Minimal Cash Values

Buy this policy for its life insurance protection, not its cash value. The primary benefit is life insurance. Payment of the Table Premium produces a small cash value (Benchmark Cash Value).

Guaranteed Period

Continuous, timely, and uninterrupted payment of the Table Premium guarantees coverage for the Guaranteed Period stated in the policy. After the Guaranteed Period, the premium may be lower, the same, or higher than the Table Premium. However, if the premium to continue coverage is ever higher, Texas Life guarantees a limited right to a partial refund of premium.

Guaranteed Limited Right to Partial Refund of Premium

If a premium higher than the Table Premium is ever required to continue coverage after the Guaranteed Period, you have the choice to: (a) pay the higher premium(s) required to continue coverage; or, (b) surrender the policy and receive a partial refund of premium equal to 120 times the minimum monthly premium due at issue (ten years worth of Table Premium). You are eligible for this refund if the actual cash value equals or exceeds the Benchmark Cash Value and you have taken no prior partial surrenders. Conditions apply.

Policy Mechanics and Other Important Details

Premiums are flexible, but We recommend payment of the Table Premium during the Guaranteed Period, and that you take no partial surrenders or policy loans. Paying a lesser premium produces an actual cash value which is less than Benchmark Cash Value, causing the policy to lapse. Cash value is currently credited at the guaranteed interest rate of 3.00% per annum. We may credit higher than guaranteed interest rates. We may charge cost of insurance rates which are less than the policy's maximum rates, but only when actual cash value equals or exceeds Benchmark Cash Value. No surrender charges apply. We deduct Loads from each premium, including 10.00% of premium, $2.03 per month and monthly administrative loads. These amounts are included in the premium quoted to you. Two year suicide and contestable clauses apply (one year suicide clause in ND). The policy loan rate is 7.40% in advance. Surrenders and loans may be deferred for up to six months.

Important Notice

Tax laws related to the acceleration of life insurance benefits are complex. The information presented below is a general description. You should consult a qualified tax or legal advisor to determine the effect of receiving this benefit. Texas Life Insurance Company and its agents do not provide tax or legal advice. Receipt of any accelerated death benefit under your policy may affect your, your spouse's and your family's eligibility for medical assistance (Medicaid), Aid to Families with Dependent Children (AFDC), Supplemental Social Security Income (SSI), and drug assistance programs. You should consult a qualified tax or legal advisor and the relevant social service agencies to determine how receiving the benefit may affect your, your spouse's and your family's eligibility for public assistance. An accelerated death benefit is not a long term care insurance. The following is a general description of any accelerated death benefit under your policy. Your policy and riders contain certain exclusions, limitations, and exceptions. Please refer to your policy and riders for details. Payment under any accelerated death benefit rider terminates the policy and all other optional benefits/riders and reduces all insurance proceeds, cash values and loan values to zero.

Accelerated Death Benefit Due to Terminal Illness Rider*

For no added premium, the policy includes an Accelerated Death Benefit Due to Terminal Illness Rider (Form ICC07-ULABR-07 or Form Series ULABR-07). 1) If you become terminally ill, you may elect to claim an accelerated death benefit while you are still living in lieu of the benefit payable at death.  The amount of the Accelerated Death Benefit is 92% of the insurance proceeds. There is also an administrative fee of the lesser of $150 ($100 in FL) or 7% of the insurance proceeds. This is not a long-term care benefit. Terminal Illness (or Condition) is an injury or sickness diagnosed and certified by a qualifying physician that, despite appropriate medical care, is reasonably expected to result in death within 12 months. We can, at our expense, request the opinion of a physician We choose. A 90-day exclusion period applies in CA, DC, DE, FL, ND and SD unless the terminal illness results from accidental bodily injury. Other conditions and limitations apply. Pay premiums faithfully. The rider terminates if the policy ever lapses for non-payment of premium, even if the policy is later reinstated. States with ICC in the policy form number allow for reinstatement after re-lapse. Payment of the Accelerated Death Benefit terminates the policy and all optional benefits/riders without further value.

Optional Benefits

If offered, the following benefits may be in your policy for an additional cost included in the premium quoted to you.

Waiver of Premium Benefit If selected this rider is available to all employees at issue ages 17-59. When purchased, at a cost of 10% of the base plan monthly premium, the Waiver of Premium benefit will waive the entire premium after the insured is disabled for 180 days for as long as the insured remains totally disabled. It also refunds the prior 180 days' premium. The benefit is payable to the insured's age 65. Conditions apply. Not available in CA or NY. Form ICC07-ULCL-WP-07 or Form Series ULCL-WP-07

Accidental Death Benefit If selected this rider is available to all employees and spouses. Available to issue ages 17-59, the rider costs 8 cents per thousand of face amount per month and pays the insured's beneficiary double the death benefit if the insured dies within 180 days (90 days in CA, DC, DE, FL, ND and SD) of an accident from injuries incurred in that accident. The benefit is payable to the insured's age 65. Maximum in-force limits and exclusions apply. Not available in NY. Form ICC 07-ULCL-ADB-07 or Form Series ULCL-ADB-07

Interim Insurance

Interim Insurance will be in force on the application date if these conditions are met: (1) the insurance is purchased through automatic deduction; (2) the deduction authorization is signed; and, (3) the proposed insured is insurable at standard rates under our rules and usual practice. Interim insurance remains in effect until the earlier of: (a) the Policy Date; (b) the date we decline the application; (c) the date We notify the applicant that s/he is ineligible for interim insurance; or, (d) the 180th day after the application date. Interim insurance is not available for a policy issued in Kansas. For Kansas, see Temporary Insurance Coverage Agreement and Receipt, Form 16M050.