Whole Life

Security Builder

Original line of business: North American Life

Updated on: Dec 14, 2018

Product snapshot

The Security Builder (NAL) product is a whole life, participating policy with level premiums payable to age 65. At issue, each unit provides $3,000 of coverage until the policy anniversary closest to age 12. At age 12, the amount of insurance starts to increase by $200/unit per year until $5,000/unit is reached at the policy anniversary nearest age 21.

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 level and payable to age 65

Policy fees

  • Policy varies by policy
  • Check contract for accuracy 

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Dividends may be withdrawn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 guaranteed cash values

Reduced paid up

If the policy was issued prior to December 2, 1982: 

  • Reduced paid-up is available at anytime 

If the policy was issued on or after December 2, 1982: 

  • Reduced paid-up is available at the end of the 20th policy year

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

  • At age 12, the amount of insurance per unit increases by $200 per year until $5,000 is reached at the policy anniversary nearest age 21 and remains at $5,000 thereafter
  • The death benefit is the sum insured amount on poli -c, plus the 02 coverage amount on poli-y

Reinstatement period

N/A

Convertible

N/A