term life insurance contractual policy premium provisions

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TERM LIFE INSURANCE POLICY PREMIUM PROVISIONS

What are the contractual provisions of a term life insurance policy contract?

These term life insurance contractual policy premium provisions are general in nature and may differ by insurance company and/or by policy filing.

Payment of Premiums

The first premium must be paid before any term life insurance becomes effective. The due date of the first premium is the policy date. Each subsequent premium is due on the premium due date(s) shown in the policy schedule. The owner may change the frequency of the premium payment to any frequency we offer on the date such change is requested. All premiums after the first are payable in advance at our administrative office. A premium receipt signed by one of our officers will be furnished upon request. In no event may premiums be paid beyond the expiration date.

Grace Period

Except for the first premium, we will allow a 31 day grace period after the premium due date to pay each premium. During the grace period, the policy will remain in force. If a premium is not paid before the end of the grace period, the policy will terminate without value. If death occurs during the grace period, the premium required to provide
insurance from the premium due date to the end of the policy month in which the insured's death occurs will be deducted from the proceeds.

Reinstatement

A policy which terminates in accordance with the grace period provision may be reinstated if:

1. written request for reinstatement is made within five years after the expiration of the grace period and
before the expiration date of the policy. The reinstated policy will be in-force from the date we approve the application for Reinstatement and the required
premiums are paid;

2. the owner submits a written application;

3. evidence of the insured's insurability is received and approved by us; and

4. all due and unpaid premiums, with interest payable at an annual rate of 6%, are paid.

CHANGE OF PREMIUM

We may change the term life insurance premium for this policy after the initial term period, exclusive of any riders, subject to the following;

1. the annual premium for this policy will not exceed the maximum annual premium shown in the policy schedule;

2. the premium may not be changed more than once during any 12 month period;

3. we will send the owner, at the address in our records, a written notice of any change in premium at least 30 days before the date on which the change will be effective;

4. any change of premium will be based on our expectations as to future experience for such elements as persistency, expenses, mortality, taxes, and investment earnings;

5. the modal premium will be calculated on the same basis as used on the issue date of this policy; and

6. any change in premium will be on a uniform basis applying to all policies with the same issue age, sex, rating classification, duration, and plan of insurance as this policy. A change of health will not cause a change of premium.

7. will take effect on the policy anniversary date following the date we make the change.

This concludes the term life insurance contractual policy premium provisions section of the provisions of a term life insurance policy contract.

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Lewis Fink is licensed as a term life agent offering term life quotes in the following states: Term life quotes for: Alabama - AL, Arkansas - AR, California - CA, Colorado - CO, Connecticut - CT, Delaware - DE, District of Columbia - DC, Florida - FL, Georgia - GA, Idaho - ID, Illinois - IL, Indiana - IN, Iowa - IA, Kansas - KS, Kentucky - KY, Term quotes for: Louisiana - LA, Maine - ME, Maryland - MD, Massachusetts - MA, Michigan - MI, Mississippi - MS, Missouri - MO, Montana - MT, Nebraska - NE, New Mexico - NM, New Jersey - NJ, New York - NY, North Carolina - NC, Term quotes for: North Dakota - ND, Ohio - OH, Oklahoma - OK, Pennsylvania - PA, Rhode Island - RI, South Carolina - SC, South Dakota - SD, Tennessee - TN, Term quotes for: Texas - TX, Utah - UT, Vermont - VT, Virginia - VA, and Wisconsin - WI.

We offer term quotes for 5, 10, 15, 20, 25, and 30 year term periods. Our universal life products can be quoted to cover a term of up to age 120. Not all term product quotes from all term companies quoted are available in all states.

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