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Term Plus® Universal Life Insurance Plan

Term Plus® Universal Life Plan

Insurance Plan

Term Plus® Universal Life provides you with flexibility in coverage while building tax-deferred cash value.

You get a lot more than just life insurance with ADA-Sponsored Term Plus Universal Life Insurance. On top of everything that’s built into the ADA Term Life Insurance Plan, you also get a special Policy Value Account that lets you save on a tax-deferred basis.1

You can build a bigger nest egg and get outstanding term life insurance protection all the way to age 90 in one step. The Term Plus Universal Life coverage is available at the same low cost as ADA Term Life,2 and whatever extra you decide to deposit into your Policy Value Account (within certain limits).

  • Up to $3,000,000 in coverage
  • Earn 2.55% on your Policy Value Account throughout 20203
  • Guaranteed minimum tax-deferred1 interest of 2.5%4
  • Ability to deposit and withdraw funds at any time
  • Full coverage to age 90

Apply for Term Plus Universal Life Insurance for Dentists.

1 Under current tax law
2 For certificates issued after January 1, 2009, renewal rates might be slightly lower than Term Life rates after age 70.
3 Interest rate is locked-in for the calendar year and subject to change each January 1st thereafter
4 Term Plus Universal Life certificate holders prior to November 1, 2011 receive a separate guaranteed minimum interest rate. However, the multiple year interest rate lock-in feature previously available has been discontinued.

Term Plus® is a registered trademark of Great-West Life & Annuity Insurance Company and Great-West Life Assurance Company.

Rates

Your premium is made up of two parts - cost of insurance and a recommended deposit for your Policy Value Account.

Cost of insurance:
The same low rate as the ADA Term Life Insurance Plan† which takes into account your age, coverage amount, elected options, Premium Credit discounts and any volume discount available for coverage amounts in excess of $500,000.*

In addition to these discounts, you may also qualify for our Preferred rates.

Recommended Deposit Amount:
In addition to your cost of insurance, you choose the additional amount to deposit into your Policy Value Account.

Based on your life insurance needs and savings goals, we will recommend a periodic deposit amount for your Policy Value Account. You always have flexibility to alter your contributions by amount or frequency if needed, within certain limits. Even if you decide someday that you no longer need the insurance, you can surrender it and receive 100% of the current net value of your account.

To learn more about the Term Plus Universal Life rates, download the Term Plus rate chart for males (pdf) here and the Term Plus rate chart for females (pdf) here.

† For certificates issued after January 1, 2009, renewal rates might be slightly lower than Term Life rates after age 70.
* A volume discount of 5%, 7%, or 9% will apply when Member life insurance is $500,000 or greater.

Features

While Term Plus® Universal Life protects your family, it also helps your money work harder for you. Here’s how it works:

  • 100% of your deposits are placed in your personal Policy Value Account.
  • The cost of your life insurance, any applicable loan interest,and a small administrative fee are deducted monthly from your Account, and the balance earns interest on a tax deferred basis.1
  • The declared interest rate for 2020 is 2.55%, compounded daily.*
  • The guaranteed minimum interest rate in any given year is 2.5%.**
  • Money that accumulates in this Account can grow faster than in many other savings vehicles (such as bank CDs and money market funds) because the interest is not taxable each year as it is earned.
  • Deposit extra funds, like your annual tax refund, to help your Account balance grow even faster. Your ADA-Sponsored Insurance Plan Specialist can help you design a schedule that doesn’t exceed the limits prescribed by current tax laws.

An automatically increasing death benefit
Your total death benefit can increase automatically as your savings grow, and it is equal to the total of your insured amount plus your account balance.

1 Under current tax law
* Interest rate is locked-in for the calendar year and subject to change each January 1st thereafter
** Term Plus Universal Life certificate holders prior to November 1, 2011 receive a separate guaranteed minimum interest rate. However, the multiple year interest rate lock-in feature previously available has been discontinued.

Dentists: The information on this website is not a contract. Benefits are provided through a Group Policy Nos. (104TLP Term Life, 1105GDH-IPP Disability Income Protection, 1106GDH-OEP Office Overhead Expense Disability, 104GUL Universal Life, 104LTLP Level Term Life, 1117GH-HIP Hospital Indemnity, 1127GH-CIP Critical Illness, and 1107GH-MCP MedCASHSM) filed in the State of Illinois in accordance with and governed by Illinois law, issued to the American Dental Association by Great-West Financial®. The ADA is entitled to receive royalties from the ADA Members Insurance Plans. Coverage is available to all eligible ADA members in all fifty states and U.S. territories under the aforementioned group policy. Each Plan participant will receive a Certificate of Insurance explaining the terms and conditions of the policy. Level Term Life premiums are fixed based on the selected duration of 10 or 20 years. An insured must maintain ADA membership throughout selected term to remain eligible for insurance. Annually Renewable Term Life, Hospital Indemnity, Critical Illness, and MedCASH premiums increase annually based on age. Recommended premiums under the Term Plus® Universal Life plan consist of the cost of insurance (which may vary based on the member’s age and coverage amount), the amount chosen by the member for deposit into his/her Policy Value Account and a service charge. Premium deposits may fluctuate or remain level depending upon the amount maintained in the Policy Value Account. Disability Income Protection premiums increase every 5 years and Office Overhead Expense every 10 years based on age. Premium credit for Annually Renewable Term Life and Term Plus Universal Life is not guaranteed but reevaluated annually. Premium credit for Disability Income Protection, Office Overhead Expense, Hospital Indemnity, Critical Illness, and MedCASH is not guaranteed but reevaluated semi-annually.


Dental Students: The information on this website is not a contract. Student coverage is issued regardless of your condition if you are under 45. If you are 45 or older, you can apply for the no-cost coverage and all student program features by providing proof of good health. Coverage renews automatically each academic year. Individuals may convert coverage to the plans for practicing dentists after graduation by paying ADA member premiums and maintaining ADA membership. Benefits are not payable, as defined by the respective policy, for death or disability resulting from a sickness, disorder, physical condition, or symptom that existed or was treated within 12 months prior to enrollment. Benefits are provided through a group policy Nos. (104TLP Term Life and 1108GDH-SDP Student Disability) filed in the State of Illinois in accordance with and governed by Illinois law, issued to the American Dental Association by Great-West Financial®. Coverage is available to eligible ADA members in all fifty states and US territories under the aforementioned group policy. Each insured will receive a certificate of insurance explaining the terms and conditions of the policy.


ADA® is a registered trademark of the American Dental Association and Great-West Financial® is a registered trademark of GWL&A.


Effective June 1, 2019, Protective Life Insurance Company (for policies issued outside New York) and Protective Life and Annuity Insurance Company (for policies issued in New York) assumed administrative responsibilities for ADA Members Insurance Plans issued by Great-West Life & Annuity Insurance Company.


Great-West Financial® is a marketing name of Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: NY, NY, and their subsidiaries and affiliates. GWL&A is not licensed in New York, but eligible members residing in New York may apply for coverage under the aforementioned group policy. The trademarks, logos, service marks, and design elements used are owned by Great-West Life & Annuity Insurance Company. ©2020 Great-West Life & Annuity Insurance Company. All Rights Reserved. For website issues, contact the Webmaster at ADA_WebMaster@greatwest.com

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