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PAN-AMERICAN
ASSURANCE
THE BUDGET MANAGER TERMS AND CONDITIONS
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Issue Ages:
(Age Nearest
Birthday Basis)
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20
- 65 Preferred
18 - 65 Nonsmoker and Standard |
Minimum
Issue
Specified Amount: |
$100,000 |
Administrative
Charge: |
$5
per month; every month for all policy years (deducted directly from
the Accumulated Value) |
Waiver
of
Monthly
Deductions: |
Waiver
covers the amount of the monthly cost of insurance benefits, the
monthly administrative charge and rider charges. The maximum benefit
for which monthly deductions can be waived is $2,000,000 of Specified
Amount. The costs are waived during total disability until age 100,
if disability occurs before age 60. For total disability occurring
between ages 60 and 65, the costs will be waived until age 70. The
rider expires at age 65.
When
Waiver of Monthly Deductions is added to a policy which also has
a Spouse Rider or an Additional Other Insured Rider, the minimum
premium for waiver on the rider depends on both the primary insured
and the rider insured. Therefore, the age, sex and smoking class
of all insureds must be used to compute minimum premiums.
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| Accident
Death Benefit: |
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| Spouse
Rider: |
This
rider provides a level death benefit to age 65 on the spouse of the
primary insured. It is convertible to age 65 to a permanent life policy.
It becomes paid up upon the death of the primary insured. |
| Issue
ages: |
18
- 60 for both spouse and primary insured. Preferred rates not available
for spouse rider. |
| Minimum
issue: |
$
10,000 |
| Maximum
issue: |
Not
to exceed the basic Specified Amount |
Terminal
Illness Rider: |
This rider makes
available a portion of the policy death benefit (in the form of
an interest-bearing lien) if the insured is diagnosed with an illness
or condition which is expected to result in death within 1 year.
The initial advance is limited to the lesser of: 1) half the policy's
death benefit, less any outstanding loans; or 2) $250,000, less
any outstanding policy loans.
An administrative
charge will be assessed at the time of the initial advance. Subsequent
advances may be taken to pay lien interest or policy premiums as
they are due. The rider is available on request at no charge for
every policy with a face amount of $50,000 or greater.
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