Whole Life

Joint Adjustable Premium Whole Life   

Original line of business: Monarch Life

Updated on: Dec 12, 2018

Product snapshot

The Joint Adjustable Premium Whole Life product is a non-participating policy that is payable on the first death. Premiums are payable for life, however are only guaranteed in 5 year intervals. Premiums are adjustable based on company experience.

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 payable for life
  • Premiums are reviewed every 5 years 

Policy fees

Varies by policy version

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: N/A

Loans: Yes

Withdrawals: N/A

Non-forfeiture option

N/A 

Loans

Loans are available 

Withdrawals

N/A

Cash value

This policy has guaranteed cash values

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit 

  • Basic coverage only
  • Death benefit is payable on first death    

Reinstatement period

If this policy lapses, it may be reinstated within three years thereafter on submission of evidence of insurability satisfactory to the company and payment of all unpaid premiums with interest at a rate to be determined from time to time by the company

Convertible

N/A