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As of June 20, 2006 |
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Product
Name:
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Simple Term |
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Direct Writer:
| Household Life Insurance Company (HLIC) |
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Insurance Type:
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Individual Term |
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Product Filing:
| HLIC; |
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Simple Term Life
Application (Agent involved)HLI-1-131B(XX)
Simple Term Life Policy * HLI-8-132(XX)
Simple Term Life Application HLI-1-133(XX)
* May have state specific data pages |
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Duration:
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10, 15, 20, and 30 year |
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Premiums:
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Guaranteed for the entire term |
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Issue Ages:
| Subject to state approval. |
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| Term Period |
10 Years |
15 Years |
20 Years |
30 Years |
| Issue Ages |
18-60 |
18-55 |
18-50 |
18-43 |
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Minimum Face Amount: |
25,000 |
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Maximum Face Amount: |
Simple Term maximum $250,000 (However, not filed with a
max face amount unless required by st.) |
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Convertibility: |
Inherent with the base policy. Convertible up to 1 year from the policy
effective date. |
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Riders: |
Return of Premium is available for the 20-year and 30-year terms only. This
rider will be filed at a later date (Phase 2) |
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Benefits: |
Death benefit equal to face amount only. |
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Payment Modes: |
Credit cards (Visa, Discover, American Express, and Mastercard ®) or EFT – See
list of Payment methods filed by state. |
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Payment Frequency: |
Annual, semi-annual, quarterly and monthly |
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Payment Modes: |
Credit cards (Visa, Discover, American Express, and Mastercard ®) or EFT – See
list of Payment methods filed by state. |
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Insured: |
Must be an individual, no entities |
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Payment Modes: |
Credit cards (Visa, Discover, American Express, and Mastercard ®) or EFT – See
list of Payment methods filed by state. |
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Owner: |
Must be the insured. Once the policy is in force, ownership may change (for application with no agent involvement). Owner information included on the branch application. |
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Beneficiary: |
Spouse, children, siblings, parents, grandchildren, grandparents, nephews, nieces, trusts, estates or other. |
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Underwriting Classifications: |
There will only be two; “tobacco standard” and “non-tobacco standard”. (Male/Female within these classes) |
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Underwriting Questions: |
6 to 8 “Yes/No” questions. |
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Fraud Check: |
EIPS – Death index and non-issued SSN checks only. |
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MIB: |
Required |
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Pharmacy Check: |
Possible in the future |
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Signatures: |
The product will be filed to allow electronic or “wet” signatures. |
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Free Look Period: |
30 days or as required by state |
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Pricing: |
Provided by Actuarial Department |
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Policy Fees: |
None, however premiums will be banded. |
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Distribution: |
Branch, Internet, Direct Mail, Inserts |