Whole Life

Classic Life/Classic Child Protection

Original line of business: North American Life Assurance Company

Updated on: Dec 13, 2018

Product snapshot

The Classic Whole Life / Classic Child Protection policies participating life insurance plans that provide lifetime protection. These plans have guaranteed cash and paid-up values. There may be additional cash and paid-up values resulting from the dividend option elected. These paid-up values are guaranteed after they are purchased through the dividend option elected. The cash value can be used to provide extended term insurance.

Basic product information

Product administration guide: N/A

Sample contract: N/A

Dividend options: Yes

Bonus: N/A

Dividend options

Annual dividends are paid at the end of each policy year commencing at the end of the first policy year. Policy owner elects the dividend option in the application. If no election is made, Accumulation option is automatically used. A change in the option may be made, with the consent of the company, to any of the other options available to the Classic Life and Classic Child Protection plans. The following options are the dividend options:

  • Cash
  • Premium Reduction
  • Accumulation
  • Term Bonus Additions
  • Paid Up Additions



Premium paying period

Premiums are payable to age 100

Policy fees

No policy fee

Deposit load


Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: Yes

Non-forfeiture option

Automatic premium loan (APL)


Loans are available


Dividend withdrawals are available

Cash value

Basic cash values are fully guaranteed

Reduced paid up

Policy can go reduced paid up at the end of the 20th policy year

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday


Death benefit


Reinstatement period



Base coverage is already a permanent product