NWL Lifetime Returns Select (LTRS) is an indexed universal life (IUL) insurance policy with living benefits. With LTRS, you don’t have to choose between paying for life insurance and setting money aside for future unexpected needs. It offers both permanent protection as well as the potential for cash accumulation while giving you continued access to your funds.
Like traditional fixed life insurance, LTRS offers all the advantages of a death benefit, plus the option to earn interest linked in part to the S&P 500 Index (excluding dividends). This approach affords you the opportunity to benefit from stock market gains without fully risking your money during market declines. LTRS also offers benefits that can be used to cover major costs in the future, such as home expenses or terminal or chronic illness. In addition, LTRS goes the extra mile and provides peace of mind by providing a full return of premium (ROP), guaranteed.
Related Article: The Different Types of Life Insurance
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Supplemental Coverage
Benefits and Riders included at no cost.
In addition to the fundamental protection provided by NWL Lifetime Returns Select, the following benefits are automatically included in your policy at the time of purchase if approved in the state of your application. These benefits are available at no additional cost.
Return of Premium Rider
The Return of Premium Rider, upon written request, provides the return of all of your premium for any reason, no questions asked. This value will be adjusted by any partial withdrawals, loans and loan interest, and rider benefits paid to you. This will terminate your policy.
Get your money back when you need it—at any time, for any reason.
Accelerated Death Benefit Rider
In the event you become terminally ill, this rider provides access to your Death Benefit while you are living. The benefit is designed to help cover the expenses of daily living and offset the costs of your medical care. At the time of claim, the rider provides a benefit up to the lesser of:
- 75% of the Death Benefit, minus any outstanding policy loans and unpaid loan interest,
- $250,000, or,
- $500,000, less the total of elected Benefit Amounts under your policy (see brochure for details).
The remaining Death Benefit, minus any outstanding loans and unpaid loan interest, cannot be less than $12,500. A one-time $300 claims processing fee may apply.
Paid Up Rider
If your loan balance is ever close to exceeding the Account Balance of your policy, this rider can prevent your policy from lapsing under the following conditions:
- The loan balance is between 91.5% and 93.5% of the Account Balance
- The policy has been in effect for a minimum of 15 years
- Insured has attained at least 75 years of age
Once the rider is exercised, a one-time charge of 8% of the Account Balance will be deducted before calculating the Paid-Up Face Amount. Your loan interest will continue to accrue, but the Indexed Interest and Fixed Interest portions will end. Loan repayments and premium payments will not be allowed. No further monthly deductions will apply. Any other benefits and riders will terminate.
Optional Benefits and Riders (Additional Cost)
For an additional premium charge, you can supplement your policy with optional benefits and riders. These optional riders are available only at issue and only with the Single Premium Payment Option.
Accelerated Death Benefit Rider for Chronic Illness
This rider provides an advance of the Death Benefit in the event you suffer from a chronic illness. Your physician must certify that you have had a chronic illness that has lasted at least 90 consecutive days. You have the option of an annual benefit equal to 24% of the Death Benefit, up to a maximum of $120,000/year, or you can choose a monthly benefit equal to 2% of the Death Benefit up to a maximum of $10,000/month.
The total of all Benefit Amounts elected under this rider cannot exceed $500,000, and the remaining Face Amount cannot be less than $12,500. The final Benefit Amount will be reduced if the elected Benefit Amount would result in a Face Amount of less than $12,500. Benefit Amounts are reduced by outstanding loans and unpaid loan interest if any.
Accelerated Benefit Rider (California Residents only)
The Accelerated Benefit Rider gives you the option to access a portion of the Face Amount of your policy if you need Qualified Care Services or if you become terminally ill.
If receiving Qualified Care Services, you have the option of a monthly benefit equal to 2% of the Face Amount up to a maximum of $10,000/month. If you are terminally ill, you can choose a lump sum equal to 75% of the Face Amount up to a maximum of $250,000.
The total of all Benefit Amounts elected under this rider cannot exceed $500,000, and the remaining Face Amount cannot be less than $12,500. The final Benefit Amount will be reduced if the elected Benefit Amount would result in a Face Amount of less than $12,500. Benefit Amounts are reduced by outstanding loans and unpaid loan interest if any.
If you elect this rider, the Living Benefit Rider will not be included in your policy.
Access To Your Policy
Liquidity
LTRS provides you access to your policy values. You decide which liquidity option(s) will best serve your financial situation.
Free Partial Surrender
Each Policy Year after the first, you may request one Free Partial Surrender of up to 10% (minimum $200) of the Account Balance without a surrender charge as long as the Face Amount does not fall below the minimum amount. Free Partial Surrenders do not accumulate. Any withdrawal over the Free Partial Surrender amount will incur a surrender charge. Any Partial Surrender will reduce both the Face Amount and Account Balance.
Return of Premium Rider
This rider is automatically included in your single-pay policy. It provides the return of your premium for any reason, no questions asked. Your return of premium value will be adjusted by any partial withdrawals, loans and loan interest, and rider benefits paid to you. Exercising the rider will terminate your policy. Get your money back when you need it—at any time, for any reason.
Full Surrender
If you decide to surrender your policy, the Cash Value will be available to you on any Monthly Anniversary upon written request. The Cash Value is the greater of the Account Balance and the Minimum Guaranteed Account Balance, minus applicable surrender charges, outstanding loans, and loan interest. The calculation of the surrender charges is per $1,000 of Face Amount and will be shown in your policy. The surrender charges vary by underwriting class, issue age, and policy year.
Policy Loans
You may obtain a Loan using the Cash Value as collateral. Your policy will specify the initial Loan Interest Rate for the first Policy Year. Afterward, the Loan Interest Rate can change on every Policy Anniversary. The rate is tied to the published Moody’s Corporate Bond Yield Average. When you obtain a loan, the interest will be payable in advance on the amount borrowed to the next Policy Anniversary. If you have a loan, you will receive a written notice of any changes in the Loan Interest Rate at least 30 days before your Policy Anniversary. You may repay any loan at any time while the policy is in force. A Loan does not affect the crediting rate applicable to the Account Balance.
