MINIMUMS
Minimum Issue Age for a Survivorship Policy
What is 18?
Maximum Issue Age for SUL & CSWL
What is 85?
New York Life will waive premiums should the elected insured become totally disabled.
What is Disability Waiver of Premium?
A term rider that cannot be converted into any available survivorship (second-to-die) policy.
Level Term First-to-Die?
Survivorship life insurance pays out after the first death.
What is False?
(Unless you add the First to Die Rider on the CSWL)
Minimum Face Amount for SUL
What is $250,000?
Maximum Issue Age for SVUL
What is 80?
An economical way to increase your death benefit protection and build more cash value in a CSWL.
What is Option to Purchase Paid-Up Additions?
Under Section 1035 rules, this type of exchange is not allowed.
What is exchanging an individual life policy for a survivorship policy?
These policies are typically cheaper than two separate policies.
What is true?
Minimum Face Amount for CSWL & SVUL
What is $100,000?
Maximum risk class to add uninsurable spouse
What is Non-Smoker Class 4?
A decreasing term rider combined with the paid-up additions dividend option.
What is Dividend Option Term (DOT)?
A rider that allows you to convert to a CWL, WL, UL, or VUL within 90 days of the first insured death.
What is Survivorship Level Term?
SUL insurance is ideal for income protection needs.
What is false?
Guaranteed minimum interest credit rating on SUL
What is 2%?
Maximum number of years you can prepay using a PDA
What is 9 and 14?
A level term insurance death benefit payable upon the death of the first insured.
What is Level Term First-to-Die?
Max face amount for conversion if husband has $100K term policy and Wife has $500K term policy
What is $200K?
Survivorship policies offer 2x the case rate
What is true?
Guaranteed minimum interest on fixed account in SVUL
What is 2%?
Maximum face amount for enrollment in Auto Adjusted Billing at policy issue for eligible policies.
What is $2.5M?
A convertible 10-year term rider that provides a level term insurance death benefit payable upon the death of the last surviving insured.
What is Survivorship Level Term?
Max face amount for conversion if husband has $500K term policy and Wife has $500K term policy
What is $1M?
A survivorship policy may be easier to underwrite than two individual policies.
What is True?