WealthPay Life

Fixed premium life insurance with four index-linked crediting options- one of which features the exclusive Goldman Sachs Dynamo Strategy Index. Premium payments to the life policy are paid from the single-premium immediate annuity (SPIA) policy. Annual SPIA payments begin immediately and are guaranteed for the full premium-payment period.

Applicant Ages
  • 60-80
Premium/Face Amount
  • Minimum: $25,000 premium / Maximum: $500,000 face amount.
Premium Payment Period
  • 3, 5, or 10 years

Single Premium Immediate Annuity (SPIA):

SPIA Payments
  • SPIA payments are applied to the life policy at the beginning of each contract year for the duration of the selected premium payment period.
SPIA Cash Surrender Value
  • None
SPIA Withdrawals
  • None available

Fixed-Premium Life Insurance Policy:

Premium Allocation
  • The owner can select any combination of accounts, subject to the minimum requirements.
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.
Face Amount
  • The initial face amount is the single premium multiplied by the face amount factor applicable to the insured’s age, gender and tobacco usage.
Death Benefit
  • The death benefit is the greater of the face amount and the accumulation value multiplied by the minimum death benefit factor applicable to the insured’s age, gender and tobacco usage.
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 or Chronic Care.
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.
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, which is a percentage of accumulation value. Year 1 2 3 4 5 6 7 8 9 10 11 Charge 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0%
Penalty-Free Withdrawals
  • After the first policy year, 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.
Loans
  • Loans are available from your policy. Variable loan interest rate declared at least annually. Contact EquiTrust for the current loan rate. The maximum loan amount is the cash value less loan interest accrued to the next anniversary. A policy may become over-loaned and lapse if the loan is not repaid. Waiting period may apply in some states.
Pre-Qualification
  • Client must be a U.S. citizen or carry a valid Green Card. Clients with certain pre-existing conditions are uninsurable and will not be considered for this policy.
Taxation/Modified Endowment Contract
  • Many WealthPay contracts are issued as Modified Endowment Contracts. For MEC policies, 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.

The S&P 500® Index is a product of S&P Dow Jones Indices, LLC. (“S&P DJI”) and has been licensed for use by EquiTrust Life Insurance Company. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services, LLC. (“S&P”). These trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by EquiTrust Life Insurance Company. WealthPay Life is not sponsored, endorsed, sold or promoted by S&P DJI, S&P, or any of their respective affiliates or third party licensors, and none of such parties make any representation regarding the advisability of purchasing WealthPay Life nor do they have any liability for any errors, omissions, or interruptions of the S&P 500.®

The Goldman Sachs Dynamo Strategy Index is sponsored by Goldman Sachs. Any crediting option and the terms related to any such crediting option may be modified or eliminated in the future. WealthPay Life is not sponsored, endorsed, sold, guaranteed, underwritten, distributed or promoted by Goldman Sachs & Co. LLC or any of its affiliates with the exception of any endorsement, sales, distribution or promotion of this product that may occur through its affiliates that are licensed insurance agencies (excluding such affiliates, individually and collectively referred to as “Goldman Sachs”). Goldman Sachs makes no representation or warranty, express or implied, regarding the advisability of investing in life insurance products generally or in index life insurance policies or the investment strategy underlying this life insurance contract particularly, the ability of the Goldman Sachs Dynamo Strategy Index to perform as intended, the merit (if any) of obtaining exposure to the Goldman Sachs Dynamo Strategy Index or the suitability of purchasing or holding interests in this index life insurance policy. Goldman Sachs does not have any obligation to take the needs of the holders of this index life insurance policy into consideration in determining, composing or calculating the Goldman Sachs Dynamo Strategy Index.

GOLDMAN SACHS DOES NOT GUARANTEE THE ACCURACY AND/OR COMPLETENESS OF THE GOLDMAN SACHS DYNAMO STRATEGY INDEX OR OF THE METHODOLOGY UNDERLYING THE INDEX, THE CALCULATION OF THE INDEX OR ANY DATA SUPPLIED BY IT FOR USE IN CONNECTION WITH THIS INDEX LIFE INSURANCE POLICY. GOLDMAN SACHS EXPRESSLY DISCLAIMS ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGE EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

“Goldman Sachs,” “Goldman,” and “Goldman Sachs Dynamo Strategy Index” are trademarks or service marks of Goldman Sachs & Co. LLC and have been licensed for use by EquiTrust Life Insurance Company for use in connection with certain index life insurance policies.

The policy must be in force at the time of death to pay a death benefit. The death benefit will be reduced by any outstanding loan balance at the time of death or by any payment of Accelerated Death Benefits or partial withdrawals. Life insurance death benefits will be lower if SPIA payments are reduced by an amount for tax withholding purposes. Guarantees are subject to the claims-paying ability of EquiTrust Life Insurance Company. Issue ages, riders, account options, withdrawal/loan provisions and surrender charges may vary by state or may not be available in certain states. EquiTrust cannot give legal, tax or accounting advice. Your personal tax advisor can provide important information with respect to the purchase of this policy and its taxation. The policy will lapse if the loan balance exceeds a certain amount. A policy lapse may be a taxable event. Withdrawals will permanently reduce the death benefit. Accelerated Death Benefits are 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. Rider provisions may vary by state. This policy may be a “Modified Endowment Contract” (MEC) as defined by IRS section 7702A. Distributions including policy loans from a MEC may be treated as taxable income and subject to federal income penalty. Guarantees expressed are based on the claims-paying ability of EquiTrust Life Insurance Company.