that will be issued regardless of current or past medical conditions, provided eligibility requirements are met.* 


• Minimum – Greater of amount of coverage purchased by $2.00 per week or $5,000. 


• Maximum – Determined by case size and number of eligible employees, not to exceed $150,000: 


• Available on insured employees age 18 up to and including age 72. 

Simplified Issue (SI)

In addition to eligibility requirements*, Simplified Issue life insurance coverage requires that additional health-related questions be answered about the insured. 


• Maximum - $250,000 face amount (includes GI face amount.) 


• Available on insured employees age 18 up to and including age 72. 


 *The employee must have been continuously employed for pay at the regular place of business of the employer stated in the application for 17 ½ hours or more per week in the 90 day period prior to the date of the application, and then performing all the duties of his/her regular occupation. 


The issuance of the policy or payment of benefits may depend on the answers provided in the application and the truthfulness thereof. 


The maximum amount of life insurance available under this program cannot exceed $250,000 of total in force life insurance with Golden Life Group. 

Underwriting Guidelines

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Spouse

Conditional Issue (CI)

In addition to eligibility requirements*, Conditional Issue life insurance coverage requires that health-related questions be answered about the insured.  


• Minimum – Greater of amount of coverage purchased by $2.00 per week or $5,000. 


• Maximum (when employee does purchase coverage) – The amount of coverage purchased by the same weekly amount chosen by the employee up to the lesser of amount of coverage purchased by $5.00 per week or $150,000.  


Example: If employee coverage is $5.00 per week, then spouse maximum is $5.00 per week; if employee coverage is $4.00 per week, then spouse maximum is $4.00 per week; etc. 


• Maximum spouse coverage when employee does not purchase coverage is the lesser of the amount purchased by $3.00 per week or $150,000. 


• Available on employee’s insured spouse age 18 up to and including age 72. 


Simplified Issue (SI)

In addition to eligibility requirements* and the Conditional Issue health-related questions, Simplified Issue life insurance coverage requires that additional health-related questions be answered about the insured. 


• Maximum - $250,000 face amount (includes Conditional Issue face amount.) 


• Available on employee’s insured spouse age 18 up to and including age 72. 


*Spouse has been actively performing all the duties of his/her regular occupation (including homemaker or student) for the 90 days prior to the date of the application, and is not then disabled or receiving any type of disability benefit. 

 

The issuance of the policy or payment of benefits may depend on the answers provided in the application and the truthfulness thereof.


The maximum amount of life insurance available under this program cannot exceed $250,000 of total in-force life insurance with Golden Life Group.

Dependent Child/Grandchild

Conditional Issue (CI)

In addition to eligibility requirements*, Conditional Issue life insurance coverage requires that health-related questions be answered about the insured. 


• Minimum – Amount of coverage purchased by $2.00 per week. 


• Maximum – Amount of coverage purchased by $2.00 per week. 


• Available on insured dependent children/grandchildren age 14 days up to and including age 26. An insured age 18 up to and including age 26 must be a full time student. 

Simplified Issue (SI)

In addition to eligibility requirements* and the Conditional Issue health-related questions, Simplified Issue life insurance coverage requires that additional health-related questions be answered about the insured. 


• Maximum – Amount of coverage purchased by $4.00 per week, not to exceed $50,000 face amount.** 


• Available on insured dependent children/grandchildren age 14 days up to and including age 26. An insured age 18 up to and including age 26 must be a full time student. 


*Dependent Child/Grandchild has been actively performing all the duties of his/her regular occupation (including student) for the 90 days prior to the date of the application, and is not then disabled or receiving any type of disability benefit. 


The issuance of the policy or payment of benefits may depend on the answers provided in the application and the truthfulness thereof. 


**The maximum child face amount is dependent on issue age and is the combined maximum face amount including base policy and child rider. 

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