Whole Life

Last Survivor Adjustable Premium Whole Life   

Original line of business: Monarch Life

Updated on: Dec 12, 2018

Product snapshot

The Last Survivor Adjustable Premium Whole Life plans were non-participating. These plans provided coverage that was payable on second death. Premiums were also payable until second death, however were only guaranteed for 5 years at a time.

Basic product information

Product administration guide: N/A

Sample contract: N/A

Dividend options: N/A

Bonus: N/A

Dividend options




Premium paying period 

  • Premiums are payable until second death, but are only guaranteed for 5 years at a time
  • Premiums are level unless the company’s experience changes, based on interest rates, mortality and expenses
  • The new premium can be higher, lower or the same as the current premium 

Policy fees

Varies by policy version

Deposit load


Values, loans & withdrawals

Non forfeiture option: N/A

Loans: Yes

Withdrawals: N/A

Non-forfeiture option



Loans are available 



Cash value

This policy has guaranteed cash values

Reduced paid up 

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



Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday


Death benefit


  • Basic coverage only
  • Payable upon the second 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