Whole Life

Single Premium Adjustable Whole Life 

Original line of business: Gerling Global

Updated on: Dec 12, 2018

Product snapshot

The Single Premium Adjustable Whole Life policy was a whole life paid for by a single premium when the policy was placed in force. The amount of insurance is adjusted on the policy on every 5th policy anniversary. An endorsement is provided on every adjustment date.

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

A single premium was payable when the policy was put in force.  The premium paid is listed on the policy contract pages 

Policy fees

$200.00

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: N/A

Loans: Yes

Withdrawals: N/A

Non-forfeiture option

N/A 

Loans

Loans are available 

Withdrawals

N/A

Cash value

Cash values are guaranteed 

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

The sum insured is adjusted on every fifth policy anniversary. At each adjustment the client will receive a new policy endorsement showing the new sum insured and a table of cash values corresponding to the new sum insured amount

The sum insured adjustments are subject to the following restrictions: 

  • The sum insured will never be less than the guaranteed minimum sum insured which can be found in the policy contract
  • If on any renewal date the sum insured exceeds 125% of the initial sum insured, evidence of insurability must be provided to increase face amount if the company declines insurance the client will receive the unused insurance payment as a cash payment

Reinstatement period

N/A

Convertible

N/A