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Coverage Amounts

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.

	Per Unit Value of Flex Term
	Under Age 40	Age 40 - 44	Age 45 - 49	Age 50 - 54	Age 55 - 59	Age 60
Non-Nicotine User	$10,000	$10,000	$10,000	$2,700	$2,000	$0
Nicotine User	$10,000	$2,700	$,2000	$0	$0	$0

Term Life Premiums Based on Coverage and Age

Premiums are calculated on the amount of coverage you purchase and remain level for the life of the policy. Click here to receive an immediate premium quote.

Premium Refunds Because We are Non-Profit - An Added Bonus to Lower Cost

A partial refund of premiums may be provided each year for insured’s who are non-nicotine users and are under the age of 50. This refund of premium is not guaranteed.

Guaranteed Convertibility Without Proof of Insurability

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!

Accelerated Death Benefit Option - A Lump Sum Payment for the Terminally Ill

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!