Clergy Protector Whole Life

A new approach to the traditional whole life product with guaranteed premiums and cash value accumulation, along with level term riders options. Clergy Protector* covers all Clergy & Church Employees.

Clergy Protector Plans can be written as low as $1,000, and coverage under $25,000 is “simplified”… only six simple medical questions to answer and no medical exams or tests in most cases.

Coverage can be designed to provide for “Paid-Up” insurance at retirement. Additional term coverage is available on the spouse of the primary insured, as well as children of the insured.
Clergy & Church Employee Plan Specifications:
Base whole life plan: Minimum: $1,000 - Maximum: $2,000,000¹

Riders
     10 Year Level Term Rider
     20 Year Level Term Rider
     30 Year Level Term Rider
     Accidental Death Benefit Rider
     Spouse 10 Year Level Term Rider
     Spouse 20 Year Level Term Rider
     Spouse 30 Year Level Term Rider
     Children's Insurance Rider

1: Higher amounts can be considered with prior approval from LCBA.

Church Project Builder

The purpose of Project Builder is to provide non-profit churches and charities an opportunity to save for major projects. Our rates are very competitive with banks and are designed for projects where funds will be needed more than 2 years in the future.

The following are guidelines for this plan:
    Interest rates are set the first day of every month and reported on a monthly statement.
    Guaranteed minimum rate of 3.00%.
    Deposits can be made weekly.
    Monthly statements will be mailed to organization.
    Surrender charges during first four years. If funds are withdrawn before the fifth year the following surrender charges apply to the amount withdrawn:

Year Surrender Charge
    1 ~  5.0 %
    2 ~  4.0 %
    3 ~  3.0 %
    4 ~  2.0 %

During the surrender period you can make one withdrawal per quarter. Withdrawals for the year may total up to 10% of the available balance without penalty or adjustment. The available balance is the total amount in the account on 12/31 of the prior year plus any deposits and less any prior withdrawals made during the year. While not guaranteed, LCBA’s Officers may grant a withdrawal without charges for emergencies. Such emergencies could include, but are not limited to, natural disasters, sudden failure of buildings or equipment, etc.

After the fourth year, withdrawals are permitted once per quarter, minimum $1,000 or remaining funds (more frequent withdrawals to follow project needs can be scheduled 30 days in advance.) Electronic transfers available.

*Maximum $500,000 of contributions per employer identification number (EIN)
*This plan is not an insurance product.

Church Operating Deposit Agreement

The purpose of the LCBA Operating Deposit Agreement is to provide church-related non-profits an opportunity to earn better rates on money that will be used for operations or up to 2-year projects, where access to money on a frequent basis is necessary.

The following are guidelines for this plan.
    Interest rates are set the first day of every month and reported on monthly statement
    No guaranteed minimum rate
    Deposits can be made weekly
    Monthly statements will be mailed to organization
    No surrender charges
    Withdrawals permitted twice per month, minimum $250 or remaining funds
    Electronic transfers available

*Maximum $500,000 of contributions per employer identification number (EIN)
*This plan is not an insurance product.