Premium Term Life Insurance — Policy Wording¶

Policy Form No. APX-TL-2025-001 | Edition Date: September 2025 | Apex Financial Partners Insurance Company

This Policy is a legal contract between the Policy Owner and Apex Financial Partners Insurance Company. Please read it carefully and contact your Apex advisor if you have questions.

Policy Overview¶

The Apex Premium Term Life Insurance Policy ("Policy") is a non-participating, guaranteed level-premium term life insurance contract issued by Apex Financial Partners Insurance Company ("the Company," "We," "Us," or "Our"), domiciled in the State of Delaware and licensed to transact insurance business in all fifty (50) states, the District of Columbia, and the U.S. Virgin Islands.

This Policy is designed exclusively for high-net-worth individuals, business owners, and fiduciaries seeking substantial death benefit protection for estate planning, wealth transfer, key person coverage, and buy-sell agreement funding purposes. The Company shall pay the Death Benefit to the designated Beneficiary upon receipt of due proof of the Insured's death, subject to the terms, conditions, exclusions, and limitations set forth herein.

Coverage is available in face amounts ranging from $1,000,000 to $25,000,000, with guaranteed level premium terms of 10, 15, 20, or 30 years. All premiums are guaranteed not to increase for the duration of the selected term period, and the Death Benefit shall remain level throughout the policy term provided all premiums are paid when due.

Definitions¶

The following terms, when capitalized in this Policy, shall have the meanings set forth below. These definitions apply throughout the entire Policy contract, including all endorsements, riders, and amendments attached hereto.

"Insured" means the individual whose life is insured under this Policy as identified on the Policy Schedule page. The Insured must be a natural person between the ages of 18 and 75 at the time of application and must satisfy all underwriting requirements established by the Company.

"Policy Owner" means the person or entity identified on the Policy Schedule page who owns this Policy and has all rights of ownership, including but not limited to the right to designate and change the Beneficiary, assign this Policy, and exercise any conversion privilege.

"Beneficiary" means the person, persons, trust, estate, or entity designated by the Policy Owner to receive the Death Benefit proceeds upon the death of the Insured. The designation may be primary, secondary (contingent), or tertiary, as specified in the Beneficiary Designation form filed with the Company.

"Death Benefit" means the face amount of insurance specified on the Policy Schedule page, payable upon the death of the Insured during the policy term, less any outstanding policy loans, loan interest, and unpaid premiums, if applicable.

"Policy Date" means the date from which policy years, policy months, and policy anniversaries are determined, as shown on the Policy Schedule page. This date may differ from the date the Policy was issued or delivered.

"Grace Period" means a period of thirty-one (31) days following the premium due date during which a premium payment may be made without penalty or lapse of coverage. The Policy shall remain in full force and effect during the Grace Period.

"Contestability Period" means the two (2) year period commencing on the Policy Date during which the Company may contest the validity of this Policy on the basis of material misrepresentation in the application for insurance.

"Suicide Exclusion Period" means the two (2) year period commencing on the Policy Date during which the Company's liability is limited to a return of premiums paid if the Insured's death results from suicide, whether sane or insane.

"Conversion Privilege" means the right of the Policy Owner to convert this term life insurance Policy to a permanent life insurance policy issued by the Company without evidence of insurability, subject to the conversion provisions stated herein.

"Material Misrepresentation" means any false statement, omission, or concealment of fact made by the Insured or Policy Owner in the application for insurance that is material to the Company's decision to issue the Policy or to the terms upon which the Policy was issued.

Coverage Details¶

Subject to the terms and conditions herein, the Company agrees to pay the following benefits:

Death Benefit¶

Upon receipt of due proof of the Insured's death during the policy term, the Company shall pay the Death Benefit to the designated Beneficiary in a single lump sum or, at the Beneficiary's election, under one of the optional settlement modes offered by the Company. The Death Benefit is the face amount shown on the Policy Schedule page, which may range from $1,000,000 to $25,000,000 depending on the coverage tier selected.

Accelerated Death Benefit Rider (Included)¶

In the event the Insured is diagnosed with a Terminal Illness, defined as a medical condition reasonably expected to result in the Insured's death within twelve (12) months, the Policy Owner may elect to receive an accelerated payment of up to 75% of the Death Benefit, subject to a maximum acceleration of $5,000,000. The remaining Death Benefit shall be reduced by the accelerated amount plus an actuarial discount.

Waiver of Premium Benefit¶

If the Insured becomes Totally Disabled, as defined herein, prior to age 60 and remains Totally Disabled for a continuous period of at least six (6) months, the Company shall waive all premiums falling due during the period of Total Disability. Total Disability means the inability of the Insured to perform the material and substantial duties of their regular occupation.

Coverage Limits & Deductibles¶

Exclusions¶

The Company shall not be liable for payment of the Death Benefit under any of the following circumstances. In the event a claim is denied based on an exclusion, the Company shall provide written notice to the Beneficiary specifying the applicable exclusion and the basis for the denial.

1. Suicide. If the Insured dies by suicide, whether sane or insane, within two (2) years of the Policy Date or the date of any reinstatement, the Company's sole liability shall be limited to a refund of all premiums paid, without interest.

2. Material Misrepresentation. If, during the Contestability Period, the Company determines that the Insured or Policy Owner made a material misrepresentation in the application for insurance, the Company may void this Policy ab initio and return all premiums paid. After the Contestability Period, the Policy shall be incontestable except for non-payment of premiums and fraudulent misstatements.

3. Acts of War. Death resulting directly or indirectly from declared or undeclared war, armed conflict, insurrection, rebellion, or military service in any armed forces of any country or international organization, whether the Insured is a combatant or non-combatant.

4. Aviation Exclusion. Death resulting from the Insured's participation as a pilot, crew member, or student pilot in any aircraft, unless the Insured was a fare-paying passenger on a regularly scheduled commercial airline operating between established airports.

5. Criminal Activity. Death occurring while the Insured is engaged in, or as a direct result of the Insured's commission of, a felony offense under the laws of any jurisdiction.

6. Hazardous Activities. Death resulting from the Insured's voluntary participation in skydiving, base jumping, bungee jumping, mountaineering above 14,000 feet, scuba diving below 150 feet, or motor vehicle racing, unless such activities are specifically covered by endorsement.

7. Illegal Substance Use. Death resulting directly from the Insured's voluntary ingestion, injection, inhalation, or absorption of any controlled substance not prescribed by a licensed physician, or the misuse of any prescribed medication.

8. Nuclear, Biological, or Chemical Hazard. Death resulting from nuclear reaction, nuclear radiation, radioactive contamination, biological agent release, or chemical weapon exposure, whether accidental or intentional, regardless of contributory cause.

9. Terrorism. Death resulting from an act of terrorism as defined by the Terrorism Risk Insurance Act (TRIA), unless terrorism coverage is included by endorsement and applicable surcharge is paid.

10. Pre-Existing Condition Exclusion. Death resulting from a medical condition that existed prior to the Policy Date and was not disclosed in the application for insurance, discovered during the Contestability Period.

Conditions & Warranties¶

Duties of the Policy Owner¶

The Policy Owner warrants that all statements made in the application for insurance are true, complete, and accurate to the best of their knowledge and belief. The application is incorporated into and made part of this Policy. The Policy Owner shall promptly notify the Company of any change in address, Beneficiary designation, or ownership.

Examination Under Oath¶

In the event of a disputed claim, the Company reserves the right to require the Beneficiary or any claimant to submit to examination under oath as often as the Company may reasonably require. Failure to submit to such examination shall constitute a breach of the conditions of this Policy and may result in denial of the claim.

Suit Against the Company¶

No action at law or in equity shall be brought against the Company to recover on this Policy until sixty (60) days after written proof of loss has been filed with the Company, nor shall such action be brought after the expiration of three (3) years from the date written proof of loss was required to be furnished.

Liberalization Clause¶

If the Company adopts any revision of this Policy form that would broaden coverage without additional premium, the broadened coverage shall automatically apply to this Policy on the effective date of such revision.

Entire Contract¶

This Policy, including the application for insurance, any attached endorsements, riders, and amendments, constitutes the entire contract between the parties. No agent has the authority to change or waive any provision of this Policy. No change shall be valid unless approved by an officer of the Company and endorsed on or attached to this Policy.

Claims Process¶

In the event of the Insured's death, the Beneficiary or the Policy Owner's representative should follow the procedures outlined below. The Company is committed to processing claims promptly and fairly.

1. Notification (Within 30 Days). Notify the Company of the Insured's death by calling the Apex Claims Center at 1-800-555-APEX (2739) or by submitting a claim notification through the Apex Client Portal. Notification should be made within thirty (30) days of the date of death, although late notification alone shall not invalidate an otherwise valid claim.

2. Claim Form Submission (Within 60 Days). Complete and submit the Company's Proof of Death claim form, which will be provided upon notification. The claim form must be signed by the designated Beneficiary and must include the Policy number, the Insured's full legal name, date of birth, date of death, and cause of death.

3. Required Documentation. The following documents must be submitted with the claim form: (a) a certified copy of the death certificate; (b) a completed attending physician's statement, if applicable; (c) copies of any police or accident reports, if the death resulted from an accident; (d) proof of the claimant's identity and Beneficiary status; (e) the original Policy or a signed lost policy affidavit.

4. Claims Adjuster Assignment (Within 5 Business Days). Upon receipt of the claim notification, the Company shall assign a dedicated claims adjuster who will serve as the primary point of contact throughout the claims process. The adjuster will review the claim for completeness and may request additional information if necessary.

5. Claim Determination (Within 30 Business Days). The Company shall make a determination on the claim within thirty (30) business days of receiving all required documentation. If the claim is approved, payment shall be made within five (5) business days of the determination date. If additional investigation is required, the Company shall notify the Beneficiary of the reasons for the delay.

6. Payment Options. The Death Benefit may be paid as a lump sum, held at interest, paid in installments over a fixed period, or converted to a life income annuity, at the Beneficiary's election.

Waiting Periods & Effective Dates¶

This Policy shall take effect on the Policy Date shown on the Policy Schedule page, provided that: (a) the first premium has been paid; (b) the application has been approved by the Company's underwriting department; and (c) the Insured's health and insurability have not changed materially since the date of the application.

The Contestability Period of two (2) years begins on the Policy Date. During this period, the Company may investigate and contest the validity of the Policy based on material misrepresentation. After the Contestability Period expires, the Policy shall be incontestable except for non-payment of premiums.

The Suicide Exclusion Period of two (2) years also begins on the Policy Date. If the Policy is reinstated after lapse, a new two (2) year Contestability Period and Suicide Exclusion Period shall commence from the date of reinstatement.

There is no elimination period or waiting period for the Death Benefit. Coverage is effective immediately upon the Policy Date, subject to the exclusions stated herein. For the Waiver of Premium benefit, a six (6) month elimination period of continuous Total Disability must be satisfied before premiums are waived.

Cancellation & Non-Renewal Terms¶

Cancellation by the Policy Owner¶

The Policy Owner may cancel this Policy at any time by providing written notice to the Company. Cancellation shall be effective upon receipt of the written notice or on such later date as may be specified in the notice. Upon cancellation, the Company shall refund any unearned premium on a pro-rata basis within thirty (30) days of the effective date of cancellation.

Non-Renewal by the Company¶

This Policy is guaranteed renewable for the selected term period and cannot be cancelled or non-renewed by the Company during the term, provided premiums are paid when due. The Company may not refuse to renew this Policy or increase premiums during the guaranteed level premium period for any reason, including changes in the Insured's health status.

Lapse and Termination¶

If a premium is not paid by the end of the Grace Period, this Policy shall lapse and terminate without value, except that the Policy Owner may be entitled to exercise the Conversion Privilege or apply for reinstatement as described below. The Company shall provide written notice of lapse to the Policy Owner and any designated irrevocable Beneficiary or assignee of record at least fifteen (15) days prior to termination.

Premium Payment Terms¶

Premiums are due on the dates shown on the Policy Schedule page and may be paid on an annual, semi-annual, quarterly, or monthly basis. A modal loading factor of 4% (semi-annual), 6% (quarterly), or 8% (monthly) applies to modes other than annual.

A Grace Period of thirty-one (31) days is allowed for each premium payment after the first. If the Insured dies during the Grace Period, any overdue premium shall be deducted from the Death Benefit proceeds.

Reinstatement After Lapse¶

If this Policy has lapsed for non-payment of premium, it may be reinstated within five (5) years of the date of lapse upon: (a) written application for reinstatement satisfactory to the Company; (b) evidence of insurability satisfactory to the Company, at the Company's then-current underwriting standards; (c) payment of all overdue premiums with interest at an annual rate of 6%; and (d) payment or reinstatement of any outstanding policy loans.

Endorsements & Riders¶

The following optional endorsements and riders may be added to this Policy for additional premium. Contact your Apex advisor for current rates and availability.

• Accidental Death Benefit Rider — Provides an additional death benefit of $1,000,000 to $5,000,000 if the Insured's death results from an accidental injury. Annual premium: $0.15 – $0.40 per $1,000 of rider face amount.
• Children's Term Insurance Rider — Provides level term life insurance on each eligible child of the Insured. Coverage amounts of $10,000 to $50,000 per child. Annual premium: $2.50 per $1,000 of coverage.
• Guaranteed Insurability Rider — Grants the Policy Owner the right to purchase additional life insurance on specified option dates without evidence of insurability. Annual premium: $0.75 – $1.50 per $1,000 of additional coverage available.
• Return of Premium Rider — If the Insured survives the policy term, the Company shall refund 100% of all premiums paid. Annual premium: approximately 35% – 50% surcharge on base premium.
• Long-Term Care Acceleration Rider — Allows acceleration of the Death Benefit to pay for qualifying long-term care services. Annual premium: $1.20 – $3.50 per $1,000 of face amount.

Regulatory Information¶

Apex Financial Partners Insurance Company is domiciled in Delaware and licensed in all 50 states, the District of Columbia, and the U.S. Virgin Islands. NAIC Company Code: 99201. AM Best Rating: A+ (Superior), Financial Size Category XV.

If you have questions or concerns about this Policy, please contact your Apex advisor or the Apex Client Services department at 1-800-555-APEX (2739). If you are not satisfied with the Company's response, you may contact your state's Department of Insurance.

Delaware Department of Insurance: 1351 W. North Street, Suite 101, Dover, DE 19904 | Phone: (302) 674-7300 | Website: insurance.delaware.gov

The Company participates in the Life and Health Insurance Guaranty Association in each state in which it is licensed, subject to applicable state guaranty association laws. Guaranty association coverage is subject to statutory limits and may not cover all benefits under this Policy.

This Policy form has been filed with and approved by the insurance regulatory authorities in each state where it is offered. Policy provisions may vary by state to comply with applicable state law. In the event of a conflict between this Policy and applicable state law, the provisions of state law shall control.

Apex Financial Partners Insurance Company | 200 Summit Avenue, Suite 3200 | Wilmington, DE 19801 | NAIC #99201