WealthMax Bonus Life®
Single-premium, indexed life insurance policy with a 12% premium bonus and Return of Premium feature.
Applicant Ages
45-80
RightNow Underwriting
Digital underwriting process with a series of health questions. An immediate decision is provided on 100% of cases. No exams, fluids or medical records are required. Underwriting decision is valid for 90 days.
Minimum/Maximum Premium
10,000 premium / Max: $1,000,000 face amount per client
Premium Bonus
12% of the single premium added to the policy’s Accumulation Value on policy effective date.
Index Credits
Index credits will be added to the account at the end of each indexing period. Index credits will never be less than zero.
Death Benefit
The Death Benefit is the greater of the face amount less any loan balance or the maximum of the Accumulation Value or Minimum Guaranteed Cash Value, multiplied by the minimum death benefit factor, less any loan balance.
Policy Values
Accumulation Value is based on current interest, index crediting, current cost of insurance (COI) rates, policy expense charge, and the policy fee, but will never be less than the minimum guaranteed cash value provided with the policy.
Accelerated Death Benefit Rider
In the event of certain health conditions of the insured, a portion of the Death Benefit may be accelerated. The rider is available at no charge and is included with the policy automatically. Benefits may be accelerated for Terminal Illness, Nursing Care Confinement or Chronic Care.
Longevity Benefit
Available automatically at no charge. The owner may elect to access the death benefit in the form of monthly payments if the policy has been inforce for a minimum of 15 years, the insured has attained age 85, and there have been no withdrawals, loans or Accelerated Death Benefit Rider payments taken.
Surrender Charges
The policy can be surrendered (fully or partially) at any time. Surrender in excess of a penalty-free withdrawal may be subject to a surrender charge on the Accumulation Value.
Year 1 2 3 4 5 6 7 8 9 10 Charge 12% 12% 12% 12% 11% 10% 8% 6% 4% 2%
Return of Premium Feature
In the event of a full surrender, the owner will receive an amount no less than the entire single-premium payment, less any partial withdrawals taken. This benefit terminates in the event of a policy loan, or election of Accelerated Death Benefit Rider or Longevity benefits
Free Withdrawals
After the first policy year, the owner may take a partial withdrawal up to 5% of the Accumulation Value without surrender charges each year. Withdrawals will reduce the face amount proportionally. One withdrawal per year; $25 fee per withdrawal. No additional withdrawals are allowed if benefits are being taken under the Accelerated Death Benefit Rider.
Policy Loans
Loans are available from the policy, and the loan interest rate will be declared by the Company. The maximum loan amount is the cash value less loan interest accrued to the next anniversary. A policy may become overloaned and lapse if the loan is not repaid. Any loan will terminate the Return of Premium feature and the Longevity Benefit.
Taxation/Modified Endowment Contract
This policy is funded as a Modified Endowment Contract (MEC), unless the policy is a 1035 exchange from a non-MEC policy. Loans and surrenders are distributed and taxed as income first, and may be subject to an additional 10% federal tax penalty if made prior to age 59½. A policy lapse may be a taxable event. Combining money from a MEC with money from a non-MEC will make the new policy a MEC.
Account Options
Fixed-Rate Account
1-Year Interest
The fixed rate is guaranteed for one contract year. On contract anniversaries the rate may change subject to the contractual Minimum Guaranteed Interest Rate. All subsequent premiums received are applied to this account until the contract anniversary, then allocated per your instructions. The Minimum Guaranteed Interest Rate is 2.0%.
Index Accounts
S&P 500 Index
1-Year Point-to-Point Cap — Index credits are based on the percentage change in the S&P 500 Index from the previous policy anniversary, up to a specified cap.1-Year Point-to-Point Performance Trigger — Percentage change from previous policy anniversary, with index credits based on a declared Performance Trigger Rate if index growth is positive. If the index decreases or has no growth, index credits are zero.
1-Year Monthly Average Participation — Index credits are based on the percentage change in the S&P 500 Index monthly average from the previous policy anniversary, multiplied by the participation rate.
S&P 500 Dynamic Intraday TCA Index
1-Year Point-to-Point Participation — Index credits are based on the percentage change in the S&P 500 Dynamic Intraday TCA Index from the previous policy anniversary, multiplied by the participation rate.Barclays Focus50 Index
1-Year Point-to-Point Participation — Index credits are based on the percentage change in the Barclays Focus50 Index from the previous policy anniversary, multiplied by the participation rate.S&P MARC 5% Excess Return Index
1-Year Point-to-Point Participation — Index credits are based on the percentage change in the S&P MARC 5% Excess Return Index from the previous policy anniversary, multiplied by the participation rate.
California requires advertising for Accelerated Death Benefit Riders (ADBRs) to provide a comparison to the benefits provided by long-term care (LTC) insurance. However, Accelerated benefits provided by the ADBR are not LTC insurance, and are not intended to be the same as, or an alternative to, LTC insurance. This is a life insurance benefit that also gives you the option to accelerate some or all of the death benefit in the event that you meet the criteria for a qualifying event described in the policy. This policy does not provide LTC insurance subject to California LTC insurance law. This policy is not a California Partnership for Long-Term Care program policy. This policy is not a Medicare supplement policy. ADBR riders are supplemental benefits that can be added to a life insurance policy and are not suitable unless you also have a need for life insurance. Receipt of benefits may reduce or eliminate the availability of other policy riders and benefits. Benefits available are calculated at time of claim based on the age of the policy and our expectation of your future mortality. The amount of accelerated benefit available will depend on your life policy’s death benefit value when ADBR benefits are claimed. For policies in good standing, if ADBR benefits are not used, policy death benefits and other rider benefits are still available. LTC insurance is not life insurance, and as such, has no death benefit or cash value. LTC insurance benefits are specified at the time of the contract. LTC benefits are paid as a form of expense reimbursement for qualified LTC expenses. By comparison, since ADBR benefits can be used for any reason, they are paid once qualifications are met, and do not require you to provide receipt of specific expenses to qualify for the benefit. LTC premiums vary based on the level and length of benefit chosen by the policyholder. Premiums are paid on a recurring basis, and failure to pay premiums will generally lapse the policy. If LTC benefits are not claimed, they are typically forfeited. LTC insurance policies may offer nonforfeiture benefits for additional premium. This policy pays proceeds that are intended to receive favorable tax treatment under Section 101(g) of the internal Revenue Code (26 U.S.C. Sec. 101 (g)).
Accelerated Death Benefits may vary by state, including waiting periods after issue date, exclusion of Nursing Care Confinement or Chronic Care benefits, administrative fees, definitions of illness or discount factors. Refer to the Accelerated Death Benefit Rider Disclosure included with the Application for Rider provisions in your state. Accelerated Death Benefits may be payable in the event of either terminal illness or chronic illness, but not both. Accelerated Death Benefits may be income-tax free. You should consult a qualified tax professional for information on how benefits received may impact your personal situation.
Neither Barclays Bank PLC, or Barclays Capital Inc., nor any affiliate (collectively “Barclays”) is the issuer or producer of WealthMax Bonus Life — an indexed life insurance policy — (“the policy”) and Barclays has no responsibilities, obligations or duties to investors in the policy. The Barclays Focus50 Index (“the Index”) including as applicable any component indices that form part of the Index is a trademark owned by Barclays Bank PLC, or Barclays Capital Inc., and licensed for use by EquiTrust Life Insurance Company (“EquiTrust”) as the Issuer of the policy. While EquiTrust as the issuer of the policy may for itself execute transaction(s) with Barclays in or relating to the Index in connection with the policy investors acquire the policy from EquiTrust and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in the policy. The policy is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the policy or use of the Index or any data included therein. Barclays shall not be liable in any way to the Issuer, investors or to other third parties in respect of the use or accuracy of the Index or any data included therein. Bloomberg Index Services Limited is the official index calculation and maintenance agent of the Index, an index owned and administered by Barclays. Bloomberg Index Services Limited does not guarantee the timeliness, accuracy, or completeness of the Index calculations or any data or information relating to the Index. Bloomberg Index Services Limited makes no warranty, express or implied, as to the Index or any data or values relating thereto or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. To the maximum extent allowed by law, Bloomberg Index Services Limited, its affiliates, and all of their respective partners, employees, subcontractors, agents, suppliers and vendors (collectively, the “protected parties”) shall have no liability or responsibility, contingent or otherwise, for any injury or damages, whether caused by the negligence of a protected party or otherwise, arising in connection with the calculation of the Index or any data or values included therein or in connection therewith and shall not be liable for any lost profits, losses, punitive, incidental or consequential damages.
The “S&P Multi-Asset Risk Control 5% Excess Return Index”, “S&P 500 Dynamic Intraday TCA Index” and “S&P 500®” Indices (“Indices”) are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and have been licensed for use by EquiTrust Life Insurance Company (“the Company”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Company. The products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indices.
May not be available in all states. Product features may vary by state. See policy for complete details. Policy issued on Policy Form Series ICC19-ETLIUL-2000(01-19) or ETL-IUL-2000(01-19). Riders issued on Form Series ICC11-ETL-ADBR(03-11); ICC17-ETL-FPW(01-17); ICC17-ETL-PBR(01-17); ETLGWBR(12-23); and ICC19-ETL-MCSV(01-19). Index accounts issued on Form Series ICC17-ETL-1YRINT(01-17); ICC17-ETL-1YP2PCAP(01-17); ICC17-ETL1YAVGPART(01-17); ICC17-ETL-1YP2PPART(01-17); and ICC23-ETL-PT(10-23). EquiTrust does not offer investment advice to any individual or agent/producer and this material should not be construed as investment advice.