Whole Life
LifeWise 65-Pay
Original line of business: Zurich
Updated on: Dec 14, 2018
Product snapshot
The LifeWise product was originally sold by Zurich Life, and Manulife continued to sell a new version until January 2011 (LifeWise II). The original product sold by Zurich offered whole life protection with premiums payable for 10 years, 20 years, up to age 65 or for life. These policies are participating; however, dividends are not paid out.
Basic product information
Product administration guide: N/A
Sample contract: N/A
Dividend options: Yes
Bonus: N/A
Dividend options
- Participating however dividends are not paid out
- LifeWise was designed using less conservative assumptions, resulting in more affordable premiums
- The LifeWise guaranteed annual dividend is applied against the gross annual premium resulting in a net annual premium that is very competitive compared with other limited pay products. The net premium shown on the illustration, on lifeguide and on the policy face page is the guaranteed level premium that your client will pay. It has already been reduced to reflect the guaranteed dividend amount
Bonus
N/A
Premium paying period
Base coverage premium payment period = to age 65
Options at age 106:
- Coverage remains in force to the insured's age 106
- Base coverage become fully paid-up at the end of the premium payment period
- Premiums are guaranteed for the life of the policy
For any riders or benefits continue until their individual termination dates
Policy fees
None
Deposit load
N/A
Values, loans & withdrawals
Non forfeiture option: Yes
Loans: Yes
Withdrawals: N/A
Non-forfeiture option
31 day grace period
Loans
Loans are available once the cash values begin
Withdrawals
N/A
Cash value
- This policy has guaranteed cash values
- The values do not begin until year 10
Reduced paid up
Values begin in year 10, but are not illustrated until the amount is at least $5,000
Riders & benefits
Premium offset/holiday: N/A
Premium offset/holiday
N/A
Death benefit
Base coverage only
Reinstatement period
2 years
Convertible
No, this is already in a whole life product