Whole Life

New Money 20

Original line of business: Aetna

Updated on: Dec 14, 2018

Product snapshot

The New Money Life is a non-participating, adjustable premium, whole life product.

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 and sum insured are level and guaranteed for the first 20 years
  • At year 20, if no further premiums are required, the policy will remain at the current face amount and it will still be reviewed every five years
  • If more premiums are needed at year 20, the policy will be reviewed every year thereafter
  • If at year 20, premiums will be needed for life, the premium is increased by default
  • This product is adjustable based on interest rates, mortality rates and expenses. The premiums are reviewed every 5 years based on these factors
  • If interest rates decrease, then premiums may be increased at the next adjustment
  • If interest rates increase, then premiums may be decreased at the next adjustment

Policy fees

If applicable noted in policy contract

Deposit load


Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: N/A

Non-forfeiture option

Automatic premium loan (APL)


  • Loans are available on 85% of the current cash value
  • Not available on a reduced paid-up policy as there is no cash value



Cash value

Policy has cash value that varies depending on interest rate and coverage amounts. If the client chooses to have a reduced paid up policy, they no longer have access to the cash values in the policy, meaning no value at time of surrender

Reduced paid up

  • The minimum face amount for RPU is $2,500.00
  • Any outstanding loans must be repaid before changing the policy to reduced paid up

There are two types of reduced paid up:

1) Reduced paid up guaranteed

  • Value is guaranteed not to change (no longer adjusted)
  • Will be lower than the adjustable RPU

2) Reduced paid up adjustable (new money)

  • Face amount is subject to adjustments every 5 years
  • Face amount can increase or decrease and is not guaranteed

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday


Death benefit

  • Sum insured is guaranteed for the first 20 years
  • Sum insured can increase or decrease at adjustment dates depending on the option chosen by the client
  • A minimum face amount is guaranteed in the contract to protect against extreme interest rate fluctuations

Reinstatement period

2 years