Single Premium Whole Life Insurance
A smart way to maximize money you want to pass on to
your spouse, children or charities.
Do you have any funds earmarked to be left to your spouse, children, religious or charitable organizations?
Are you concerned if you should give away these funds that you may need it if you should have a chronic illness or terminal illness?
Would you feel more confident if you had a money-back return-of-premium guarantee from the company?
Remembrance Single Premium Whole Life insurance provides an easy way to help you maximize and transfer money to a spouse, children or charity. The death benefit and cash values are guaranteed for life. It offers Chronic Illness and Terminal Illness Living Benefits and a Return of Premium Rider as your money back guarantee. Available up to age 85 with death benefits starting at just $5,000. Coverage may also be available for individuals with certain health concerns.
See how much you can provide your Spouse, Children, Grandchildren, Trust, Church, or Charity.Remembrance
Life Scenario #1
John and Mary have enough monthly income and savings that they would like to leave their children and grandchildren a memorial remembrance gift upon their death.
Currently they have funds in either low yielding savings or high-risk investment accounts, which they are also paying taxes on.
By placing this money into a Remembrance life insurance policy, these funds would receive an immediate increase in death benefit, and would pass on income tax-free without the publicity or costs of probate.
Additionally, the Remembrance life insurance policy could provide money while the insured is living with Chronic Illness (including Alzheimers and Dementia cognitive impairments) and Terminal Illness Living Benefits, along with a Return of Premium money back guarantee.
Life Scenario #2
Jane, age 75, would like to leave her children, grandchildren, church, and/or charity a memorial remembrance gift upon their death. She has $50,000 dedicated for this purpose in a savings account.
Jane can purchase a $50,000 Remembrance life insurance policy that will pass tax-free and without probate to her named beneficiaries for only a single premium payment of $31,250.
This allows Jane to free up $18,750 of cash that she may use for any other purpose she wishes.
In addition, the Remembrance life insurance policy could provide money while the insured is living with Chronic Illness (including Alzheimers and Dementia cognitive impairments) and Terminal Illness Living Benefits, along with a Return of Premium money back guarantee.
Living Benefits Rider Feature
There are two living benefits available that may help in the case a Chronic illness or Terminal illness, at no additional premium cost. Living benefits for you while you’re alive and a death benefit for your beneficiary.
Chronic Illness and Terminal Illness Living Benefits:
There are no Actuarial Discounts or Administrative Fees to reduce the actual benefit payout amount - the Policyowner receives the full payout amount. In addition, our Chronic Illness Living Benefits covers qualifying events that include Cognitive Impairments such as Alzheimer’s Disease and Dementia.
|Chronic Illness||Terminal Illness|
50 to 75 years old on Standard policies.
Not available on Substandard policies.
|All issue ages|
|Premiums||Available at no charge||Available at no charge|
|Maximum Benefit Levels||
Maximum of 50% of policy death benefit.
Monthly benefit to be paid out at
5% of the accelerated benefit amount.
|Maximum of 90% of policy death benefit.|
|Claims||Once per lifetime||Once per lifetime|
Insured is certified as being unable to perform 2 or more activities of daily living (bathing, continence,
dressing, eating, toileting, transferring)
without substantial assistance from another person due to a loss of functional capacity for a period of at
least 90 days.
Insured requires supervision by another person to protect the insured from threats to health and safety due to the insured's severe cognitive impairment (includes Alzheimer's and similar forms of irreversible dementia).
A medical or physical condition that is reasonably expected to result in a drastically limited life span that
is "12 months or less".
There is no requirement of confinement to a nursing home or waiting period.
The Policyowner receives a full payout of the requested benefit amount, subject to the benefit levels outlined
in the policy rider. An actuarial discount will not be used to reduce the payout of the benefit amount. No
Administrative Fee is charged for benefit payments.
At the Insured's death, beneficiaries will receive the certificate's death benefit, less any payouts from exercised Living Benefit Riders and lien interest at 6% annually on the paid out benefit amount, and any withdrawals or loans.
Living Benefit payments may affect eligibility for or the amount of certain state or federal government benefits such as Medicaid or Supplemental Security Income. These riders are not intended to be a substitute for long term care insurance, health insurance, or nursing home insurance. Refer to the policy benefit rider for more details.
Return of Premium Rider
This feature allows you to receive 100% of your initial premium back, less any loan indebtedness, withdrawals, and accelerated living benefit payouts. The optional Return of Premium Rider is available at no additional premium cost and can be used at any time after the policy’s first anniversary date. The policy will terminate at the time of invoking this rider.
You have a full 30 days after you receive your life insurance policy to change your mind for any reason and cancel your life insurance; in which case you will promptly receive a full 100% refund.
- Point-of-Sale, Simplified Issue, Non-Medical Underwriting:
- No bodily fluids or physical examinations
- Death Benefit Amount:
- From $5,000 up to $250,000
- Two Underwriting Classes:
- Standard Non-tobacco & Tobacco or Substandard Non-tobacco & Tobacco
- Issue Ages:
- Standard issue 50-85 years old & Substandard issue 50-75 years old
- Accelerated Living Benefit Riders:
- Terminal Illness
- All issue ages
- Chronic Illness
- Standard issue ages 50-75. Not available with Non-standard issue.
- Return of Premium Rider:
- Begins upon the first policy anniversary date
See how much you can provide your Spouse, Children, or Charity:
Please contact us with any questions
American Savings Life Insurance Company
935 E. Main Street, Mesa, Arizona 85203-8849
(480) 420-2531 or (800) 880-2112
Remembrance Single Premium Whole Life insurance is exclusively available only in Arizona and Utah. This brochure is not a contract and descriptions of policy provisions are only partial. Benefits are subject to terms and conditions of the policy. Refer to the policy for complete terms and conditions. Use with American Savings Life Insurance Company Policy Form 2000 and rider forms 2002, 2003, and 2004. All guarantees are based on the claims-paying ability of American Savings Life insurance Company.
American Savings Life’s Remembrance Single Premium Whole Life insurance is considered a Modified Endowment Contract (MEC), which is taxed on interest earnings first for policy withdrawals or loans. Death benefits are free from federal income taxes in most cases. Neither American Savings Life or its representatives may provide tax or legal advice. Individuals should consult their tax advisor or legal counsel for specific advice and information regarding their individual situation.