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The death benefit of the Flex Term plan stays level to age 50 (40 for nicotine users), then begins to decrease. Flex Term is sold in unit increments with a minimum of 5 units required to purchase this plan.  The value of a unit of coverage changes based on the insured’s age and nicotine use, as shown below.

Premiums are calculated on the amount of coverage you purchase and remain level for the life of the policy.  

 

The owner of a Flex Term plan may convert the same amount of coverage that will be in force two years from the date of conversion to any other NMAA life insurance plan without proof of insurability. For example: A 47 year old non-tobacco user with $250,000(25 units) may convert up to $250,000 coverage to any of NMAA’s products, while a 48 year old non-tobacco user with $250,000 may only convert $67,500 coverage due to the fact that at age 50 (two years from age 48) the coverage will have been reduced to $67,500. The new coverage cannot exceed the Flex-Term coverage that will be in effect 2 years from the conversion date. The premium for the new life insurance plan will be the “standard rate” calculated based on the insured’s age at the time of conversion. There is no additional premium for this feature!

 

Insureds’ who have maintained their plan for more than five years and are terminally ill may receive a majority of the death benefit as a lump sum. There is no additional premium for this option!