Whole Life

New Money Life

Original line of business: Zurich

Updated on: Dec 14, 2018

Product snapshot

The New Money Life product is an adjustable, whole life product. Premiums can be adjusted at the end of each 5-year period. These plans can be participating or non-participating, however dividends are reflected in the premiums of the policy and not in a payable dividend.

Basic product information

Product administration guide: N/A

Sample contract: N/A

Dividend options: Yes

Bonus: N/A

Dividend options

If this product is participating, the experience is reflected in the premium rates. Therefore, no dividends are paid

Bonus

N/A

Premium paying period

  • At the end of each 5-year period, the assumptions used in the development of the premiums for this plan are reviewed. If there is a change, then the premium for the next 5-year period is recalculated. Premiums could increase or decrease
  • Any change in the premium for each 5-year period is not a result of the attained age of the insured

Policy fees

N/A

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: N/A

Non-forfeiture option

Automatic premium loan (APL)

Loans

Loans are available

Withdrawals

N/A

Cash value

This policy has guaranteed cash values

Reduced paid up

Guaranteed paid up values (minimum face for paid up policy is $5,000)

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

Basic face amount only

Reinstatement period

2 years

Convertible

N/A