Whole Life

Whole Life

Original line of business: North American Life

Updated on: Dec 11, 2018

Product snapshot

The Whole Life plan was offered in a participating or non-participating format, with premiums payable for varying periods depending on the version issued. 

Basic product information

Product administration guide: N/A

Sample contract: N/A

Dividend options: Yes

Bonus: N/A

Dividend options

  • Cash 
  • Applied to purchase paid up additions 
  • Applied towards premium payment 
  • Left to accumulate on policy

Bonus

N/A

Premium paying period

  • Premiums are payable for varying periods (depending on the version) 
  • Refer to policy contract for specifics  

Policy fees

Varies, refer to policy contract

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: Yes

Non-forfeiture option

  • If non-registered: automatic premium loan (APL)
  • If registered: reduced paid up  

Loans

Available 

Withdrawals

Dividends may be withdrawn

Cash value

Fully guaranteed

Reduced paid up

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

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

Sum insured plus dividends if applicable, minus any loans if applicable

Reinstatement period

2 years

Convertible

No, this is already in a whole life product