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Spouse Term Rider

As a holder of the Universal Life – Family Package policy, you have the option to include the Term Life Insurance for Spouse rider to enjoy a double insurable benefit.

Benefits

Death Benefit:

  • If the spouse dies while the rider is in force, the Death Benefit is equal to 100% of the face amount of the rider.

Total and Permanent Disability (TPD) Benefit:

  • If the spouse suffers TPD while the rider is in force, the TPD Benefit is equal to the Death Benefit. The payment shall be made over 10 (ten) years, and the payment value for each year is equal to 1/10 (one-tenth) of the Total TPD Benefit.
  • If the spouse dies before 10 such payments have been made, ACE Life will pay the remaining amount in one lump sum.

Waiver of Premium Benefit:

  • To share the loss and risk in the event that the Main Insured dies or suffers TPD, ACE Life will waive the premium for the rider.
  • The premium for this rider will be waived until the maturity date. The rider will be automatically converted into a base Level Term Plan with the same term equal to the remaining period of the rider; the spouse automatically becomes the Policyholder and the Insured of the new (converted) policy.

Product Conversion Benefit:

  • ACE Life will also provide the spouse with the Product Conversion Benefit without him/her undergoing a medical check-up should the main Insured die or suffer TPD.
  • The spouse can request the conversion of the rider into a Universal Life or Whole Life policy with the face amount being EQUAL to or LESS than the face amount of the rider without undergoing a medical check-up. Once the spouse becomes the Policyholder, he/she will be automatically insured in accordance with the converted policy.
  • However, ACE Life will not waive the premium for the converted policy.

Note: Once having agreed to use the Product Conversion Benefit, the Spouse is understood to have annulled the Waiver of Premium Benefit.

Other Features

  • This is a non-participating and without-cash-value product
  • The insured age is from 18 to 55/50/45 years, which correlates to the insured term of 10/15/20 years, respectively
  • The minimum face amount is VND 100,000,000 and the maximum is equal to the face amount of the main policy for the Universal Life – Family Package
  • Payment frequency: in accordance with the main policy (quarterly, half-yearly, yearly)
  • Inclusion: Family Package Universal Life

* This is basic information about the product(s). Please contact our Agency or hotline on (84.8) 38 27 8123 for more details.