Whole Life

Last Survivor Adjustable Premium Whole Life   

Original line of business: Monarch Life

Updated on: Dec 12, 2018

Product snapshot

The Last Survivor Adjustable Premium Whole Life plans were non-participating. These plans provided coverage that was payable on second death. Premiums were also payable until second death, however were only guaranteed for 5 years at a time.

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 until second death, but are only guaranteed for 5 years at a time
  • Premiums are level unless the company’s experience changes, based on interest rates, mortality and expenses
  • The new premium can be higher, lower or the same as the current premium 

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 

  • If the policy was issued prior to Dec. 2, 1982 then the 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 

 

 

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

 

  • Basic coverage only
  • Payable upon the second death 

Reinstatement period

N/A

Convertible

N/A