Security Builder Plan offers an affordable, flexible way to put your money to work protecting your family in the event of your terminal illness and/or death and accumulating assets for your future needs through the flexible premium annuity rider (FPAR).
During the first 12 months the policy is in force, 100% of premium is applied to the base life insurance policy and riders (other than the FPAR). Beginning in the 13th month of the life policy, the premium splits with approximately 50% of the premium continuing to fund the base life insurance policy and any riders (other than the FPAR) and approximately 50% funding the FPAR.2
The base policy's death benefit remains level for 10 years or until age 65 (whichever is later), after which time the death benefit reduces by 50%. The policy face amount reduces by 50% at age 65 or after 10 years, whichever is later (premiums will remain as is).
A non-tax qualified, flexible premium annuity rider that is automatically included with the standard Security Builder Plan, the FPAR has a currently credited interest rate (set monthly) that is fixed for the first 12 months the FPAR is in force. On each policy anniversary date, a new currently credited interest rate will change to the rate currently declared by the Company at that time, and that rate will remain fixed for the next 12 months the policy is in force. The minimum guaranteed interest rate (MGIR), which is calculated based on the 5-year Constant Maturity Treasury (CMT) rate; is a range within 1% to 3%. The MGIR is set at policy issue and is guaranteed for the life of the policy.
Security Builder Plan is an affordable, flexible way to put your money to work protecting your family and saving for your future needs.
1 This piece provides a brief summary of product features. The policy and riders associated with each product will contain the actual terms, limitations and exclusions that apply.
2 Premium for a policy that includes the select riders will not reduce by exactly ½ beginning in the second year.
3 The Flexible Premium Annuity Rider (FPAR) is neither a traditional IRA nor a Roth IRA. Annuity withdrawals prior to age 59 1/2 may be subject to federal income taxation. Consult your tax advisor for your individual situation.