Variable Universal Life from Foresters Life Insurance and Annuity Company offers optional insurance riders for you to choose when the policy is issued. These are available in most states for an additional monthly charge and certain restrictions apply. These riders include:
Waiver of Monthly Deduction
If the insured is between the ages of 18 and 55 he or she may purchase the Waiver of Monthly Deduction Rider. With this rider if they become totally disabled for a period of six months or longer, the Monthly Deductions on their Variable Universal Life policy will be waived. Benefits are retroactive to the date the insured was declared disabled.
For Arizona, Connecticut, Delaware, District of Columbia, Florida, New York and North Dakota, the following are the terms of the Waiver of Monthly Deduction rider:
Definition of Total Disability: Total disability means that the Insured is unable to engage in any occupation for which he or she is or could be suited by reason of education, training or experience. Being a homemaker or student is considered engaging in an occupation.
Payment Period: Until the conclusion of the total disability.
For all other states the terms of the Waiver of Monthly Deduction Rider are:
- Definition of Total Disability: During the first 24 months of total disability, the Insured is unable to perform the substantial and material duties of their job due to sickness or accidental bodily injury. After the first 24 months of total disability, the Insured, due to sickness or accidental bodily injury, is unable to perform any of the substantial and material duties of their job for which they become reasonably suited by education, training or experience.
- Payment Period: If the Insured's Total Disability begins before the benefit anniversary on which the Insured attains Age 60, the Company shall waive all Monthly Deductions which it would have taken under the Policy for the period that the Insured continues to be Totally Disabled. If such period extends to the benefit anniversary on which the Insured attains age 65, the Company will waive all further Monthly Deductions due under the Policy.
If the Insured's Total Disability begins after the benefit anniversary on which the Insured attains Age 60, the Company shall waive all monthly deductions which it would have taken under the policy for the period that the Insured continues to be totally disabled, but only up to the benefit anniversary on which the Insured attains Age 65.
Accidental Death Benefit - You may elect to purchase an Accidental Death Benefit rider up to 60 years of age. This rider provides for an additional fixed amount of death benefit in the event the insured dies from accidental bodily injury before the age of 70. The amount of the benefit is at least equal to the face amount of the policy, but cannot exceed an amount equal to $200,000 minus the sum of all your existing or applied for accidental death benefit coverage. Waiver of Premium — If you purchase this rider and subsequently become disabled and are unable to perform any work for a period of six months or longer, the rider is designed so the policy's premiums will be paid for you. Benefits are retroactive to the date the Insured was declared disabled, provided the disability began prior to your age 60-policy anniversary.
Spouse's Term Life Insurance Rider - You may purchase term life insurance for your spouse in the form of a rider to the policy. The Spouse Term Insurance Rider provides a death benefit of $25,000 and is offered on simplified issue underwriting basis. The spouse to be insured may not be 10 years older or younger than the Proposed Insured individual under the policy. The rider is convertible without evidence of insurability at the spouse's attained age within 60 days prior to either a premium increase, the expiration of coverage under the Rider or when the Insured attains age 65. If the Insured dies during the premium-paying period, the spouse's coverage continues as paid up term insurance, without any further premium due.
Children's Term Life Insurance Rider - You may purchase life insurance for your children. The Children's Term Insurance Rider allows you to buy between $5,000 and $15,000 for each qualified child you may have for one annual premium. Children born, adopted, etc. after the issue date of the policy are automatically insured as long as they are qualified under the terms of the rider. The rider is convertible, without evidence of insurability to an individual policy in the name of any Insured Child at the earlier of when they reach 25 years of age or the Insured attains age 65. If the Insured dies during the premium-paying period, any Insured Child's coverage continues as paid up term insurance to the Child's age 25 without any further premium due.
Accelerated Death Benefit - The policy owner may receive up to 80 per cent of the policy's death benefit if the insured person is diagnosed with a terminal condition that will be the cause of the insured person’s death within a 12 month period. The minimum accelerated death benefit is 25 per cent of the policy's death benefit. The maximum is the lesser of 80 per cent of the policy's death benefit of $250,000. There is no cost or charge for this rider.