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Survivorship Whole Life

Protect your estate and preserve your legacy
Puritan Life Insurance Company of America (Puritan) can help you protect your assets and leave a legacy for those who are most important to you.

Is a Joint Whole Life Policy Right for You?
The Puritan Estate Guardian (Estate Guardian) is a single premium, joint whole life insurance policy. This type of policy may be right for you if you want to:
  • done Insure two people under a single policy
  • done Pass a larger sum to your heirs than you would with a single life policy
  • done Spend less than you would if you purchased two separate policies
  • done Have access to the benefits of a whole life policy

Whole Life Policy Benefits
Since the Estate Guardian is a whole life insurance policy it also provides you with additional benefits including:
  • done Death benefit that passes to heirs tax free, generally bypassing the normal probate process
  • done An accelerated death benefit, for no additional premium, that can help mitigate the costs of long-term care for the second insured
  • done A single premium payment allows you to plan for retirement without the worry associated with paying increasing monthly premiums
  • done Growth of your cash value and a guaranteed death benefit
  • done Access to your cash value through partial withdrawals or loans
  • done Ability to make a tax-free donation of all or a portion of your benefit to your favorite charity or religious organization

Why Choose Puritan Life Insurance Company of America
Puritan is a company that you can trust to help you achieve your financial goals and provide for your future income needs. Puritan was established in 1958 and is proud of its long history of providing financial solutions for clients, beginning in their peak earning years and continuing through retirement. Puritan is experienced in what is most important to you as you grow into the next stage of your life.

Access to your funds
The Estate Guardian is designed to provide you with access to your funds when you need them the most through an accelerated death benefit, the exercise of a partial withdrawl, or a policy loan.

Accelerated Death Benefit
As the American population ages it has become more and more apparent many of us will have a medical condition or illness that could have a significant impact on our normal lifestyle. About 7 out of 10 people age 65 or older will need long-term care at some point in their lives in order to allow them to perform their normal activities of daily living.* Long-term care costs can be expensive and deplete savings quickly. With that in mind, the Estate Guardian includes the option to accelerate your death benefit at no additional cost to you. The benefit is available to the surviving insured after the death of the first insured. If you use this benefit, you have the potential to access 80% of your face amount (with a maximum of $250,000) while living, if you should experience a qualifying terminal, chronic, or critical illness. (See your contract for specifications.)

Partial Withdrawl
If you need access to your funds for any reason, you are permitted to take a partial withdrawal of your cash value each policy year according to the following scale (partial withdrawals reduce the death benefit on a proportional basis):

Maximum yearly partial widthdrawl percentage

Policy Loans
The Estate Guardian is a whole life policy, meaning that cash value is building in your policy. You can access this cash value through a policy loan any time after your contract is issued. Any unpaid policy loans and policy loan interest will be deducted from your death benefit. Prior to exercising any of these options, you should consult your tax advisor or a legal professional to determine which option is best for you.
Neither Puritan Life Insurance Company of America, its affiliates, nor any of its representatives may provide tax or legal advice. Individuals should consult their tax advisor or legal counsel for specific advice and information regarding their individual situation. Withdrawals may be subject to taxation and if taken prior to age 59½, may be subject to a 10% IRS penalty tax. For explanatory purposes of this brochure, owner/policyholder are all assumed to be the same individual.

This guide is not a contract and descriptions of the policy provisions are only partial. Exclusions and limitations may vary by state. Refer to the policy form for complete details.

The Accelerated Benefits provided in the Puritan Estate Guardian policy are not long-term care insurance. Death benefits, cash values, and loan values will be reduced upon payment of an accelerated benefit. The accelerated benefits payable under this policy are intended to conform to the Internal Revenue Code of 1986. However, accelerated benefit payments may be taxable by your state. You should consult a qualified tax advisor for specific information. Receipt of an accelerated benefit payment may adversely affect you, your spouse, or your family’s eligibility for public assistance programs. Policyholders should consult with a qualified tax advisor and with social services agencies regarding how receipt of such payment may affect eligibility for such programs.