Frequently Asked Questions
What makes No Load Life Insurance different?
No Load Life Insurance eliminates or significantly reduces many of the costs associated with selling traditional insurance, including commissions. With a higher percentage of premiums going to build cash value (even in the first year of the policy) No Load Life is an ideal product for creating, accumulating, protecting, and distributing wealth.
What does No Load mean?
No Load means there are only two policy performance components:
- Interest...which is credited monthly at a current rate on the policy value (also known as cash surrender value)
- Cost of Insurance...deducted monthly at a current rate from the policy value to cover the cost of life insurance coverage and any benefits provided by a rider.
- No percent of premium expense charges
- No per policy expense charges
- No withdrawal charges
- No per thousand expense charges
- No surrender charges
This analysis shows you exactly how much of each premium dollar is going towards expense factors and how much is going towards interest. This is a Supplemental Illustration that can be generated with the Basic Illustration that we send you.
Is there flexibility in the premiums?
Yes! Premiums may be paid in virtually any amount, at any time. There are no minimums, except we do require the initial premium paid to be sufficient to cover the monthly deductions for the first three months.
Only applicable federal income tax laws limit maximums.
Premiums may even be skipped as long as the policy's value is enough to cover the monthly deduction.
Can I change the coverage amount (or face amount) of the insurance?
Yes! Your coverage may be increased or decreased at virtually any time without having to exchange or lapse the policy. Increases may be subject to evidence of insurability. Decreases may be limited or not available if the change would cause the face amount to be less than the applicable minimum.
Are my policy values readily accessible to me?
Yes! You may receive the cash values from your policy in two ways:
- Withdrawals...Just withdraw part of the policy value at any time after the first year. The minimum withdrawal amount is $1000. Withdrawals reduce the face amount of coverage by the amount withdrawn. Withdrawals may be limited or not available if the withdrawal would reduce the face amount below the required minimum face amount.
- Policy Loans...Borrow against the policy's value at any time. The minimum loan amount is $1,000.
