Graded Increasing Benefit (GIB) Plan
The GIB plan is available for many applicants that have some serious health issues. However, the applicant must not have had any cancer, treatments for cancer or major surgeries within the last year, have serious illnesses with no treatment or cure, and death is not imminent. This is a graded policy with a limited death benefit during the first two years. During the 3nd year the death benefit is the face amount. The death benefit increases each year after the 3rd year like the IB policy. Minimum face amount is $1,000. Maximum face amount is $15,000.
The GIB is available with premium paying periods of 3, 5, 7, or 10years.
The limited benefit during the first 2 years is as follows: 3 pay – 1st 6 months is return of premium plus 10%; 2nd 6 months – 50% of face; 2nd year – 90% of face; 5, 7, and 10 pay – 1st 6 months is return of premium plus 10%; 2nd 6 months is 35% of face; 2nd year – 75% of face. If death occurs due to accidental causes during the limited benefit period, the death benefit is the initial face amount.