| 
| | What's the value? Familylife Quit Smoking Incentive Plan If the primary insured person is classified as a smoker, and is at least 18 years old on the certificate issue date, we will charge lower premiums as if they were a non-smoker for the first two certificate years. These lower premiums will continue after the second certificate anniversary if the primary insured stops smoking and meets Foresters™ requirements as a non-smoker. Subsequent non-smoker premiums will be based on the primary insured's age on the certificate's issue date and the rating class on the date the change is processed. See below for the qualification details. Let's see it in action John is a 42 year old smoker and he is applying for $200,000 of 20-pay Familylife¹ coverage. Utilizing the Protector Option, his base coverage would be $105,044 and his enhanced protection would be $94,956. His annual premium for the first two years is $3,078.50 and then $3,863.18 thereafter. If John does not quit smoking, this benefit over the course of 18 years at an assumed interest rate of 4% is $3,118.10. If John takes this incentive plan as his motivation to quit smoking, the value of this benefit may be as much as $20,927.38. |
|
| Year | Savings | Future Value | | Year | Savings | Future Value | 1 | $784.68 | $816.07 | | 1 | $784.68 | $816.07 | 2 | $784.68 | $1,664.78 | | 2 | $784.68 | $1,664.78 | 3 | 0 | $1,731.37 | | 3 | $784.68 | $2,547.44 | 4 | 0 | $1,800.62 | | 4 | $784.68 | $3,465.40 | 5 | 0 | $1,872.65 | | 5 | $784.68 | $4,420.08 | 6 | 0 | $1,947.55 | | 6 | $784.68 | $5,412.95 | 7 | 0 | $2,025.46 | | 7 | $784.68 | $6,445.54 | 8 | 0 | $2,106.47 | | 8 | $784.68 | $7,519.43 | 9 | 0 | $2,190.73 | | 9 | $784.68 | $8,636.27 | 10 | 0 | $2,278.36 | | 10 | $784.68 | $9,797.79 | 11 | 0 | $2,369.50 | | 11 | $784.68 | $11,005.77 | 12 | 0 | $2,464.28 | | 12 | $784.68 | $12,262.07 | 13 | 0 | $2,562.85 | | 13 | $784.68 | $13,568.62 | 14 | 0 | $2,665.36 | | 14 | $784.68 | $14,927.43 | 15 | 0 | $2,771.98 | | 15 | $784.68 | $16,340.59 | 16 | 0 | $2,882.86 | | 16 | $784.68 | $17,810.28 | 17 | 0 | $2,998.17 | | 17 | $784.68 | $19,338.76 | 18 | 0 | $3,118.10 | | 18 | $784.68 | $20,928.38 |
|
|
| Details - must meet Foresters current definition of non-smoker;
- must sign the form required by Foresters and provide any other evidence that may be requested to verify the insured meets our definition of non-smoker in effect at that time;
- attained age must be at least 18 on the date the form is signed; and
- the form is received by Foresters before the second certificate anniversary.
Foresters™ is the trade name and a trademark of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9; its subsidiaries are licensed to use this mark. ¹Underwritten by The Independent Order of Foresters. 410384 CAN (04/14) |
|
| | | | |
|
|
