SF 623 Page 1 SAMPLE
WAIVER OF SPECIFIED PREMIUM RIDER
This rider is part of Your policy. It is issued in consideration of the
application and deduction from Policy Value of the monthly cost of waiver of
specified premium rates for the benefits provided by this rider. All policy
definitions, provisions and exceptions apply to this rider unless changed by
this rider. The Effective Date is the Policy Date unless another date is shown
on the current Data Pages.
DEFINITIONS
Age Policy Anniversary means the policy anniversary on or next following the
birthday designated.
EXAMPLE: If the Policy Date is June 5, 2002, and the Insured is 65 years
old on June 4, 2003, the Age 65 Policy Anniversary is June 5, 2003.
TOTAL DISABILITY
TOTAL DISABILITY - means disability which results from injury or sickness and
prevents the Insured from working for pay or profit:
1. In the Insured's regular occupation during the first 2 years of the
disability; and
2. Thereafter, in any occupation for which the Insured is reasonably fitted by
education, training, or experience.
Until the Insured's 25th birthday, "working for pay or profit" includes
attending school full time outside the home.
Total Disability also means (without regard to "working for pay or profit") the
total and irrecoverable loss of:
1. sight of both eyes;
2. use of both hands;
3. use of both feet; or
4. use of one hand and one foot.
WAIVER PERIOD
Once the Insured has remained Totally Disabled for 6 continuous months, the
waiver period begins:
1. On the Insured's Age 5 Policy Anniversary if the rider was issued and Total
Disability began before and continues to that date; or
2. For all others, on the Monthly Date which follows the date Total Disability
began.
In no event will a waiver period begin earlier than one year prior to Our
receipt of Notice of the Insured's Total Disability.
The waiver period will continue as long as Total Disability continues
uninterrupted, except that the waiver period:
1. Ends on the earlier of the policy Maturity Date or death of the Insured if
Total Disability:
a. Begins prior to the Insured's Age 60 Policy Anniversary; and
b. Continues to the Insured's Age 65 Policy Anniversary.
2. Ends on the Insured's Age 65 Policy Anniversary, if Total Disability:
a. Begins on or after the Insured's Age 60 Policy Anniversary; and
b. Begins before the Insured's Age 63 Policy Anniversary.
3. Ends on the Insured's Age 65 Policy Anniversary, if Total Disability:
a. Begins on or after the Insured's Age 63 Policy Anniversary; and
b. Begins before the Insured's Age 65 Policy Anniversary.
DISABILITY BENEFITS
If the Insured becomes Totally Disabled while this rider is in force, on each
Monthly Date during a waiver period We will waive the greater of the monthly
specified premium as shown on the current Data Pages or the Monthly Policy
Charges while the Insured remains Totally Disabled. The maximum specified
premium We will waive is shown on Your current Data Pages.
If Death Benefit Option 1 is in effect when We begin to waive Your monthly
specified premium, We will change it to Option 2. You may not change the death
benefit option or increase the Total Face Amount during a waiver period.
We will pay the Policy Value of Your policy to You on the Maturity Date if the
policy matures while Monthly Policy Charges are being waived by this rider.
COST OF WAIVER RIDER
The cost for the Waiver of Specified Premium Rider is deducted on each Monthly
Date. The cost is 1 multiplied by 2 where:
1. Is the amount of specified premium as shown on the current Data Pages
divided by 100; and
2. Is the cost of waiver of specified premium rate as shown on the current
Data Pages.
EXCEPTIONS
In no case will the specified premiums be paid under this rider if the Total
Disability results from an intentional self-injury or service in the military
forces of any country at war, declared or undeclared.
We will not pay the specified premium for an Insured with a Total Disability
which commences prior to the Policy Date, or the Effective Date of this rider,
if later.
PROOF OF DISABILITY
We will require proof which satisfies Us of the Insured's Total Disability
before We pay any specified premium. Such proof may include examination at Our
expense by doctors We select.
We may require similar proof of the Insured's continued Total Disability from
time to time during the first 2 years of Total Disability and once a year
thereafter.
If such proof is not provided as We require, the waiver period will end and the
specified premium payments will again become payable by the owner.
CLAIMS
We will not pay benefits under this rider unless We receive Notice of the claim
while the Insured is living and remains Totally Disabled. Failure to comply
however, will not invalidate a claim if it was not reasonably possible to give
Notice within such time and Notice was given as soon as reasonably possible.
Even if Your policy terminates because of the expiration of a grace period,
benefits under this rider may be paid if:
1. The Total Disability for which claim is made began before the end of the
grace period;
2. We receive Notice of the claim within one year after the due date of the
first unpaid specified premium; and
3. All other conditions for this rider are met.
If Total Disability begins within the grace period, You must pay any unpaid
Monthly Policy Charges due before We will pay benefits under this rider.
TOTAL FACE AMOUNT INCREASES
If Your Total Face Amount increases during a waiver period, the greater of the
specified premium or the Monthly Policy Charge after the increase will be waived
as long as the waiver period continues.
TERMINATION
This rider ends on the first of:
1. The termination of Your policy;
2. The Insured's Age 65 Policy Anniversary unless any waiver period is in
effect; or
3. Our receipt of Your Notice to cancel it. The change will be effective on
the Monthly Date on or next following the date We receive Notice. We may
require that You send Your policy to Our office so We can record the
cancellation.
President and Chief Executive Officer