Term

Five Year Renewable and Convertible Term  

Original line of business: Gerling Global

Updated on: Dec 12, 2018

Product snapshot

The Five Year RCT plan is a renewable and convertible term plan providing coverage to age 65 with premiums renewing every 5 years at attained age.  Gerling Global also offered a special version of this plan called Special 5 Year RCT, which offered for the sale of large policies only. The minimum face amount for the special was $250,000 and the provisions in this plan are not as liberal as those in the regular 5 Year RCT.

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

Renewable every 5 years as per renewal schedule 

Policy fees

$35.00 

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: N/A

Loans: N/A

Withdrawals: N/A

Non-forfeiture option

N/A 

Loans

N/A 

Withdrawals

N/A

Cash value

N/A

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

Basic coverage only

Reinstatement period

N/A

Convertible

The regular version can be converted up until the policy anniversary nearest the insured's 70th birthday, however if the version is the "Special" the last date for conversion will be the policy anniversary nearest the insured's 60th birthday