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The Loan Protector offers Term Life Insurance coverage. The premiums are guaranteed and level for the term of the loan, which can be 10, 15, 20, 25 or 30 years. The face amount reduces the same way a loan charging 10% would amortize…if your loan is at a lower percent, the LOAN PROTECTOR death benefit would yield a bit more money than necessary to pay off the loan. Optionally, there is the Accelerated Living Death Benefit rider, which pays 25% of policy face amount in the event of certain diseases. Also, there is a Return of Premium (ROP) rider, for LOAN PROTECTOR policies, which pays back 100% of the policy paid premiums if held to term, (or 50% of policy paid premiums at year 15 on terms of 20 years or more).

ISSUE AGES:
 issue ages - term
 
 20 - 65 - 10 yr
 
 20 - 65 - 15 yr
 
 20 - 60 - 20 yr
 
 20 - 55 - 25 yr
 
 20 - 50 - 30 yr
 
  
POLICY FEE:
 $40
 
  
MODAL FACTORS:
 SA .510
 
 Qtrly .265
 
 Mnth dir .090
 
 Mnth EFT .085
 
  
MINIMUM POLICY:
 10,000
 
  
APPLICATION:
 short form to $100,000
 
 full U/W above $100,000
 
  
PREMIUM PAYABLE:
 10, 15,20, 25 or 30 years
 
  
COVERAGE:
 Base Decreasing Term Insurance
 
 Base+ Accelerated Living Benefit (ALBR)
 
 Base++ Return of Premium and ALBR
 
  
CONVERSION:
 You may convert this policy at least 5 years prior to the
 
 expiry date of the policy and before age 65.

Policy Benefit Schedule (per $1,000 at issue)
(Amortization)

Duration 10 Year 15 Year 20 Year 25 Year 30 Year
1 1,000 1,000 1,000 1,000 1,000
2 939 970 984 991 995
3 871 937 966 981 989
4 797 900 945 969 982
5 714 859 923 956 975
6 622 814 899 942 966
7 522 764 871 927 957
8 410 709 841 909 947
9 287 648 808 890 936
10 151 581 771 869 924
11   506 731 846 910
12   424 686 820 895
13   334 636 792 878
14   233 582 761 860
15   123 521 726 840
16     455 688 817
17     381 646 792
18     300 599 765
19     210 548 735
20     110 491 701
21       428 665
22       359 624
23       282 579
24       197 529
25       104 474
26         414
27         347
28         272
29         191
30         100
 

Can your institution make money by offering the Loan Protector to your loan customers?

Yes! The Loan Protector is an affordable plan that benefits all your customers…from new loan business, to your file of existing customers that have no similar coverage. And since Loan Protector pays if your customer Lives, Dies or becomes Sick, it is a valuable benefit that aids your customer and makes your institution look very good.

How is premium collected for the Loan Protector?

Premiums for Loan Protector can be added onto the loan payment by your institution (and then Key Life will send your institution a monthly list-bill), or billed directly to your customer by us. If you add our premium to your customer’s loan payment, we can direct bill your customer at a later date, if their loan is paid off.

That’s important since many loans will be paid off prior to term, and this allows your customer to receive his Return of Premium benefit for keeping the Loan Protector in force.

How do we get paid for offering Loan Protector?

Here are Two ways our plan can pay you or your institution:

  1. Administrative Service and Billing Contract. We enter into this contract in order for your institution to access our software, prepare and print our material and bill premium for our program. There is a fixed level of administrative compensation for each task named above.
  2. Agent Commission Contract. If you have a fully licensed (not credit life only) staff member or in-house agency, they may contract directly with Key Life. Key offers General Agency level for qualifying agents/agencies, as well as writing agent accounting.

Please contact us at 800-323-0995
to arrange your program.

Key Life Insurance Company
P.O. Box 1646
Indianapolis, IN 46206-1646