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MINILIFE
The U.P.E.C. Minilife Life plan
is a Interest Sensitive Term Life
Insurance Plan that
guarantees a Death Benefit to the later age of 70 or 20 years, provided that the
contract premiums have been paid during each year of coverage.
The Cash values in this plan change
based upon the premium payments, annual risk premium and the interest rate credited.
The interest rate is guaranteed never to be below 4½%.
Unlike the Flexlife
II plan, there is no special option for payment of premiums, but there is a Special
option for continuation of coverage.
At the policy anniversary nearest
your 70th birthday, provided this policy has sufficient cash value, premium
payments may be continued and life insurance coverage will continue. In this instance
coverage will continue each year that the Accumulation Premium plus the Net Cash
Value are sufficient to pay the Allocated Risk Premium. In the event that the Accumulation
Premium plus the Net Cash Value are insufficient to cover the full year Allocated
Risk Premium coverage will continue for the pro rata portion of the year the Net
Cash Value and Accumulation Premium will provide. Coverage will then expire and
this policy will no longer be in force.
This plan is less expensive than
whole life insurance, therefore allowing for greater amounts of insurance coverage
for the same dollar amount of premium.
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