Whole Life

Adjustable Whole Life

Original line of business: Commercial Union

Updated on: Dec 12, 2018

Product snapshot

The CU Adjustable Whole Life plan has premiums reviewed every three years and may increase or decrease depending on company experience. On each adjustment date, the current basic sum insured will be automatically increased by the percentage increase in the Consumer Price Index since the previous adjustment date.

Basic product information

Product administration guide: N/A

Sample contract: N/A

Dividend options: N/A

Bonus: N/A

Dividend options

N/A

Bonus

N/A

Premium paying period

  • Premiums are reviewed every three years. The premium may increase or decrease depending on company experience 
  •  Client is advised in writing

Premium review process

  • If the premium rate increases, the premium will increase however the policy owner can elect to keep the premium the same and decrease the face amount  
  • This must be requested in writing within 30 days of the adjustment date
  • If the premium rate decreases, the face amount increases and the premium stays the same 
  • The policy owner can elect to keep the same face amount and reduce the premium 
  • This must be requested in writing within 30 days of the adjustment date

Cost of living adjustment

  • On each adjustment date, the current basic sum insured will be automatically increased by the percentage increase in the consumer price index since the previous adjustment date
  • This increase does not result in an increase in cash value 
  • If the policy owner declines a cola increase or reduces the face amount, no further increases will be permitted
  • No increases are permitted beyond the adjustment date nearest age 70 at which point the owner can convert to an estate protector policy. This process is done as an exception
  • COLA increases are shown as a term rider on the C screen which is housed in the supp term field

The face amount of the rider will not show until the next COLA increase 

Policy fees

N/A

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: N/A

Loans: N/A

Withdrawals: N/A

Non-forfeiture option

N/A 

Loans

N/A 

Withdrawals

N/A

Cash value

N/A

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

N/A

Reinstatement period

N/A

Convertible

N/A