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Financial advisory
RES5Financial Advisory Services✓A single-premium ILP has a single premium of $80,000 and an aggregate death plus critical-illness benefit of $100,000. Is this a 'specified ILP', and how often must the Statement to Policyholders be sent?
For a single-premium ILP to be 'specified', the death + critical-illness benefit must be 150% or more of the single premium. Here $100,000 is only 125% of $80,000, so it is not a specified ILP; such ILPs default to a monthly Statement to Policyholders (subject to the limited exceptions).
125% falls short of the 150% test, so it is NOT specified — and it is the non-specified ILPs that report monthly, while specified ILPs report annually.
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