Face Amount Increase Clause Samples
Face Amount Increase. You may submit an application to increase the Face Amount. The Insured must be no older than Age 90 and the Face Amount increase may not be less than $25,000. Your application must include Evidence of Insurability satisfactory to us and is subject to our approval. The effective date of the increased Face Amount will be the first Monthly Payment Date on or next following the date all required conditions are met or any other date you request and we approve. We reserve the right to limit Face Amount increases to one per policy year and the right to charge a fee to evaluate insurability, not to exceed $100 for each evaluation. P09SE5 Upon approval of any such increase, we will send you a Supplemental Schedule of Coverage, which will include the following information: • The increased Face Amount and the effective date of the increase • The Risk Class for the increase • The Maximum Monthly Cost of Insurance Rates applicable to the increase • The Maximum Monthly Coverage Charge for the increase • If the Guideline Premium Test is used, the new Guideline Premiums In addition, any Coverage Layer representing an increase in Basic Coverage will have an associated Surrender Charge. The elements used in calculating the Surrender Charge for such Coverage Layer are the Initial Amount, Level Period, Reduction Factor, and End Year for the Coverage Layer and will be shown in a Supplemental Schedule of Coverage sent to you at the time of the increase. The Level Period and End Year for the Coverage Layer are measured from the effective date of the Coverage Layer. During the Level Period of such Coverage Layer, the Surrender Charge is equal to the Initial Amount for the Coverage Layer. After the Level Period, the Surrender Charge for the Coverage Layer decreases on each Monthly Payment Date by one-twelfth of the Reduction Factor for the Coverage Layer until it becomes zero after the End Year for the Coverage Layer.
Face Amount Increase. An increase in Face Amount will be allowed only if it results in a death benefit increase no less than our minimum limit in effect on the date of the request. An increase in Face Amount will not be allowed after the Insured attains Age 100. Also, an increase will not be allowed if there has been a prior decrease in Face Amount, including any decrease which occurred as a result of a Withdrawal.
Face Amount Increase. You may submit an application to increase the Face Amount by an amount not less than $25,000. The Insured must be Age 90 or less and the application must include evidence of insurability satisfactory to us. The effective date of the increased Face Amount will be the first Monthly Payment Date on or following the date all required conditions are met. We reserve the right to limit increases to one per policy year and to charge a fee to evaluate insurability, not to exceed $100, which will be deducted proportionately from the Accumulated Value in the Investment Options. Upon approval of any unscheduled increase, we will send you a Supplemental Schedule of Coverage, which will include the following information: · the increased Face Amount and the effective date of the increase; · the risk class for the increase; · the Guaranteed Maximum Monthly Cost of Insurance Rates applicable to the increase; · the Mortality and Risk Charges for the increase; · the Maximum Surrender Charge and the Surrender Charge Factor for the increase; and · if the Guideline Premium Test is used, the new Guideline Premiums.
Face Amount Increase. You may request an increase in the face amount. The minimum face amount increase we will consider is $[25,000]. You must submit a completed application and proof of insurability. The Effective Date of the face amount increase is subject to deduction of the first month's charges and Cost of Insurance related to the increase from the existing Policy Value.
Face Amount Increase. An unscheduled increase in Face Amount is subject to evidence of insurability and will be effective on the first Monthly Payment Date on or following the date all applicable conditions are met. A supplemental schedule of benefits and premiums will be issued. This schedule will include: · the risk class; · the effective date; · the M&E Risk Charges; · the Surrender Charges; · the guaranteed Cost of Insurance Rates; · the amount of the increase and the total Face Amount after the increase; and · if the Guideline Premium Test is used, the new Guideline Premiums. For any increase in Face Amount which arises from conversion of a term rider, we will waive the Surrender Charges and M&E Risk Face Amount Charges that would otherwise apply for the increase.