Single Premium
What is the life coverage limit for Single Premium insurance?
$200,000
How much is the life insurance limit for the LOC insurance?
$100,000
What is the maximum life coverage amount for Outstanding Balance insurance?
$1,000,000
What are the maximum life benefit amounts depending on the age of the member? 2 answers
$500,000 or $1,000,000
What is the NEW insurance feature that is available for Outstanding Balance insurance & mortgage insurance?
Standalone Disability = ALL products
How much is the maximum Single Premium disability payment?
$3,000
How much does LOC disability pay per month?
3% up to a maximum of $3,000
What is the maximum disability payment amount?
$6,000
What is the maximum disability coverage for those members aged 18-65?
$6,000
What is the pre-existing condition period for Single Premium?
18X18
How long is the maximum amortization for Single Premium?
15 years
What is the termination age for the LOC life & disability insurance ?
75 years old
Does Outstanding Balance have health questions- no matter what the limit is?
NO- up to $20,000 there are no health questions
What factors affect the mortgage insurance premium rates?
age and smoker status
What is the combined limit/aggregate limit for Outstanding Balance and Mortgage Insurance?
$1,000,000
How long is the benefit period for disability coverage?
120 months or 10 years
What is the maximum number of months that disability benefits are payable?
24 months
What is the maximum number of disability benefits that are payable?
60 months
What is the maximum number of benefits payable under the Involuntary Unemployment rider?
6 months
What dates/date range can you choose for your monthly Mortgage premium withdrawal?
Calendar days 1-28
At what dollar amount do health questions apply for Single Premium insurance?
Over 100K
What is the maximum amortization period for LOC insurance?
25 years old
What is the termination age for life and disability coverage?
75 years
Can you use mortgage insurance to protect a loan?
YES - over 20K and $200
both are declining balances
What is a pre-existing condition?
an illness or injury which you received or seek medical care, diagnosis, treatment including prescription medication for prior to getting the lending application