The Official Website of the Office of Consumer Affairs & Business Regulation (OCABR)

Consumer Affairs and Business Regulation

Main Menu

Breadcrumbs

Appendix E: Accelerated Benefit Riders to Life Insurance Policies

The purpose of this worksheet is to help you evaluate one or more life insurance policies with accelerated benefit riders that may be used to pay for the cost of long-term care services. Fill out the form so you can compare your options. In addition you should complete Appendix D regarding the long-term care benefits provided by the policy.

Insurance Company Information	Policy 1	Policy 2
1. Name of the insurance company Agent's name
2. Is the company licensed in your state?	Yes/no	Yes/no
3. Insurance rating service and rating
Policy Information
4. What kind of life insurance policy is it:
Whole life insurance?	Yes/no	Yes/no
Universal life insurance?	Yes/no	Yes/no
Term life insurance?	Yes/no	Yes/no
5. What is the policy's premium?	$	$
6. How often is the premium paid:
One time / single premium?	Yes/no	Yes/no
Annually for life?	Yes/no	Yes/no
Annually for 10 years only?	Yes/no	Yes/no
Annually for 20 years only?	Yes/no	Yes/no
Other?
7. Is there a separate premium for the accelerated benefit in the life policy?	Yes/no	Yes/no
If not, how is the premium paid:
Included in life insurance premium?	Yes/no	Yes/no
Deducted from the cash value of the life insurance policy?	Yes/no	Yes/no
8. How many people will the policy cover?
9. Will the payment of long-term care benefits decrease the death benefit and cash value of the policy?	Yes/no	Yes/no
Will an outstanding loan affect the long-term care benefits?	Yes/no	Yes/no
Did you receive an illustration of guaranteed values?	Yes/no	Yes/no
If yes, do the policy values equal zero at some age on a guaranteed midpoint basis?	Yes/no	Yes/no
If so, at what age?

Main Menu

Breadcrumbs

Appendix E: Accelerated Benefit Riders to Life Insurance Policies

Complementary Content