Riders

You can add value to your base insurance policy by attaching riders. A rider is an additional set of terms and conditions that are not included in the original policy. By attaching a rider, it essentially becomes part of your overall insurance contract. These riders can help you customize your insurance contract so that it fits your individual needs. To learn which riders are right for you, consult your Mutual Trust insurance advisor.

Death Benefit Riders
Accelerated Death Benefit

1) Chronic Illness Provision

This provision permits the owner of the policy to qualify to accelerate up to 24% (maximum of $240,000) of the policy's eligible face amount annually if the insured has been certified through written certification by a physician to be chronically ill. This provision has no premium. To be eligible for acceleration of benefits due to chronic illness, the insured has to have been certified through a written certification by a physician within the last 12 months as

  • Being unable to perform at least two Activities of Daily Living without substantial assistance from another person due to a loss of functional capacity for a period of at least 90 consecutive days, or

  • Requiring substantial supervision by another person for a period of at least 90 consecutive days to protect the insured from threats to health and safety due to a physician’s diagnosis of a severe cognitive impairment.
2) Terminal Illness Provision

This provision makes it possible to receive up to half of the death benefit of the policy (maximum of $250,000) prior to the death of the insured. The provision has no premium. To be eligible for benefits, the insured must have a noncorrectable medical condition for which the insured’s life expectancy, assuming ordinary and reasonable medical care, is 12 months or less.


Disability Riders
Applicant Waiver of Premium Benefit
Our Applicant Waiver of Premium Benefit exempts the policy owner from making premium payments in the event of a disability or death. It is available if the applicant is age 18 to 54, and the insured is less than 15 years-of-age. If the applicant named in the application dies before the insured reaches age 25, we will waive premium payments that become due until the policy anniversary that is nearest the insured's 25th birthday. In addition, if the applicant becomes totally disabled, we will waive premium payments that become due during the duration of that total disability, or until the policy anniversary nearest the insured's 25th birthday, whichever is sooner. Medical underwriting is required.

2-Year Waiver of Premium Benefit
Our 2-Year Waiver of Premium Benefit exempts policy owners from making premium payments in the event of a disability. If the insured individual becomes totally disabled, we will waive premiums for this policy during that total disability. During the first 24 months, the insured has "own occupation" protection. During this period, "occupation" means the occupation of the insured at the time the disability began. After 24 months, it means any other occupation in which the insured could be reasonably expected to perform satisfactorily considering his or her age, education, training, experience, and physical and mental capacity.

5-Year Waiver of Premium Rider Benefit
Our 5-Year Waiver of Premium Benefit exempts policy owners from making premium payments in the event of a disability. If the insured individual becomes totally disabled, we will waive premiums for this policy during that total disability. During the first 60 months, the insured has "own occupation" protection. During this period, "occupation" means the occupation of the insured at the time the disability began. After 60 months, it means any other occupation in which the insured could be reasonably expected to perform satisfactorily considering his or her age, education, training, experience, and physical and mental capacity.

Disability Benefit Rider (DBR)
Disability Benefit Rider is designed specifically for use with Mutual Trust Life Insurance Company's Flex Pay PUA Rider. When the DBR is issued, the policy owner selects a benefit period, a benefit amount, and either a 2-year or 5-year own occupation option. Should the insured become disabled, upon approval of disability and a four-month elimination period, the benefit amount selected will be paid as premium payments into the Flex Pay PUA Rider.

Paid-Up Additions Riders
Flex Pay PUA Rider
Our Flex Pay PUA Rider gives policyholders flexibility in the amount and frequency of rider premium payments. This flexibility can be an important advantage, especially in an uncertain economy. For example, policyowners select a planned premium (for billing) and a maximum annual premium. Premiums are flexible, however, and policyowners can pay any amount, at any time, as long as the maximum premium is not exceeded and the minimum premium is met.

Single Paid-Up Additions Rider
Our Single Paid-Up Additions Rider offers an ideal way for policy owners to increase the value of their whole life insurance plans with a single premium payment. When combined with the basic policy coverage, it increases the amount of in-force death benefits and cash value. This rider is perfect for policy owners who intend to leave money to their children or grandchildren. This can be accomplished without relinquishing control of the cash value during the owner's lifetime.

Term Riders
15-year Term Rider
Our 15-Year Term Rider is a simple term rider that can be attached to Covenant II and Economax whole life policies at issue or on an anniversary date after the policy is in force. It provides a fixed amount of term insurance that is added to the whole life policy for fifteen years. In addition, it can be combined with other available riders such as our paid-up additions riders, Maximum Accumulation Dividend® option, or 7-Year Term Rider to give you nearly infinite flexibility in creating an individualized insurance plan that fits your changing needs. This rider is also available for up to seven additionalal insured individuals such as a spouse, children attending college, business partners, or any other person in whom the owner has an insurable interest. The rates are guaranteed level for the first 15 years, then renew on an annual basis to age 95.

7-Year Term Rider
Our 7-Year Term Rider is a simple term rider that can be attached to most of our currently offered whole life policies at issue or on an anniversary date after the policy is in force. It provides a fixed amount of term insurance that is added to the whole life policy for seven years. In addition, it can be combined with other available riders such as our paid-up additions riders, Maximum Accumulation Dividend option, or 15- Year Term Rider to give you nearly infinite flexibility in creating an individualized insurance plan that fits your changing needs. This rider is also available for up to seven additionalal insured individuals such as a spouse, children attending college, business partners, or any other person in whom the owner has an insurable interest in. The rates are guaranteed level for the first seven years then renew on an annual basis to age 95.

Children Insurance Rider
Our Children Insurance Rider provides coverage to all children named in the application who is younger than 20 years of age. Even children who are born or adopted (if less than 20 years old) after the rider is in effect are also covered under this rider. As an added benefit, this rider may be exchanged for a permanent insurance policy within 31 days before the 19th, 22nd, or 25th birthday of a covered child, or within 31 days before age 65 of the insured individual if this occurs prior to the child's 25th birthday. Medical underwriting is required.

Supplementary Benefits
Guaranteed Purchase Option Rider
Our Guaranteed Purchase Option Rider is essentially a guaranteed offer to purchase additional life insurance when the policy owner is most likely to seek additional coverage due to life changing events, such as marriage or the birth or adoption of a child. The rider also provides for regular additional purchases at certain dates beginning at age 22, then every three years until age 40. The insured individual is not required to show evidence of insurability at the time he or she decides to exercise the option for additional coverage. In the event that the insured becomes otherwise uninsurable, this benefit could be monumental in protecting the financial future of his or her loved ones, especially when combined with our Waiver of Premium Benefit.

Accidental Death Benefit
Our Accidental Death Benefit provides payment of an additional benefit amount if the insured individual dies as the result of an accidental bodily injury within one year of such injury and before age 70. If the insured's death is the result of an injury sustained while a fare-paying passenger on a plane, train, bus, or other common carrier, the benefit amount payable under this rider will be doubled.

Calculate the Benefits

How do your earnings affect your family? Find out with our Human Life Value Estimator

How much do you need for retirement? Find out with our Retirement Savings Estimator.


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Consult one of our experienced insurance advisors now. We can help you achieve your short-term and long-term financial goals. Click here to find an advisor.

 

 

Form No. 190