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Intro | Coverage | Premiums | Eligible States | FAQs | Application
Why is "term" recommended over "whole life" insurance?
Most financial experts recommend term insurance because you get more coverage for the same dollar. This is vital for a family who must replace many years of future earnings that are lost when a parent dies. "Whole life" insurance is more expensive because it requires higher premiums to also fund a savings account. Also, many people buy lower-cost term insurance and invest the savings on their own.
Will my insurance rates go up?
Rates are grouped in 5-year age bands. Your initial rate is based on the age-band you are in when your insurance starts. Your rates will never go up due to a change in your health. You can be sure that the sum you choose is the amount we pay until age 65, when coverage amount reduces 50 percent.
What is the "Accelerated Benefit" and why is it so important?
This is also known as a "living benefit." It is a special feature of this DAN Plan and helps eliminate money worries in the last few months of a terminal illness - when medical bills and lost income can create a financial nightmare of their own. If an insured member is diagnosed with a terminal illness that will cause death in less than 12 months, as much as 60 percent of the total benefit less the discount is available as one lump sum, to be used as you choose. The other 40 percent is paid when death occurs, provided premiums continue to be paid.
Do I need a medical exam?
In most cases, the answer is no. Just answer a few brief health questions on the application. If tests are required, we will, with your permission, arrange an exam at your home or office. The exam costs you nothing.
Are the benefits from this insurance tax-free?
Generally speaking, your beneficiary will not have to pay federal income tax on the life insurance benefits. In addition, the benefits will not be included in your estate for federal estate tax purposes as long as you retain no incidents of ownership in the insurance. Receipt of Accelerated Benefits may be taxable. You should consult a CPA or tax attorney for specific advice regarding this matter.
What if I later change my mind?
You get a full 30 days to inspect this insurance when it arrives. Review it at your leisure; show it to trusted financial advisors. If you are not happy for any reason, you may cancel it and owe nothing; your certificate will be void from the beginning of the coverage period. You are under no obligation of any kind.
If you have other questions, please call 1-800-446-2671. You'll be talking to a Customer Service Representative who will help you in any way possible.
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