This life insurance plan provides the following features.
- Higher levels of coverage for more affordable premiums, especially
for younger age groups that have a greater need for protection.
- This plan is convertible to cash-value life insurance.
Colonial’s Level Term Life Insurance is simple and affordable life insurance for the
first-time buyer or someone who wants to supplement their existing coverage. It is
available with guaranteed issue (no health questions) during your company’s initial enrollment.This term life insurance plan offers level death benefits; benefits will not decrease
with time. Premiums are also level. Two plan designs are available, depending on the amount of coverage you choose.
Plan One (10/10/YRT) is composed of two consecutive 10-year level premium
periods. The first 10 years of guaranteed level premiums are based on your age at policy issue.
The second 10 years of guaranteed level premiums reflect rates for your age at the 11th year.
Plan Two (10/YRT plan) is composed of one 10-year guaranteed level premium period, based upon your age at policy issue.
After the 10-year period(s), premiums will increase annually.
Level Term Life Insurance offers the following benefits that are automatically included in your plan.
Accelerated Death Benefit
Gives you the option
to receive a percentage of the policy face value if you are diagnosed with
a terminal illness.
Immediate Cash Payment
Your beneficiary will receive an immediate cash payment to help pay expenses until the claim on
your policy is processed.
Your level term life insurance plan is portable, which means that
if you change jobs or retire, you can take this coverage with you.
This plan is guaranteed renewable to age 95 as long as premiums are
paid when due or within the grace period. Your premium can be
changed only if we change it on all policies of this kind in the
state where the policy was issued. Premiums can be paid with the
convenience of payroll deduction.
Several coverage options are available for you and your family. You
can also supplement your level term life coverage with a Waiver of
Premium rider and an Accidental Death Benefit rider.
Optional riders are available at additional cost.This coverage may not be available in all
states; product benefits vary by state. Policies have exclusions and
limitations that may affect benefits payable. For cost and complete
details, please see your Colonial representative.
Applicable to policy forms 10/10/YRT, 10/10/YRTU, 10/YRT and rider
forms STR-20, STR-10, CTR-10/10/YRT, ADB-10/10/YRT and R-Waiver. If
you are in Virginia,
please read this important information.
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