Only ONE policy per person
There is a 5% fee for early cancellation ( no charge for passing away before term).
Dividends are only paid on active accounts and only paid for 5th, 10th, 15th and 20th* (25 yr term) anniversaries and will be issued the 1st month of the 6th, 11th, 16th & 21st year. see dividend policy. The dividend amount is 1% of the interest on the escrow dividend account. The dollar amount is not guaranteed and no guarantee on APY increase, or decrease is given. see dividend policy. The grace period is 7 days with policy lapse at 30 days. If policy lapse’s a check will be sent for the final account (balance)minus the 5% fee
Collateral Assignment is not allowed nor other insured as there are no named beneficiaries.
You may switch from one plan to another and a double payment does not switch. * see plan change policy
You MUST designate if you want to change plans. see plan change policy.
The payout interest can be TAXABLE INCOME! *
WE ARE NOT RESPONSIBLE FOR YOUR TAXES!
We will remit all required information to the IRS.
WE ARE NOT RESPONSIBLE FOR YOUR TAXES!
WE ARE NOT RESPONSIBLE FOR YOUR TAXES!
You will receive a 1099-DIV if the dividend is TAXABLE INCOME*
WE ARE NOT RESPONSIBLE FOR YOUR TAXES!
If the interest is TAXABLE INCOME once the term is met or the policy is cashed out, you will receive a 1099-INT the following January*
WE ARE NOT RESPONSIBLE FOR YOUR TAXES!
You can opt out of receiving the dividend if you choose.
Opting out of receipt of dividend does not increase other persons amounts received.
ALL checks are VOID after 90 days. ****
You may replace a lost check after 15 days but must contact us before 90 days. ****
We DO NOT offer a tax-free option*
The service fee of $25 flat charge is NON-NEGOTIABLE and NON-REFUNDABLE.
ALL checks, forms, dividends etc., will be sent to the name and address on record only.
ALL savings accounts are FDIC insured through the banking facility utilized according to THEIR policies.
If you change your password once your savings account is established, we WILL NOT be able to deposit any more funds on your behalf.
Your account with us WILL BE CLOSED at that time effective immediately at that time.
- taxable income ** draw policy *** 10 year renewable **** check policy