How does it work?
The Stewardship Life Income is designed to be a cost
efficient provider of guaranteed lifetime income to a beneficiary.
The prospect for this unique life insurance product will be
someone with a need to provide a guaranteed lifetime income benefit
to a specific beneficiary. Often this is a family
member, a spouse, a parent, or a child. In other
situations it may be a business associate or an
ex-spouse. The Stewardship Life Income should be
seriously considered in any situation where there is a need
for a guaranteed income.
In many situations it may be desirable for the beneficiary
to be the owner of the policy.
Both the insured and the beneficiary apply for and are underwritten
for the policy. The premium is determined by the
relative age and health status of both the insured and
the beneficiary. The more medically impaired the insured
the higher the premium, the more medically impaired the
beneficiary the lower the premium.
Once the policy is in force, The lifetime income benefit
cannot be changed. The premium amount can be changed
after the first policy year until the end of the
premium-paying period.
The beneficiary is irrevocable and must outlive the insured
in order for the lifetime income benefit to be paid.
Should the beneficiary predecease the insured the policy will
terminate without value. The Stewardship Life Income has
no cash value or other nonforfeiture values. It does not
have a face value and the lifetime income benefit cannot be
commuted.
A Return of Premium Rider is available for policies with beneficiaries
who are age 80 or younger and who are issued standard through
table 12. This rider provides that, should the
beneficiary predecease the insured, all premiums paid into the
policy will be returned to the insured over a comparable time
period, frequency and amount as the premiums were paid to Baltimore
Life. If the insured dies before all premium payments
have been returned, rider benefits cease.
Source: The Baltimore Life Companies sales materials provided for use by
Independent Insurance Sales & Brokerage, Inc.
Your Survivor's Future
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