The Special Whole is a combination of (50%) basic whole life with participation in profits and (50%) decreasing term assurance without participation in profits. The hybrid nature of the product makes it less expensive and affordable.
Features of the Special Whole Life Plan
- The Special Whole Life Plan is partly a life cover product participating in profits and partly decreasing term assurance not participating in profits.
- Maximum benefit offered capped at $200,000. Reinsurance will be sought for covers that exceed the limit.
- The premium rates are payable per $1,000 initial Sum Assured split as $500 DTA and $500 whole Life.
- The product provides bonuses accredited on a reversionary basis.
- The DTA Sum Assured decreases uniformly from the initial sum assured to 0 after 25 years. The with-profits whole life cover part participates in discretionary benefits declared each year.
- Level Premiums are paid from inception up to the Premium Cease Age or until earlier death.
- Since this product is sold as a package, premiums remain level up to the selected premium ceasing age or until death if earlier.
- This product cannot be converted to term insurance, life or endowment policy.