Single Premium
What is the life coverage limit for Single Premium insurance?
$200,000
What is the life limit for the LOC insurance?
$100,000
What is the maximum coverage amount for Outstanding Balance life insurance?
ages 18-65 $1,000,000
ages 66-69 $500,000
What are the maximum benefit amounts depending on the age of the member?
ages 18-65 $1,000,000
ages 66-69 $500,000
What is the new Mortgage insurance feature?
standalone disability
What is the Single Premium disability maximum?
$3,000
What is the disability limit for the LOC insurance?
3% of the balance up to $3,000
What is an example of a pre-existing condition
high blood pressure / diabetes / back problems / high cholesterol
What is the disability coverage maximum for those members ages 18-65?
$6,000
What is the pre-existing condition period for Single Premium?
BONUS- how is the premium calculated for Single Premium
18 X 18
BONUS -amount of loan and amortization
What is the maximum amortization for Single Premium?
15 years
BONUS What is a pre-existing condition?
12 X 12
BONUS- an illness or injury for which the member has received or would seek medical care, diagnosis or treatment including medication
What is the amount in which health questions do not apply?
up to $20,000
What factors affect the premium rates?
age and smoking status
What is the combined aggregate limit for Outstanding Balance and Mortgage insurance?
$1,000,000
What is the benefit period for disability coverage?
120 months or 10 years
What is the maximum number of disability benefit payments?
24 months
What is the maximum number of disability benefits payable?
60 months
What is maximum number of benefits payable under the Involuntary Unemployment rider?
6 months
What are possible dates for Mortgage premium withdrawals?
Calender days 1-28
When are health questions are required and at what amount?
What is critical illness and loan amounts over $100,000?
How many health questions are there for a LOC application
ZERO unless the member chooses to apply for CI
What is critical illness?
Diagnosis by a specialist of either cancer, stroke or heart attack
What is the minimum amount for Mortgage protection for life and disability?
$20,000 for life
$200 for disability
What is Involuntary Unemployment Insurance?
It is an optional insurance product that helps your members make payments toward their loan in the event of involuntary unemployment, and provides them with peace of mind and financial security.