Combo Life

Combo Life is a group worksite modified term life insurance policy combined with an annuity rider that can help fulfill financial needs of today’s American middle class.  It is a unique solution compared to other worksite life insurance products because it provides death benefit through competitive low cost premiums during the level term period, with an opportunity for cash accumulation through the annuity rider.

Key Features*


  • Starting in year 2, half of the base term life premiums are allocated to the Annuity Rider
  • Annuity Rider has a guaranteed minimum interest rate of 2%
  • Guaranteed and simplified issue available if certain conditions are met
  • Coverage to age 70
  • Guaranteed level premiums to age 65 and then increase annually as Yearly Renewable Term
  • Death benefit remains level to age 65; at age 65 reduces by 50%

Optional Riders

  • Guaranteed Purchase Option rider
  • Wavier of Premium rider
  • Waiver of Scheduled Premium rider
  • Spouse rider
  • Dependent Child rider

Annuity Rider Surrender Charge Schedule

Year     

1

2

3

4

5

6

7

8+

Charge

7%

6%

5%

4%

3%

2%

1%

0%

 

*Subject to eligibility requirements.  Premiums are determined by coverage amount, age, gender, riders and smoker status.  Early withdrawals from the annuity rider are subject to a surrender charge and may be subject to regular income tax and, if taken before age 59 1/2 , may be subject to a 10% IRS penalty.  Please consult your legal or tax advisor as appropriate. 

This is a summary only.  Policies and certificates have limitations and exclusions, and terms and conditions for keeping them in force.  Consult an agent or review the policy for full details.

 

Product issued by Shenandoah Life Insurance Company, a member of Prosperity Life Group. Not available in all states; features may vary by state. All guarantees are subject to the financial strength and claims-paying ability of the issuing company.  Form # ICC16 L-1060P (Policy), L-1060C (Certificate), R-2063C (Guaranteed Purchase Option Rider), R-2064C (Spouse Rider), R-2065C (Child Rider), and R-2066C (Waiver of Premium Rider); Annuity Rider Form # R-2062C and state specific versions; Waiver of Scheduled Premium Rider Form # R-2067C and state specific versions.