Whole Life

Security Builder

Original line of business: Maritime Life

Updated on: Dec 14, 2018

Product snapshot

The Security Builder is a participating whole life plan that was sold as an education plan.

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

N/A

Policy fees

N/A

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: Yes

Non-forfeiture option

Automatic premium loan

Loans

Available

Withdrawals

Dividends may be withdrawn

Cash value

This policy has cash values

Reduced paid up

 

  • RPU is available once the insured is 16 years of age, there are no loans available
  • Once RPU is selected the policy will be changed to a non participating status
  • Reduced paid up values are available in the policy contract  

 

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

  • Coverage will increase by 5x the original face amount at the anniversary nearest the insured's age 21

Example:

$5,000.00 coverage at issue automatically increased to $25,000.00 at the anniversary nearest the life insured's age 21

Reinstatement period

Reinstatement period is 3 years

Convertible

N/A