Group Term Insurance

[Features & Benefits] [FAQs] [Policy Details] [Request a Life Insurance Quote]

Group Term Life & Optional Disability Insurance is for income and loan protection. Insurance is available up to the total amount of your indebtedness. There are 3 plans available that include guaranteed issue, simplified issue, and Jet Underwriting. Term is annually renewable with some restrictions for age and size. These products are quick and convenient with minimal paperwork and underwriting. Policies can remain in effect up to 2 years after all loans are paid and then converted to individual policies.

Any loan customer who is at least 18 years of age and younger than 70 years of age is eligible for this life insurance. Those under age 60 can also apply for the disability benefit.

More about Group Term Life and Disability

The customer may choose to purchase insurance to cover the entire loan or a portion of it. It protects the family and farm from the financial burden of a loan in the event of the insured customer's death. An optional disability benefit is also available and may be purchased along with the life insurance. It covers both sickness and accidental injuries. After 90 days of total disability, the benefit begins to accrue on a daily basis. Disabled insured customers will receive a benefit at the frequency that the loan repayments are scheduled.

Competition

Group term life and optional disability insurance plans sold through other lenders are typically more expensive and don't offer a non-tobacco use discount. And although group term insurance though a working spouse's employee benefit plan may be available, its main purpose is income replacement, not debt protection.

An individual policy from an insurance carrier can require much higher levels of underwriting and usually some type of medical examination. Applications are also lengthy and take considerable time to complete.

Features and Benefits

Feature	Benefit
Group policy	Being part of a large buying group helps keep underwriting to a minimum.
Convenient.	Save time and money with our quick, easy and convenient application process.
Guaranteed renewable.	Eliminate the worry of losing insurance protection -- your policy is guaranteed to be renewable as long as premiums are paid.
Insurance is available for co-signers, including a spouse, partners, corporate officers, or anyone who becomes personally liable for the loan.	Your cosigners or spouse can also qualify for coverage that could provide necessary dollars if tragedy should strike.
Option to have decreasing term.	Save money by reducing insurance coverage as your loan balance decreases.
Discount for non-tobacco users.	If you don't use tobacco, you can save even more.
Optional payment frequency.	You can tailor the program to meet your cash flow needs.

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Frequently Asked Questions

Feature	Benefit
I already have enough insurance.	That may be true, but most borrowers are underinsured. This life insurance is income and debt protection -- against potential losses your family and business would suffer if you should die.
I can get it cheaper from my own agent.	Individual insurance from your agent may initially be cheaper, but premium may end up higher if there are health concerns. And if you have to purchase more insurance because the company does not offer term insurance in small amounts, your final cost will be greater.
I don't believe in life insurance.	The only reason someone purchases insurance is to protect a valuable asset. What's your most valuable asset? You -- and your ability to provide for your family.
I don't need it.	That's true. You don't need it if you were to die! But how much money would your family need to maintain their standard of living if you couldn't provide for them?

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Group Term Insurance Features

Policy Type	Jet Underwriting	Simplified Issue	Guaranteed Issue
Life only	18 - 69	18 - 69	18 - 55
Life & Disability	18 - 59	18 - 59	18 - 55
Coverage Termination	75	75	75
Minimum Amount	$25,000	$25,000	None
Maximum Amount	0-55 $750,000	0-39 $100,000	$25,000 for each guaranteed issue policy. * NOTE: Application must be taken within 15 days of loan closing.
56-60 $250,000	40-49 $75,000
61-65 $150,000	50-59 $50,000
66-69 $50,000	60-69 $25,000
70-74 $10,000	70-74 $10,000
Combine Plan Maximum	$750,000
Minimum Term	One month
Maximum Term	15 months
Discounts	Volume - $100,000 + No tobacco use
Exclusions	Suicide for one year (not applicable in Missouri)
Disability Coverage	Members less than age 60 eligible. Disability must begin prior to age 60. Ninety day waiting period. Maximum of 3-year benefit period depending upon age at onset of disability (3 years if age under 50, 2 years if age 50-55, or 1 year if age 56-59). Benefit is 10% of first $100,000. Benefit at same frequency as loan payment, waiver of premium if disabled.
Temporary Coverage	Yes, if ultimately insurable

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