Universal Life ISL (Interest Sensitive Life)

TermPlus

Original line of business: Maritime Life

Updated on: Dec 11, 2018

Product snapshot

The TermPlus product is an adjustable pay life plan. Beginning in the 20th policy year, cash values and reduced paid up values become available.

Basic product information

Sample contract: N/A

Dividend options: Yes

Bonus: N/A

Dividend options

This policy is non-participating

Bonus

N/A

Premium paying period 

  • Premiums are adjustable every five years
  • If necessary, the premium paying period will be extended or the policy owner may be asked to pay an increased premium or decrease their coverage 

Policy fees

Policy fee varies, verify to contract

Deposit load

Verify in policy contract

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: N/A

Non-forfeiture option

Extended term provision 

  • This is the automatic non-forfeiture option during the first 20 policy years.
  • After five full annual premiums have been paid, this will keep the policy in force for at least one year.
  • During the first year that extended term is in effect, the policy owner may resume premium payments by paying the missed premiums plus interest without medical evidence 

The contract states "after the extended term provision has been in effect for one year the policy's accumulation amount is reduced to the then current cash option amount." this means that the accumulation amount is reduced by a specified percentage in section 9 of the contract if the client has been on extended coverage for more than 1 year 

Loans

If the cash option amount equals the accumulation amount and provided that the extended term provision is not in effect, a loan may be made from the cash option amount of this policy with the policy as security 

Withdrawals

N/A

Cash value

Beginning in the 20th policy year, cash values and reduced paid up values become available

Reduced paid up

Beginning in the 20th policy year, cash values and reduced paid up values become available

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

Basic coverage only (level)

Reinstatement period

2 years

Convertible

At any time after the fifth policy anniversary, the policy owner may convert to a higher premium policy at rates based on the life insured’s attained age at the time of conversion