PAN-AMERICAN
ASSURANCE
THE BUDGET MANAGER TERMS AND CONDITIONS
|
Issue Ages: |
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. |
| Accident Death Benefit: | |
| 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. |