NEW Manulife Par premium duration – pay to age 90
Because our pairing of Manulife and Par go so well together, we’ve taken it one step further to make it even better for you. We’ve paired Manulife Par with the new pay-to-age-90 premium duration*! With another premium option to choose from, in addition to 10 or 20 year premium durations, you now have a more well-rounded product to serve your needs and your clients’.
How it works
This new duration is available on a single-life and joint last-to-die (premium to last death) basis.*Pay-to-age-90 insurance has a guaranteed, level premium, payable until the policy anniversary when the attained joint age is 90, for joint policies, or the policy anniversary nearest the insured person’s 90th birthday, for single life. After this point, the premium for this insurance reduces to $0 and no further premiums are required to keep the insurance in place.
The amount of insurance limits are slightly different under pay-to-age-90 insurance coverages.
- The minimum amount of insurance for issue ages of 0 to 15 is $25,000
- The minimum amount of insurance for issue ages/joint issue ages of 16+ is $100,000
Only pay-to-age-90 insurance coverages issued for ‘juveniles’ will be allowed a lower minimum amount of insurance, of less than $100,000.
Illustrate Manulife Par pay to age 90
The Diamond View (login required) software tool will be available to illustrate Manulife Par pay-to-age-90 insurance coverages as of Monday, May 13.
For questions, contact your Manulife sales representative or back office as appropriate.