SINGLE PREMIUM LIFE (A MODIFIED ENDOWMENT CONTRACT) GENERAL

Description

SINGLE PREMIUM LIFE – The Single Premium Life can best be described as an individual, single premium, non-participating traditional Whole Life product. The cash values will remain fixed (see the Table of Guaranteed Values Per $1,000 Face Amount) and the death benefits will be guaranteed.

This contract is considered a Modified Endowment Contract (MEC) which means that the life insurance policy has been funded with more money than allowed under federal tax laws. Early surrenders of cash values prior to age 59½ may cause IRS penalties.

This plan is not interest sensitive and therefore there is no accumulation of the cash value account. Riders are not available for this plan.

The interest rate on certificate loans will be 8%. There are no surrender charges and no annual statements will be sent to the owner.

Special class pricing (bands) is available for Juniors and Adults.