Understanding MTL's Annual Policy Statements

Each year, within days of the anniversary date of an MTL policy, we send the policy holder an annual statement that features detailed information on the policy's current values and beneficiary designations. The annual policy statement is printed on the anniversary date of the policy (or summary date if the actual policy anniversary date occurs on a weekend) and is mailed on the following business day. This timing ensures that you receive accurate and timely information on your policies. Scroll down to learn more about reading and understanding these important documents.

Traditional Whole life Insurance

Encompasses all of MTL's ordinary life products, including whole, term and endowment

If you own a traditional whole life policy, your statement will look similar to this sample.

The statement identifies the date your policy was issued, the policy anniversary date, and the policy's maturity date. The statement is printed on the anniversary date (or summary date, if the anniversary date occurs on a weekend), with all values effective as of the anniversary date.

Insurance Information
The statement identifies the name of the primary insured, the product and riders purchased and the death benefit and cash values of each item on the day the policy statement was printed. Loans, if any, are subtracted from these totals. The values of additional benefits (including waiver of premium benefits) and additional coverage (such as children provision), if purchased on the policy, are also included on this statement, as well as their death benefits and expiration dates.

Financial Information
The statement may include:

• Premium amount, payment plan, and annualized premium amount (if paying other than annually)
  
  
• Dividends paid by MTL and how they were applied to your account
  
  
• The increase in your policy's guaranteed cash values during the year
  
  
• Loan balance (if any) and repayment plan

Beneficiary Information
Beneficiary name, type and date of last update.

Universal Life

If you own an MTL universal life policy, your statement will look similar to this sample.

The annual policy statement identifies the date your policy was issued and the summary period covered in the annual statement.

Insurance Information
The statement identifies the name of the primary insured, the product purchased, the death benefit option selected at time of purchase, and the value of the death benefit. Additional insurance cover, including type, insured's name and death benefit, is also listed, if applicable. The values of additional benefits (including waiver of premium benefits) and additional coverage (such as children provision), if purchased on the policy, are also included on this statement, as well as their death benefits and expiration dates.

Financial Information
Planned premium amount and payment plan is identified.

The Account Information includes an itemization of credits and charges to the policy during the period covered in the statement. It begins with the Ending Account Value from the previous summary period and ends with the policy's current Cash Surrender Value. The statement also includes detailed footnotes on guaranteed interest rates used in the calculation of the policy values and an estimate of anticipated expense charges for the coming year.

To help you better understand how your current Cash Surrender Value has been calculated, MTL includes a detailed, month-by month table on the back of your statement, which itemizes costs and credits to your policy for the 12 months covered in the statement.

Beneficiary Information
The primary beneficiary's name and the date of last update are also included.

Annuity

If you own an annuity, your statement will look similar to this sample.

The annual statement identifies the date your annuity was issued and the date it will mature.

Annuity Information
The statement identifies the name of the annuitant, the product name and type of product purchased, the guaranteed interest rate of the product and the annual contribution you elected, if it is a flexible annuity.

Activity Information
This includes the ending balance as of the previous annual policy statement, the dates and amounts of deposits (or withdrawals, if any) during the period covered in the annual statement, and the ending balance for the period covered in the statement. A footnote at the end of the section identifies the current interest rate applicable to new deposits and the current full surrender account value, minus any applicable withdrawal charge.

Beneficiary Information
Beneficiary name, type and date of last update are included at the end of the statement.

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