Whole Life

Guaranteed Renewable Insurance Protection (GRIP) 

Original line of business: Manulife

Updated on: Dec 13, 2018

Guaranteed Renewable Whole Life (GRWL) plans are non-participating adjustable whole life plans.

Product administration guide: N/A

Sample contract: N/A

Dividend options: N/A

Bonus: N/A

Dividend options




Premium paying period

  • The premiums are payable for life, but are guaranteed only for five year periods
  • At the end of each 5-year period, the assumptions used to calculate the premiums are reviewed
  • If the expected future experience differs from the assumptions used to set the rates for the previous 5-year period, then the rates will be adjusted for all policies in that class of business
  • Renewal premiums may be higher or lower than those charged during the previous 5-year period

Policy fees


Deposit load


Non forfeiture option: Yes

Loans: Yes

Withdrawals: N/A

Non-forfeiture option

Automatic premium loan (APL)


If the policy has cash values then loans are available



Cash value

  • Check each policy individually
  • Grip policies may not have cash values

Reduced paid up

Reduced paidup is available for policies with cash values (check the contract for the rate table)

Premium offset/holiday: N/A

Premium offset/holiday


Death benefit

The death benefit can change based on the 5 year adjustments

Reinstatement period

You may apply to reinstate your policy at any time within two years after the start of the grace period