Accordia Life Assure UL - Global Atlantic Financial Group

Accordia Life Assure UL
Death benefit protection combined with solid guarantees
AUL2004 (05-14)
Your financial security is important to you and your family. It is
about more than just providing the resources to maintain your
standard of living. You want to protect all that’s important. Life
insurance can help.
Accordia Life Assure may play an integral role in planning for the expected, as well as the
unexpected, with:
• A death benefit to help provide financial security for your loved ones in the event
of your death.
• Strong guarantees to ensure that your coverage will be there when you need it.
• Cash values to provide financial resources when necessary.
Accordia Life Assure is a flexible premium universal life insurance policy offering death benefits
and the ability to grow cash values based on a fixed interest rate that is declared annually by
the company. Accordia Life Assure also offers an attractive minimum interest rate, guaranteed.
Protection and potential
Your premium payments support the death benefit of your policy. Net premiums1 go into the
account value of your policy from which insurance costs and other policy charges are deducted
on a monthly basis to provide insurance protection. At the same time, interest is credited to your
account value and over time you have the potential to build strong cash values.
Accordia Life Assure credits a rate of interest that is declared annually and is guaranteed to
never be less than 3%. The non-guaranteed interest rate credited can and typically will be
higher than the guaranteed rate, thus providing solid cash accumulation potential over the life
of the policy.
Flexibility
Accordia Life Assure gives you the flexibility to pay your premiums monthly, quarterly or
annually. Premium amounts can be increased or decreased to be in line with your specific death
benefit and cash accumulation goals and can be adjusted, within limits, as those goals change.
1
Net premiums are your paid premiums less a percentage charge.
1
Accessing policy values
One of the benefits of universal life is the policy’s cash value, which provides flexibility. Your
policy’s cash value can be used for a variety of purposes.
Access to values:
• May be used for emergency needs
• May be used to help fund special life events
• May be used to supplement other retirement income sources
Keep in mind, however, that you want to select a planned premium amount that is consistent
with the long-term objectives for your policy. As long as the policy has sufficient cash value to
cover policy charges and expenses, your insurance coverage will remain in force.
Aligning death benefit protection with your needs
Accordia Life Assure offers three distinct death benefit options to choose from to meet your
individual life insurance objectives.*
Option 1
LEVEL DEATH BENEFIT
Death Benefit = face amount
Death Benefit
Account
Value
Option 2
INCREASING DEATH BENEFIT
t
enefi
th B
Dea
Option 3
The advantage of choosing a level death benefit is that, as your
account value grows, the amount which your cost of insurance charges
are based on decreases over the life of the policy.
Death Benefit = face amount + account value
Account
Value
The advantage of choosing an increasing death benefit is that your
death benefit will not only include the face amount but also the
account value of your policy.
RETURN OF PREMIUM
Death Benefit = Face Amount + Cumulative Premiums
This death benefit provides additional proceeds equal to the total
premiums paid into the policy up to the date of death of the insured
accumulated with interest at a rate up to 4%. This option is available
by adding the Death Benefit Return of Premium Rider.
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* The total death benefit will be reduced by any prior withdrawals or unpaid loans.
Accessing policy values for lifetime needs
At the time you choose to access policy values you may do so on a taxadvantaged basis through policy loans and withdrawals. Loans and/or
withdrawals reduce your cash values and death benefits. Also, keep in mind
that excessive use of loans and withdrawals may result in a policy lapse.
Policy Loans
Accordia Life Assure universal life offers a fixed interest loan option.
This means that you can access your cash values through a policy
loan and will be charged a fixed interest rate. Policy loans will reduce
the amount of death benefit and cash value and could have tax
consequences upon surrender or lapse.
Partial Withdrawals
You may also choose to withdraw policy values any time after the
first policy year. Partial withdrawals reduce the death benefit and cash
value by the amount of the withdrawals. Withdrawals are typically not
subject to income tax up to the amount of your cost basis in the policy,
generally the total of your premiums paid (assumes the policy is not
classified as a Modified Endowment Contract). Surrender charges are
assessed on withdrawals made within the surrender charge period. At
any time you have the ability to withdraw up to 20% of your policy’s
cash value on an annual basis without surrender charges.
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Features
Minimum premium guarantee
Payment of the minimum monthly premium keeps this policy in force,
guaranteeing your death benefit, during the minimum premium period.
The minimum premium period is determined from the policy date and
is based on the insured’s issue age as follows:
Ages
Policy years
0-35
30
36-45
25
46-55
20
56-65
15
66-75
10
76-85
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The minimum premium period and minimum monthly premium will be
shown in your policy.
At the end of the applicable guarantee period, premium payments
needed to keep your policy in force may be higher than the minimum
premium calculated when your policy was issued. Remember, you have
the ability to pay more than the minimum premium required for the
guarantee period. By paying only the minimum monthly premium, you
may be forgoing the opportunity to build up a significant account value.
Policy Charges
Premium charge
5% on all premiums in all years.
The following charges are deducted from your account value on a
monthly basis.
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Expense charge
The monthly expense charge that is assessed. Rates vary based on
insured’s age at issue, gender, face amount issued, underwriting class
and by policy year.
Monthly policy charge
A monthly policy charge of $6 is assessed through the insured’s age 120.
Cost of insurance charge
Cost of insurance is assessed monthly through insured’s age 120. The
cost of insurance rates vary by issue age, gender, face amount issued,
underwriting class and policy year.
Surrender charge
A surrender charge is an amount deducted from the cash value if a
policy is surrendered within 19 years of the policy being issued. If you
decide to purchase additional coverage amounts in later years, each
additional amount will have its own surrender charge period.
Rider charge
Cost of any optional riders you elect for additional benefits.
Available Riders
Accordia Life offers several optional features, called Riders, you may elect to
further enhance the benefits under your policy. Some of the riders below are
not available in all states. For more details see the specific rider materials.
Core Riders:
These are automatically
included on the policy, subject
to state availability, and come
with a nominal or no charge
unless used.
Wellness for Life® Rider – (Form ULWFL-E14) Reduce your insurance
charges with healthy living habits.
Terminal Illness Accelerated Death Benefit Rider –
(Form ICC13-LTABR-E14 or LTABR-E14) Access your death benefit if
you become terminally ill.
Overloan Protection Rider – (Form ICC13-ULOPR-E14 or ULOPR-E14)
Helps prevent your policy from lapsing due to excessive loan use.
Waiver of Surrender Charge due to Confinement Rider (Form ULNHW-E14) Access your policy’s cash values without surrender
charges if you become confined to a nursing home.
Accelerated Access Rider – (Form ICC13- LCABR-E14 or LCABR-E14)
Access a portion of your death benefit if you become chronically ill.
Additional Coverage Riders:
Additional protection options
offered at an additional cost.
Primary Insured Rider – (Form ICC13-ULPIR- E14 or ULPIR-E14)
Additional level death benefit protection for the primary insured.
Additional Insured Rider – (Form ICC13-ULAIR-E14 or ULAIR-E14)
Level death benefit protection for an additional qualified person
Guaranteed Purchase Option Rider – (Form ICC13-ULGPO-E14 or
ULGPO-E14) Provides you the opportunity to purchase additional
amounts of permanent insurance at specified dates and/or certain life
events.
Children’s Insurance Rider – (Form ICC13-ULCIR-E14 or ULCIR-E14)
Level death benefit protection on children of the insured.
Accidental Death Benefit Rider – (Form ICC13-ULADB-E14 or
ULADB-E14) Additional level death benefit proceeds if death occurs as
the result of an accident.
Waiver Riders for Disability:
You may select additional
protection to help meet
funding requirements in the
event of a disability. These
riders are offered at an
additional charge.
Waiver of Monthly Deductions Rider – (Form ICC13-ULWMD-E14 or
ULWMD-E14) In the event of total disability, monthly deductions from
the policy are waived.
Waiver of Specified Premium Rider – (Form ICC13-ULWSP-E14 or
ULWSP-E14) In the event of total disability, the specified premium
amount is waived.
For life insurance that provides for compelling features and benefits during
your lifetime, as well as upon death, talk to your life insurance professional
about Accordia Life Assure.
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About Accordia LIfe
Accordia Life is an innovative life insurance company,
providing customers and agents proven expertise
in indexed universal life insurance. The company’s
products help meet the protection, wealth transfer
and small-business needs of customers throughout
the United States. Accordia’s success is built on a
foundation of experience, exceptional products and
deep relationships.
Products issued by
Accordia Life and Annuity Company
215 10th Street
Des Moines, IA 50309
www.accordia.com
Accordia is a subsidiary of Global Atlantic Financial Group
Limited, a multi-line insurance and reinsurance company
with over $30 billion in assets and 10 offices. Global
Atlantic was founded at Goldman Sachs in 2004 and
separated as an independent company in April of 2013.
Policy forms ICC13-ULA-E14, ULA-E14, ULA-E14-CRT. Availability varies by state. In CA and NJ products are issued as a group insurance
product issued to the Accordia Life and Annuity Company Group Trust, Rhode Island. If you purchase this product, you will receive an
individual certificate. For administrative purposes, from time to time we may refer to your certificate as a policy or as a contract.
This brochure contains highlights only. All tax related information contained herein is based on our current understanding of federal tax
laws as they relate to life insurance or other subject matter discussed. These laws are subject to change in the future. Neither Accordia
Life nor its representatives offer legal or tax advice. You should consult a personal tax advisor on any tax matters.
In order to comply with certain U.S. Treasury regulations, please be advised of the following: Unless expressly state otherwise, any U.S.
Federal tax advice contained in these materials, including attachments, is not intended or written to be used, and cannot be used, by
any person for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service.
Guarantees provided are subject to the financial strength of the issuing insurance company; not guaranteed by any bank or the FDIC.
AUL2004 (05-14)