- The Additional Purchase Benefit (APB) guarantees the policyowner the right to buy additional coverage on the insured at future dates without providing further evidence of insurability. The additional coverage may be purchased at attained ages (policy anniversaries nearest the insured’s 22nd, 25th, 28th, 31st, 34th, 37th and 40th birthdays). A similar benefit is also available on disability income insurance policies.
- The increase in coverage will be extended and payable on the life of the insured throughout a 90-day decision period.
- For the best rates, information regarding tobacco usage and related health concerns may be required.
- The owner does not have to accept the additional insurance at each offering age.
- The increases can be taken sooner than scheduled following a major event: marriage, adoption or birth of a child.
- Northwestern Mutual will automatically accept increases and pay premiums for the duration of a disability, when the Waiver of Premium benefit is attached to the policy.
- The costs of the benefit automatically drop from the premium after age 40.
The APB benefit is there to ensure insurability.
If you are interested in pursuing this opportunity, just say Yes, I want to take advantage of this APB.