Paid-Up Additions
Paid-up insurance, commonly purchased under a dividend option. These additions have cash value as well as a death benefit. Participating
A life insurance policy whose owners are eligible to share in the distribution of dividends paid out of the surplus earnings of the company. Pay-Out Option
The payment method selected for an annuity by the annuitant to receive a series of periodic income payments. Pay-Out Phase
The stage in which an annuitant or beneficiary begins distribution of an annuity’s accumulated assets plus earnings. The annuitant can elect to have the cash distributed on a regular basis over a specified period of time or for the remainder of his or her life. Period Certain
The pay-out option on an annuity that will provide a guaranteed installment income for a specific number of years. If the annuitant dies during this time, the beneficiary receives the remaining payments. Policy Dividend
An amount of unused premium paid back to the policyowner by the insurance company. The dividend amount is not taxable, unless total dividends received exceeds the total premiums paid; however, interest earned on dividends on deposit is always taxable. Policy Lapse
The termination of insurance coverage due to the nonpayment of premiums due. Policy Surrender
The process where a policyowner initiates a request to cancel an existing contract. If the policy has cash value, the funds are sent to the policyowner. Power of Attorney
A written instrument granting someone authority to act on behalf of another person. Primary Beneficiary
The person who, upon the insured’s death, has the first right to receive insurance proceeds. Prospectus
A legal document that describes the main features, investment vehicles and administration procedures of a registered investment product.
Forms & FAQs for All Products
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Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (800) 369-2862. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America. The Representative may also be a credit union employee that accepts deposits on behalf of the financial institution.
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©1997-2009 CUNA Mutual Group.
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