Definition
5 for LIFE is a 5 year convertible and renewable insurance solution term plan.
It is designed primarily to provide high level affordable coverage for persons 18 - 75 years old.
Purpose
This plan provides insurance protection for individuals, families and businesses at competitive rates.
Issue Ages
The allowable issue ages are 18 to 70.
Premiums
Premium rates will vary by age, sex and smoker status.
Target Group
o Age Group: 18 to 45 years.
o Professionals, Entrepreneurs, CEOs, Managers, Heads of Families.
Minimum Sum Assured
The minimum sum assured is $100, 000. 00
Special Feature
· Premium Credit: Upon receipt of each premium, Premium Credit will accrue to the policy.
· Premium Credits will be used:
To pay premium (on your 5 for LIFE plan) that have been outstanding for a specified
period, provided sufficient credits have been accumulated.
· Un-used Premium Credits will be paid:
o Upon the death of the life insured, along with the sum assured, or
o At age 75, the final expiry date.
· Premium credits may be used to pay premiums on new plan where full Coverage is being converted.
Conversion Option
You may at any time convert this plan to any permanent plan which is offered by Guardian Life, provided that this plan is in force and all premiums have been paid in full.
Renewability
On the expiry date of the policy, you may opt to renew for a further five year period, without evidence of health, provided the expiry date is before the policy anniversary upon which the Life Insured attains age 75.
Addition Benefits
You may add the following benefits (riders) to your plan, for a small premium:
- Accidental Death and Dismemberment Benefit Rider.
- Disability Waiver of Premium Rider
Death Benefit
The death benefit is the sum of the basic sum assured plus the value of all un-used premium credits at the time of death.
Final Expiry Date Benefit
At the Final Expiry Date - age 75 - the value of all unused premium credits will be paid.