Whole Life

Joint Adjustable Premium Whole Life   

Original line of business: Monarch Life

Updated on: Dec 12, 2018

Product snapshot

The Joint Adjustable Premium Whole Life product is a non-participating policy that is payable on the first death. Premiums are payable for life, however are only guaranteed in 5 year intervals. Premiums are adjustable based on company experience.

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 payable for life
  • Premiums are reviewed every 5 years 

Policy fees

Varies by policy version

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: N/A

Loans: Yes

Withdrawals: N/A

Non-forfeiture option

N/A 

Loans

Loans are available 

Withdrawals

N/A

Cash value

This policy has guaranteed cash values

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit 

  • Basic coverage only
  • Death benefit is payable on first death    

Reinstatement period

  • If the policy was issued prior to Dec. 2, 1982 then policy can go RPU anytime
  • If the policy was issued after Dec. 1, 1982 then the policy can go RPU at the end of the 20th policy year 

Convertible

N/A