Let's look at a scenario involving a 77-year-old female who owns an insurance policy with a $900,000 face amount
and a current cash surrender value of $68,296.
Ability to convert term policy to permanent life insurance with same face amount
LifeFund pays critical illness benefits as a percentage of the initial face amount
Coventry pays 20% to 25% of the face amounts
of the policies, or about seven times their cash value, said Buerger.
The disclosure statement would apply to life insurance policies with face amounts
of $15,000 or less.
New features and options available through the enhanced whole life product include lower face amount
limits for the best risk class: $100,000 for Whole Life and $250,000 for Modified Premium Whole Life.
The disclosure statement would apply to policies with face amounts
up to $10,000, but the group might raise that amount to $15,000.
Policyowners may select a death benefit that's equal to the face amount
; a benefit that's equal to the face amount
plus the accumulated value; or a death benefit equal to the face amount
plus the premiums paid.
With these enhancements, Manulife remains focused on offering competitively priced policies on large face amounts
of over $1,000,000.
Minimum face amounts
are $100,000 for the lump sum and $500 in monthly payments for issue ages 18 to 49 and $50,000 and $500, respectively, for issue ages 50 or higher.
Since taking over this company in May 2000, this management team has successfully paid in full and in advance of maturity three securitizations with an original face amount
The settlement includes all policyholders and certain beneficiaries of certain policies that insured non-Caucasians: industrial life policies issued from 1901 through 1964 with face amounts
less than $1,000; ordinary policies issued from 1901 through 1972 with less-than-standard risk classifications; and, Metropolitan Series policies issued from 1960 through 1972 with face amounts
between $4,500 and $5,000.