Global Assurance Whole Life Secure Policy

Policy Document – Initial Issuance

Policy Number: GWL-2023-67890

Effective Date: March 20, 2023
Insurer: Global Assurance
Date: October 26, 2023

ContactInformation: 1-800-GLOBAL-LIFE(1-800-456-
2255)| info@globalassurance.com
Legal Disclaimer (Added): “This policy document is a legal contract. Please read it
carefully. This policy document, along with the application form and any endorsements
form the entire contract between the policy holder and Global Assurance.”
 Introduction
This document outlines the terms and conditions of the Global Assurance
Whole Life Secure Policy, Policy Number GWL-2023-67890, which is
effective from March 20, 2023. It is essential that you read this document
in its entirety to understand the coverage, benefits, terms and conditions.
This policy provides lifelong financial protection and includes a cash value
accumulation component. This document serves as the complete
contract, along with your application and any endorsements. This policy
is designed to provide financial security and long-term planning for you
and your loved ones. If there are any discrepancies between this policy
document and any other material, this document should be the primary
reference.
 IV. Definitions
4.1 General Terms:
Insured: The individual whose life is covered by this policy. This is
Jane Doe.
Beneficiary: The person or entity designated to receive the death
benefit upon the insured's death.
Cash Value: The monetary value that accumulates within the policy
over time, which can be borrowed against, withdrawn, or used as a
source of funds.
Premium: The amount paid by the policyholder to keep the policy
in force.
Policy Year: A twelve (12) month period beginning on the policy
effective date or its anniversary.
Insurable Interest: A demonstrable financial or emotional loss that
an individual or entity will face upon the insured's death.
Reinstatement: The act of restoring a policy that has lapsed due to
non-payment of premiums, subject to specific terms and conditions.
4.2 Policy-Specific Terms:
Death Benefit: The total sum of money paid to the beneficiary upon
the insured’s death.
Grace Period: An additional period of time after the premium due
date, during which the policy remains in force despite non-payment
of premiums.
Lapse: The termination of the policy due to non-payment of
premiums within the grace period.
Surrender Value: The amount payable to the policyholder if the
policy is cancelled (surrendered) before the insured's death.
Policy Loan: A loan taken against the cash value of the policy.
Withdrawal Fee: Fee charged to policy holder at the time of
withdrawal from the cash value of the policy.
Material Misrepresentation: Providing false or incomplete
information during policy application process which would affect the
final decision of the insurer.
Policy Effective Date: The start date of the policy coverage.
Underwriting: The process of evaluating the insurance application
and deciding on risk associated with issuing a policy.
Endorsement: A change or modification to the policy after it is
issued.
 V. Coverage Details
5.1 Policy Type and Duration:
Policy Type: This policy is a whole life insurance contract, providing
coverage for the insured’s entire lifetime. The policy remains in
effect as long as required premiums are paid or until the policy is
surrendered.
Coverage Duration: The policy provides coverage for the duration
of the insured’s natural life, subject to the terms and conditions
outlined in this document.
5.2 Guaranteed Death Benefit:
Amount: The initial guaranteed death benefit is set at $400,000.
Terms: The death benefit will be paid to the designated beneficiary
upon receipt of the required documentation. The initial death benefit
will be reduced by any outstanding loans or withdrawals. A clear
explanation of how the claim will be paid is mentioned in the "Claims
Process Section".
The Death Benefit amount can be changed by a written request from
the policy holder subject to limitations described in the policy.
 6.Premiums
6.1 Premium Amount and Payment Options:
Annual Premium: The base annual premium for this policy is
$1,200.
Payment Schedule: Premiums are payable annually on the policy
anniversary date, March 20th of each year.
Payment Methods: Accepted payment methods include bank
transfers, major credit cards, and certified bank cheques payable to
Global Assurance. Payments can also be made online via the
company website, or through registered agents.
A recurring direct debit from bank account may also be set up
for automatic premium payment processing.
Payment Mode: The policyholder can choose to pay premiums
annually, semi-annually or monthly, subject to additional charges
and fees.
Premium Mode Charges: A 2% charge will be applied to the annual
premium for semi annual payments and a 3% charge will be applied
for monthly premium payments. These charges are to cover the
administrative fees.
6.2 Grace Period and Late Payment Provisions:
Grace Period: A grace period of 30 days from the premium due
date is provided. During the grace period, the policy remains in
force, and the insured maintains coverage.
Late Payment Fee: A late payment fee of 2.5% of the overdue
premium will be assessed if payment is not received within the grace
period, but coverage remains in place.
If premium payments remain outstanding after the grace period, the
policy will lapse, subject to the policy reinstatement terms.
If there is a claim during the grace period, the outstanding premium
amount will be deducted from the death benefit.
 VII. Cash Value
7.1 Cash Value Accumulation:
Growth Rate: The cash value of this policy accumulates at a fixed
interest rate of 3% per annum, compounded annually. The specific
details on how cash value accumulates over time is available in a
separate table provided in the policy.
Tax Deferral: All cash value growth is tax-deferred until withdrawn
or paid out as death benefit, subject to existing tax laws and
regulations.
The cash value will be reduced by any policy loans or withdrawals.
7.2 Policy Withdrawals and Loans:
Withdrawals: Policyholders can withdraw from the cash value after
five (5) policy years.
A withdrawal fee of 5% of the amount withdrawn will be
applied.
A full withdrawal of cash value will also terminate the policy.
Policy Loans: Policyholders are eligible for policy loans after 5
policy years.
Policy loan amount may not exceed 70% of the accumulated
cash value.
The interest rate for policy loans is 6% per annum.
Policy loans will impact the final payout, as the outstanding
loan amount and unpaid interest will be deducted from the
death benefit.
Loan repayment schedules may be customized with multiple
options, as agreed with the insurer. If the policy loan is not paid back,
outstanding amount will be deducted at claim stage.
 VIII. Policy Riders
8.1 Critical Illness Rider Details:
Coverage: This optional rider provides a lump-sum payment of
$100,000 upon the first diagnosis of any critical illness, as defined
in Annexure A.
Additional Premium: An additional annual premium of $200 is
payable for this rider.
Waiting Period: There is a waiting period of 90 days from the rider's
effective date before coverage for a critical illness claim is activated.
Claim Terms: The payment is made if the diagnosis of a covered
critical illness is made after 90 days of rider activation.
Exclusions: This rider will not apply for any pre-existing conditions
that existed before activation of this rider.
8.2 Waiver of Premium Rider Details:
Coverage: This rider is automatically included in the policy and
waives future premiums if the insured becomes totally and
permanently disabled.
Eligibility Criteria: The insured must be totally and permanently
disabled for a continuous period of six months or more. Proof of this
disability is required in the form of valid medical documentation from
a qualified medical doctor.
Additional Premium: An additional annual premium of $75 is
payable for this rider.
Waiver Process: The insurer must be notified in writing immediately at
the start of the six month period, so that the assessment process can
begin.
 IX. Legal Clauses
9.1 Incontestability and Fraud Provisions:
Incontestability Clause: After two years from the policy issue date,
the policy is incontestable, except in cases of fraud or intentional
misrepresentation.
Fraud: If evidence of fraud is discovered, the policy can be
cancelled at any time. This includes, but is not limited to, providing
false medical information or hiding material information about life
style and habits.
9.2 Suicide and Misrepresentation Clauses:
Suicide Clause: In the event the insured commits suicide within two
years of the policy issue date, the policy will be voided. Only the total
amount of premium paid (without interest) will be refunded.
Misstatement of Age/Health: If the insured’s age or health is
misrepresented in the application, then the death benefit and
premiums will be adjusted accordingly. If material misrepresentation
was made intentionally, the policy may be voided and all benefits
forfeited.
The insurer has a right to seek proof of health or age.
9.3 General Legal Notices:
• Limitation of Liability: Global Assurance's liability under this policy is
strictly limited to the payment of the death benefit as defined in this
policy document, and in accordance with the specific terms and
conditions. The insurer will not be liable for any indirect, incidental,
special, consequential, or punitive damages that may arise from the
policy or related actions. Global Assurance shall also not be liable for
any delay or non-payment of a claim caused by incorrect or incomplete
documentation provided by the beneficiary, or due to circumstances
beyond the control of the insurer. Furthermore, the liability of Global
Assurance will not exceed the face value of the policy, irrespective of
the claims made, or loss suffered due to the insured's actions. The
payment of the death benefit is contingent upon the payment of
premiums and the policy being in force at the time of claim.
• Liquidated Damages/Penalty: In the event of a lapse in coverage due
to non-payment of premiums, or a policy surrender initiated by the
 policy holder, the penalty will be in the form of surrender charges. This
amount will be deducted from the cash value to cover the insurer's
losses or administrative expenses. Additionally, any overdue premium
payments shall be subject to a late payment penalty of 2.5%. If a claim
payment is delayed because of inaccurate or insufficient information,
no penalty will be levied by the insurer. This policy explicitly states that
no other forms of damages or penalties beyond these established
clauses will be applicable, either to the policyholder or the insurer.
These are pre-determined charges that will serve as a form of
compensation for costs or losses related to early termination.
• Confidentiality: Global Assurance is committed to maintaining the
confidentiality of all policyholder information. All personal and financial
details provided by the policyholder, or gathered during the application
process and throughout the term of the policy, will be treated as
confidential and protected by applicable laws. Access to this
information will be restricted to authorized personnel only, who have a
legitimate need to access it to service the policy or process a claim.
Global Assurance will not sell or share policyholder data to external
third parties, without explicit consent, except as required by law or to
process a valid claim. Global Assurance will also take measures to
ensure safe and secure storage and transmission of all sensitive
information. A confidentiality policy is also applicable to all employees
and agents of Global Assurance.
• Indemnity: The policy holder will indemnify and hold harmless Global
Assurance, its officers, agents, employees and any associated entities,
against any claims, losses, liabilities, or expenses, resulting from any
breach of the policy terms, or arising from any false statements made
during the policy application process. The policyholder is responsible
for ensuring the accuracy and truthfulness of all information provided
and complying with policy regulations. The insurance company will not
indemnify the policyholder for any losses due to the insured's own
actions, including any criminal acts or fraud. The policyholder will be
solely responsible for any legal defense and legal expenses for matters
arising out of breaches of the policy contract. Indemnity will also not
apply to any pre-existing conditions not disclosed at the time of
application.
• Force Majeure: Global Assurance will not be liable for failure or delay
in fulfilling its obligations, if caused by events beyond its reasonable
 control. This includes, but is not limited to, natural disasters (floods,
earthquakes, pandemics), acts of terrorism, war, civil unrest,
government restrictions, or other similar events that are reasonably
beyond the insurer's ability to foresee or control. In case of a force
majeure event, the insurer will make all reasonable efforts to continue
operating, and resume their contractual obligations as soon as
reasonably possible. Force majeure is not an excuse to deny legitimate
claims, and such claims will be processed according to policy terms.
This clause will apply for both policyholder and insurer.
• Termination for Cause or Default: Global Assurance reserves the
right to terminate this policy if the policy holder breaches any of the
terms of the policy or if there is any material misrepresentation or fraud
by the policy holder. This will require a written notice to be sent to the
policy holder outlining the breach, and the intention to terminate. If a
policy is terminated for default, all premiums will be forfeited. If the
policy is terminated due to breach of contract or fraud, all benefits of
the policy will cease to exist, and no payouts will be made. A policy will
also be terminated in case of non-payment of premiums. The policy
holder will have the opportunity to rectify the breach before the
termination comes into effect.
• Termination for Convenience or Will: The policy holder has the
option to surrender the policy at any time, subject to surrender charges
and policy terms. Global Assurance may also choose to terminate the
policy with 30 days’ notice, if the insurance company stops doing
business in the area where the insured resides. In either of the cases
the policy holder will be paid the surrender value. The insurer will never
terminate the policy for convenience of its own, unless it is ceasing
operations, or when legally required. Upon policy termination all
benefits will cease to exist.
• Risk Purchase: In case the insurer stops providing services in the
area where the insured resides, Global Assurance has the right to
transfer or sell the policy to another reputable and legally authorized
life insurance provider. In this case, all the policy terms will remain valid
and the new insurance provider will be liable for providing the same
services. The policy holder will be notified in writing of any such transfer
of policy. The new insurer will become liable for all claims and benefits
mentioned in this policy document.
• Warranties: Global Assurance warrants that the policy complies with
all applicable laws, and will provide benefits under the agreed terms
and conditions. However Global Assurance provides no express
warranties about the performance of the policy other than what is
specified. Policy holder warrants that all the information provided is true
and correct to the best of their knowledge.
• Acceptance Criteria: Global Assurance reserves the right to accept or
reject any insurance application for any reason. This will depend on the
underwriting review, which assesses the risk associated with each
application. This is a legally binding contract, and by agreeing to this
policy the policy holder accepts all its terms and conditions.
* Any changes to policy terms or conditions will require specific
endorsements to be added to the policy.
 X. Beneficiary Information
10.1 Designation and Revocability:
Beneficiary Designation: You have the right to choose primary and
secondary beneficiaries to receive the death benefit.
Revocable Beneficiary: Unless specifically designated as
irrevocable, the beneficiary designations are revocable, meaning
you can change them at any time.
If more than one beneficiary is designated as a primary beneficiary, they
will have equal shares in the death benefit.
If primary beneficiary is unable to receive the payment due to an issue
with their paperwork, then secondary beneficiary will be eligible to receive
death benefit payment.
If both primary and secondary beneficiaries cannot be located at the time
of claim, the death benefit will be paid to the legal heirs of the policyholder
10.2 Change of Beneficiary:
Changes to your beneficiary designations require a written
notification to Global Assurance, signed by the policyholder.
The insurer will not be liable for any incorrect payments resulting
from not receiving a correct beneficiary designation.
Changes will be considered effective upon receipt and
acknowledgement by the insurance company.
 XI. Policy Termination and Reinstatement
11.1 Termination Due to Non-Payment:
The policy terminates if premiums are not paid within the grace
period. Once the policy lapses, coverage ceases, and no death
benefits will be paid.
The policy can also be terminated by the policyholder if they wish to
cancel the policy with applicable surrender fees.
11.2 Conditions for Policy Reinstatement:
Reinstatement is possible within three (3) years of the lapse date,
subject to the following conditions:
Evidence of insurability satisfactory to Global Assurance.
Payment of all overdue premiums, along with the late payment
penalty of 2.5%, and an additional reinstatement fee of $100.
Payment of any outstanding policy loan amounts.
The insurer may request additional documentation or medical
tests for reinstatement.
If reinstatement is approved, policy will be restored at the same
terms as the original policy.
 XII. Claims Process
12.1 Notification of Claim:
The beneficiary must notify Global Assurance of the insured's death
in writing within 90 days, or as soon as reasonably possible.
12.2 Required Documentation:
The following documents are required to process the death claim:
Original death certificate or an authenticated copy.
Original policy document.
Completed claim form, duly signed and certified by the
beneficiary.
Identification proof of the beneficiary (Valid photo id).
Any other additional documents as requested by the insurer.
12.3 Claims Processing and Payment:
Claims will be processed within 15 days of receiving all required
documents.
Payments will be made to the beneficiary in the form of a check or
by electronic transfer, as chosen by the beneficiary.
If outstanding loan amounts exist, these will be deducted from the
death benefit.
 XIII. General Provisions
13.1 Policy Assignment Details:
You can assign the policy to another party with written consent from the
insurer. The assignment will only be valid after being approved by the insurer.
The insurer reserves all rights to reject any policy assignment.
The assignment must follow existing laws and regulations.
13.2 Applicable Law:
This policy is governed by and construed in accordance with the laws of the
state of [State/Country].
13.3 Variation in Taxes
All taxes applicable to this policy will be determined as per the existing tax
regulations of the jurisdiction where the insured resides. Global Assurance
reserves the right to collect any additional taxes due from the policyholder, in
case there are changes in the tax laws. Any tax obligations are to be borne
by the policy holder.

13.3 Amendments and Endorsements:

Any alterations or amendments to this policy must be in writing and signed
by an authorized officer of Global Assurance.
Any such endorsement will form an integral part of the policy document.
13.4 Insurance
Global Assurance has the right to secure reinsurance on the policies sold.
The cost of insurance or reinsurance will be borne by Global Assurance, and
will not be passed on to the policyholder. All terms of the policy will remain
the same even if reinsured. Global Assurance will be liable for the claims
payments irrespective of whether they are insured or reinsured. This will have
no bearing on the policyholder benefits.
 XIV. Annexures
Annexure A: List of Covered Critical Illnesses
(A detailed list of critical illnesses covered under the Critical Illness
Rider, e.g., heart attack, stroke, cancer, kidney failure, major organ
transplant, etc.)
Each illness will have a clear definition. This annexure will have
multiple pages to cover all clauses.
Annexure B: Premium Schedule Illustration

No. Monthly Total Account Eligibility

Contribution Contribution Value
1 $1,200 $1,200 $0 Not Eligible

2 $1,200 $2,400 $0 Not Eligible

3 $1,200 $3,600 $0 Not Eligible

4 $1,200 $4,800 $0 Not Eligible

5 $1,200 $6,000 $10,000 Eligible for withdrawal with

5% fee, loan up to $7,000
6 $1,200 $7,200 $13,090 Eligible for withdrawal with
5% fee, loan up to $9,163
7 $1,200 $8,400 $16,282 Eligible for withdrawal with
5% fee, loan up to $11,397
8 $1,200 $9,600 $19,571 Eligible for withdrawal with
5% fee, loan up to
$13,699
9 $1,200 $10,800 $22,960 Eligible for withdrawal with
5% fee, loan up to
$16,072
10 $1,200 $12,000 $26,450 Eligible for withdrawal with
5% fee, loan up to
$18,515
11 $1,200 $13,200 $30,044 Eligible for withdrawal with
5% fee, loan up to
$21,031
12 $1,200 $14,400 $33,745 Eligible for withdrawal with
5% fee, loan up to
$23,622
13 $1,200 $15,600 $37,557 Eligible for withdrawal with
5% fee, loan up to
$26,290
14 $1,200 $16,800 $41,483 Eligible for withdrawal with
5% fee, loan up to
$29,038
15 $1,200 $18,000 $45,528 Eligible for withdrawal with
5% fee, loan up to
$31,870
16 $1,200 $19,200 $49,694 Eligible for withdrawal with
5% fee, loan up to
$34,786
17 $1,200 $20,400 $53,985 Eligible for withdrawal with
5% fee, loan up to
$37,790
18 $1,200 $21,600 $58,404 Eligible for withdrawal with
5% fee, loan up to
$40,883
19 $1,200 $22,800 $62,956 Eligible for withdrawal with
5% fee, loan up to
$44,069
20 $1,200 $24,000 $67,645 Eligible for withdrawal with
5% fee, loan up to
$47,351

Note: This table is an illustration only. Actual cash values and loan
options will vary.
Withdrawal fees will reduce the actual withdrawal amount.
Loan Amounts mentioned are approximate and maximum limits possible.
Loan interest will be charged.
Any loans or withdrawals will impact the final death benefit.
 XV. Contact Information
15.1 Insurer Information and Contact Details:
Insurer: Global Assurance
Address: [Office address: e.g., 123 Main Street, Anytown, USA]
Phone: 1-800-GLOBAL-LIFE (1-800-456-2255)
Email: info@globalassurance.com
Website: www.globalassurance.com
Customer Service: For additional information and assistance
regarding this policy, please contact our customer service
department at the numbers or email provided above.