|Products issued by:
National Life Insurance Company®
Life Insurance Company of the Southwest®
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National Life Group® is a trade name of National Life Insurance Company, founded in Montpelier, VT in 1848, Life Insurance Company of the Southwest, Addison, TX, chartered in 1955, and their affiliates. Each company of NationalLife Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York.
Indexed universal life insurance policiesare underwritten by National Life Insurance Company, Montpelier, VT. Accelerated Benefits Riders, (form series 7490, 7493, 8765, 9744, ICC10-8843, ICC13-9744-20285, ICC15-20285, 20286, ICC15-20286, 20006NY) are available on various life insurance policies underwritten by National Life Insurance Company (NLIC).
Accelerated Benefit Riders are optional, may be subject to underwriting, exclusions and/or limitations and may not be available in all states. Receipt of accelerated benefits reduces the Death Benefit and cash value (if any) otherwise payable under the policy, may be a taxable event and may affect your eligibility for public assistance programs, such as medical assistance (Medicaid), Aid to Families with Dependent Children, and Supplemental Security Income. Please consult your personal tax advisor to determine the tax status of any benefits paid under this rider and with social service agencies concerning how receipt of such a payment will affect you, your spouse and your family’s eligibility for public assistance. This rider is intended for favorable tax treatment under Section 101(g) of the Internal Revenue Code (26 U.S.C. Sec. 101(g)). Whether such benefits qualify depends on factors such as your life expectancy at the time benefitsare accelerated or how the benefits are used.
Please note that contrary to the preceding article, accelerated benefits received can be used for any purpose and do not have to be used for qualified medical expenses with the exception of Massachusetts, where accelerated benefits for Chronic Illness may only be used for Qualified Long-Term Care services which are described as the necessary diagnostic, preventative, therapeutic, curing, treating, mitigating and rehabilitative services, and maintenance or personal care services that are required by a chronically ill individual and are provided pursuant to a plan of care prescribed by a licensed health care practitioner.
The actual payment you receive will be less than the portion of the death benefit accelerated because the benefits are paid prior to death. Values are based on a current interest rate and mortality rates. There is an initial administrative fee at the time the rider is exercised. We currently limit the amount of death benefit that may be accelerated under all contracts made over the entire lifetime of the insured to $1,500,000 for terminal or chronic illness, and $1,000,000 for critical illness or injury. We reserve the right to change this limit in the future; however the limit will never be less than $500,000. Other restrictions, limitations and waiting periods may apply.
The ABR Chronic II Accelerated Benefit Rider for Covered Chronic Illness is optional and only available in New York. The maximum amount over the entire lifetime of the Insured, that will be accelerated or converted to reduced paid-up insurance under all contracts made on the life of the Insured is $2,000,000 when benefits are paid due to a chronic illness in New York. The maximum amount in New York for terminal is $1,500,000 and $1,000,000 for critical illness or critical injury.
This product is a life insurance policy with a rider that accelerates the death benefit on account of chronic illness and is not a health insurance policy providing long-term care insurance subject to the minimum requirements of New York Law, does not qualify for the New York State Long-Term Care Partnership program and is not a Medicare supplement policy.
Riders are supplemental benefits that can be added to a life insurance policy and are not suitable unless you also have a need for life insurance. Riders are optional, may require additional premium and may not be available in all states or on all products. This is not a solicitation of any specific insurance policy.
An Indexed Universal Life (IUL) insurance policy is usually a fixed universal life (UL) policy whose interest is determined, at least in part, by the performance of a specified index of the market. Unlike traditional UL policies, the policy owner may receive zero interest for a single crediting period if the index performs poorly. However, with most designs, the premiums are protected and guaranteed to credit a minimum interest rate in the event the policy is surrendered. The owner of an IUL policy may experience better interest crediting than a traditional UL policy during periods when the market performs well. IUL policies do not directly participate in any stock or equity investments.
Financial strength ratings for National Life Insurance Company and Life Insurance Company of the Southwest as of 7/1/19 are:
Ratings are subject to change
- A.M. Best — A (Excellent) 3rd out of 16 ratings
- Standard & Poors – A+ (Strong) 5th out of 21 ratings
- Moody’s — A2 (Good) 5th out of 21 ratings
Life insurance premium for National Life Insurance Company only for 2018: $55M
This is a solicitation of insurance. An insurance agent may contact you.
This marketing material is not approved for use in CA, and OR.