1 Cash value may take years to accumulate, unless a large premium is paid up front.
2 Surrender charges may apply. Policy Benefits in some cases are mutually exclusive. 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.
If the policy is surrendered before a loan is repaid, the unpaid amount of the loan plus any outstanding interest is deducted from the cash value.
Simplified issue single premium whole life insurance policy series ICC24 2401-329 and accelerated death benefit rider series ICC24 2402-3001 issued by The Western and Southern Life Company.
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. The policy may be issued as a Modified Endowment Contract (MEC) for tax purposes. Any withdrawals or surrenders could result in a taxable event. Distributions are taxable to the extent that there is gain in the contract. A 10% penalty applies for distributions prior to age 59½ with certain exceptions. In order for policies funded by an exchange to be issued as a non-MEC, the entire single premium must be in the form of a 1035 Exchange, and the existing policy must not be a MEC.
These policies and benefits may not be available in all states, and benefits may vary by state.
Payment of benefits under the life insurance policy is the obligation of, and is guaranteed by, the issuing company. Guarantees are based on the claims-paying ability of the issuer. Products are backed by the full financial strength of the issuing company.
Life insurance policies contain certain exclusions, limitations, reductions of benefits and terms for keeping them in force. Please contact a financial representative for complete details.
Life insurance products are not bank products, are not a deposit, are not insured by the FDIC, nor any other federal entity, have no bank guarantee, and may lose value.