Whole Life


Original line of business: Maritime Life

Updated on: Dec 13, 2018

Product snapshot

The F10 is a limited pay, juvenile, non-participating increasing whole life plan. Premiums are payable for 10 years at which time the policy will become paid up. The face amount of this plan increases at the later of the 10th policy anniversary or the anniversary following the life insured's 25th birthday

Basic product information

Product administration guide: N/A

Sample contract: N/A

Dividend options: N/A

Bonus: N/A

Dividend options




Premium paying period

Premiums are payable for 10 years, after which the policy continues as paid up

Policy fees


Deposit load


Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: N/A

Non-forfeiture option 

  • If at least one full year premium has been paid, insurance will continue for a limited period of time

No loan outstanding (extended term provision): 

  • Two years of continued coverage is provided for each full year's premium paid to date
  • All riders are terminated once it takes effect
  • All missed premiums must be repaid to resume premium payments

Loan outstanding (automatic premium loan): 

We will automatically pay missed premiums to the extent possible by making additional loans


  • Loans are available. The loan will have interest which accrues daily at an effective annual rate not to exceed the prime lending rate of our principal banker plus 2%
  • Any outstanding loan balance plus accrued interest will be deducted from any amounts otherwise payable under this benefit
  • If the policy is being continued under the extended term provision, then a loan is not available 



Cash value

This policy may be surrendered for a refund of a percentage of the sum of all full year's premiums paid to date. Policy fees, modal extras, rider premiums, and medical extras are excluded

Policy year   Percent refunded

1                        10%

2                       20%

3                       30%

4                       40%

5                       50%

6                       60%

7                        70%

8                        80%

9                        90%

10                       100%

11-15                   100%

16-20                  125%

21-25                  150%

26-30                 175%

31+                     200%

The gross cash value will be reduced by missed premiums if coverage is in effect under the extended term provision and any outstanding loan plus accrued interest.  No cash value is available after the extended term provision has been continuously in effect for more than five years 

Reduced paid-up


Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

Please note that premium offset is not available on this policy

Death benefit

At the later of:  

  • The 10th anniversary; or
  • The anniversary following the life insured's 25th birthday  

The face amount of the policy will increase to:  

  • 250% of the initial face amount if the life insured is a non-smoker  


  • 150% of the initial face amount if the life insured is a smoker 

No cost term rider: if the insured dies while the rider is still inforce, the coverage will be added to the death benefit

Reinstatement period