1 Life insurance policy guarantees are subject to the timely payment of premiums. Loans, withdrawals and advances will reduce the death benefit and cash surrender value and may cause the policy to lapse. The lapse or surrender of a policy with an outstanding loan may result in taxable income.
2 Your policy will be issued as a Modified Endowment Contract (MEC). Any withdrawals or surrenders may result in a taxable event. In order to be issued as a non-MEC, the entire single premium must be in the form of a 1035 Exchange and the original policy must not be a MEC.
3 Subject to the terms of the policy, including payment of the required premiums, suicide exclusion, contestable provision and loan provision.
4 Loans will accrue interest. Loans and withdrawals may generate an income tax liability, reduce the Account Value and the Death Benefit, and may cause the policy to lapse.
5 Dividends are not guaranteed and may be changed by the company at any time. Payment of Accelerated Death Benefits, if not repaid, will reduce the Death Benefit and affect the other policy values.
6 Rider provisions, availability, definitions and benefits may vary by state.
7 Certain medical histories may prevent qualification for the Accelerated Death Benefit PLUS Rider. Insureds who do not qualify for this rider will receive the Accelerated Death Benefit Rider (ICC16 LLR-07 1601). Payment of Accelerated Death Benefits, if not repaid, will reduce the Death Benefit and affect the other policy values.
Life insurance products are issued and guaranteed by the Lafayette Life Insurance Company. Guarantees are based on the claims-paying ability of the company.
Liberty 2022 Whole Life Insurance Policy series ICC21 LL-02 2104, rider series ICC16 LLR-07 1601 and ICC16 LLR-08 1601 are issued by The Lafayette Life Insurance Company. Chronic Illness underwriting guidelines will be used to determine eligibility for our various Accelerated Death Benefit Riders. Product approval and rider features and benefits may vary and may not be available in all states. The Lafayette Life Insurance Company does not provide legal or tax advice. Please contact your tax or legal advisor regarding your situation.
Life insurance is not intended to be used as a savings product, retirement plan, or investment vehicle. Lafayette Life’s role is strictly limited to providing life insurance policies and annuity contracts. Any other services a Lafayette Life independent agent provides to applicants and policyholders, including but not limited to financial planning, estate and retirement planning, tax planning, or investment planning, are not provided on behalf of Lafayette Life.