Case Study: Focus 10 Life® Plan
Type of Employer: Regional Bank
Purpose of Insurance: Fringe Benefit
Objectives:
- For retention purposes, a Regional Bank wanted to deliver a meaningful Fringe Benefit to its Executive and Management teams.
- Their current Group Term plan capped the maximum benefit and reduced benefits at older ages. They were looking for a plan that didn’t have those limitations.
- They also wanted to avoid putting everyone through a medical exam and to streamline the process.
- The Bank “carved out” 26 employees for this plan.
Recommended Focus 10 Life® Plan Design:
This plan design did not meet all Simplified Issue Guidelines, but was approved on an exception basis by Ameritas and the reinsurer.
The Results:
- Each employee received a valuable Fringe Benefit policy.
- All policies are 10 year, guaranteed level premium individual term life.
- As salaries increase, benefits will increase.
- Preservation of benefits – no reduction at older ages.
- Coverage is readily portable at termination or retirement.
- Convertible to permanent insurance to continue coverage beyond 10 years on a cost-effective basis.
Disclosures:
Focus 10 Life level term life insurance (Form 3011) and (Form 3011 F10 FL) are issued by Ameritas Life Insurance Corp. in most states. In New York, Focus 10 Life (Form 5011) is issued by Ameritas Life Insurance Corp. of New York.
FOCUS 10 LIFE®, INC. is an independent third-party administrator and is not affiliated with Ameritas®.
This case study is designed to provide accurate and authoritative information. Neither FOCUS 10 LIFE, INC., nor Ameritas® intend to, or are engaged in, rendering legal, accounting, or tax advice. If tax or other legal advice or other expert assistance is required, the services of a competent professional should be sought.
The accuracy of the information cannot be guaranteed. Laws and regulations change frequently, and are subject to differing legal interpretations. Neither the presenter, FOCUS 10 LIFE®, INC., nor Ameritas® shall be liable for any loss or damage caused, or alleged to have been caused, by the use of or reliance upon this presentation.
This information is provided by Ameritas®, which is a marketing name for subsidiaries of Ameritas Mutual Holding Company, including, but not limited to, Ameritas Life Insurance Corp., Ameritas Life Insurance Corp. of New York and Ameritas Investment Corp., member FINRA/SIPC. Ameritas Life Insurance Corp. is not licensed in New York. Each company is solely responsible for its own financial condition and contractual obligations. For more information about Ameritas®, visit ameritas.com.
Ameritas® and the bison design are registered service marks of Ameritas Life Insurance Corp.
Fulfilling life® is a registered service mark of Ameritas Holding Company.
©2017 Ameritas Mutual Holding Company
