Term

Infiniterm Mark II

Original line of business: Gerling Global

Updated on: Dec 13, 2018

Product snapshot

The Infiniterm Mark II is a term insurance product with optional features available to elect at issue. 

  • 10% increase of initial face amount on each of the first 10 policy anniversaries. For ages greater than 65 the Increasing feature terminates on the later of the insured's attained age last birthday 75 or third policy anniversary
  • Increases are optional and may be declined
  • Once declined, increases will no longer be available  

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

Level premiums are payable to age 100 unless one of the following options was selected at issue: 

  • Option 1 Increasing feature option: 10% increase of the initial face amount on each of the first 10 policy years with corresponding premium increase. Increases are optional and may be declined. Once declined no further increases available
  • Option 2 with CSV: This option is available for an extra premium and will allow the owner after the policy has been in force for at least 10 years to terminate the policy and receive a refund of all premiums paid 
  • Option 3 with ETI: Extended coverage is available at the later of age 65 or after 15 years of premiums have been paid. For joint cases age 65 translates into the duration on which the attained joint insurance age is 65
  • Option 4 Quick-Pay Option: Provides a fully paid up policy in 15 years and cash values are also available after 15 years. The cash value is equal to the sum of all basic equivalent annual premiums (including policy fee and permanent medical substandard extra premiums) paid provided the policy has been in force for at least 15 years
  • Option 5 Pay to age 65 option: Provides a fully paid up policy at age 65 (no cash values, paid up values or policy loans are available)
  • Return of Premium on Death Term Rider (Available on Option 2, 3, 4 & 5):  This rider is not available with the main plan with the increasing feature. With this rider, all basic equivalent annual premiums paid (including policy fee and permanent medical substandard extra premiums but excluding premium of any other riders or benefits) will be returned in the event of death, in addition to the face amount provided death occurs prior to age 75

Policy fees

$100 for a single policy or $200 for a joint policy

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: No

Non-forfeiture option

  • At issue, clients could choose to add the option of extended term insurance. If added, the policy owner can choose to elect extended term insurance (ETI) once the policy is inforce for 15 policy years or after age 65 (whichever is later). ETI duration is one year for every year a premium has been paid
  • If the ‘extended term insurance’ option was not chosen at issue, there is a 31-day grace period only

Loans

Loans are only available for policies with the ‘quick pay’ option after the 15th policy anniversary (if sufficient value is available)

Withdrawals

No

Cash value

No cash value unless Option 2 or Option 4 were selected at issue  

Reduced paid up

Yes available with Option 3  

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

Basic coverage only

Reinstatement period

Please review the contract to confirm

Convertible

Not convertible