Whole Life

20 Pay Whole Life  

Original line of business: Monarch Life

Updated on: Dec 12, 2018

Product snapshot

The 20 Pay Whole Life Policy was originally issued by Monarch Life Insurance, and later assumed by The North American Life Assurance Company, and subsequently Manulife Financial. This policy is a participating Whole Life policy, with a level premium that is payable for 20 years, at which time the policy becomes paid up.

Basic product information

Product administration guide: N/A

Sample contract: N/A

Dividend options: Yes

Bonus: N/A

Dividend options

Refer to contract

Bonus 

N/A

Premium paying period

Premiums are level and payable for 20 years and then goes paid up 

Policy fees

Varies by version

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: N/A

Non-forfeiture option

Automatic premium loan (APL)

Loans

Loans are available 

Withdrawals

N/A 

Cash value

Cash values are guaranteed

Reduced paid up

If the policy was issued prior to Dec. 1, 1982: 

  • Can go RPU anytime 

If the policy was issued after Dec. 2, 1982: 

  • Can go RPU at the end of the 20th policy year  

 

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

N/A

Reinstatement period

N/A

Convertible

N/A