Current Interest Tradition (CIT) is a permanent plan that combines the most attractive features of traditional whole life and universal life insurance. CIT has fixed, level premiums and provides a level death benefit for the insured’s lifetime, through age 100*. In addition to providing guaranteed cash values like traditional whole life, CIT develops an Accumulation Account based on current interest and mortality rates, similar to universal life. CIT also provides a unique Pour-In feature, which allows the insured to add an additional lump-sum at the time of purchase.
Advantages of Current Interest Tradition
- Provides for lifetime coverage
- Level premiums and death benefit
- Builds cash value
- Guaranteed minimum interest rate
- Death benefit is generally received federal income tax free
- Allows for policy loans and cash withdrawals to the extent cash value is available
- Issue Ages: 0 – 70
- Minimum Face Amount: $5,000 (subject to a $150 minimum annualized premium requirement)
- Level death benefit for life or until age 100
- Pour-In feature allows for an additional amount to be paid into the policy at the time of purchase to increase the policy’s cash value or death benefit
- Optional Benefits/Riders:
- Accidental Death Benefit
- Children’s Term Rider
- Waiver of Premium
Premiums are guaranteed to remain level for the life of the policy and are payable to age 100. Premiums are based on the Insured’s issue age (last birthday), gender, tobacco / nicotine use, and selected Face Amount (death benefit) at the time of application.
Premium bands are based on the Face Amount:
- Premium Band I: $5,000 – $24,999
- Premium Band II: $25,000 – $99,999
- Premium Band III: $100,000 and over
*Policy matures at age 100 for full surrender value.