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USLIFE CORPORATION INTRODUCES ACCELERATED BENEFIT PROVISION FOR TERMINALLY ILL POLICYHOLDERS

 USLIFE CORPORATION INTRODUCES ACCELERATED BENEFIT PROVISION
 FOR TERMINALLY ILL POLICYHOLDERS
 NEW YORK, Sept. 8 /PRNewswire/ -- USLIFE Corporation (NYSE: USH) today announced the introduction of its Accelerated Benefit Provision by which terminally ill policyholders may receive 75 percent of the current death benefit, up to $250,000, on individual permanent life insurance policies. The Accelerated Benefit Provision is available at no additional cost from All American Life Insurance Company, The United States Life Insurance Company and The Old Line Life Insurance Company of America, all wholly owned subsidiaries of USLIFE Corporation.
 In making this announcement, Gordon E. Crosby Jr., chairman of the board, president and chief executive officer of USLIFE Corporation, commented: "The acceleration of benefits to policyholders who are terminally ill is both humane and pragmatic. It responds to the financial need that a terminal illness can create by advancing funds during a difficult time."
 In effect, the Accelerated Benefit Provision provides the policyholder with an opportunity to receive a portion of the policy's death benefit by using the life insurance policy's death benefit as collateral. The Accelerated Benefit Provision requires assignment of the policy to the insurer so that the funds can be repaid from the death benefit. For most policyholders, this benefit will provide more cash than either the loan or withdrawal provisions in the policy.
 The Accelerated Benefit Provision is available on all existing and new issues of permanent life insurance with coverage amounts of $10,000 or more, except Joint Life, Group Life, policies on Extended Term, Reduced Paid-Up, and employer-sponsored Unisex plans. Term policies and riders are not eligible.
 The Accelerated Benefit Provision will be added automatically to eligible policies without additional underwriting requirements and regardless of underwriting classification. There is no cost to make this provision available until it is used. When the Accelerated Benefit Provision is activated, a one-time administration fee of $300 will be added to the lien.
 Interest on the Accelerated Benefit lien is deducted from the remaining death benefit at the insured's death. The interest rate will be the policy loan rate not to exceed the greater of the yield on a 90-day Treasury bill or the maximum adjustable policy loan interest rate permitted in the state in which the policy is delivered.
 To be eligible to activate this benefit, an insured must be diagnosed by a qualified physician as having 12 months or less to live. Where permitted by state regulators, the maximum benefit is 75 percent of the current death benefit, up to $250,000.
 The benefit provides a one-time payment for any amount chosen up to the maximum benefit allowance. If the insured lives beyond the 12-month period diagnosed by the physician, the Accelerated Benefit lien will continue to bear interest and premiums will be required to keep the policy in force. The policy will terminate when the benefit lien exceeds the death benefit.
 -0- 9/8/92
 /NOTE TO EDITOR: USLIFE Corporation is a life insurance-based holding company whose principal subsidiaries engage in the life insurance business. With nationwide operations, the USLIFE Life Insurance Division has three ordinary life insurance companies and a credit insurance group with approximately $109 billion of life insurance in force as of June 30, 1992. Additionally, there are five other subsidiaries that furnish the life insurance companies with investment advisory, broker-dealer, real estate, data processing and administration services./
 /CONTACT: Richard P. Keating, vice president-corporate communications of USLIFE Corporation, 212-709-6227/
 (USH) CO: USLIFE Corporation ST: New York IN: INS SU: PDT


TS-OS -- NY012 -- 6942 09/08/92 11:00 EDT
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Publication:PR Newswire
Date:Sep 8, 1992
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