Whole Life

Security Builder Plus

Original line of business: North American Life

Updated on: Dec 19, 2018

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Product snapshot

The Security Builder Plus (Monarch) product is a whole life, participating policy. The plan provides $3,000/unit of coverage until the policy anniversary nearest age 12. At this time the amount of insurance per unit increases by $200 per year until $5,000/unit is reached at the policy anniversary nearest age 21. At age 21, the plan will change to a life paid up at 60 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

Premiums are level and payable to age 60 and then goes paid up

Policy fees

Varies - please refer to policy contract

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: N/A

Non-forfeiture option

Automatic premium loan (APL)

Loans

Available

Withdrawals

N/A

Cash value

Are fully guaranteed as per contract

Reduced paid up

  • If the policy was issued prior to Dec. 2, 1982: can go RPU anytime
  • If the policy was issued after Dec. 1, 1982: can go RPU at the end of the 20th policy year

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

  • Each unit provide $3,000 of insurance until the policy anniversary nearest age 12
  • 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

Reinstatement period

N/A

Convertible

N/A