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B. DeAngelises Survivor Whole Life Policy
The December 28, 1993 and 1994, premiums of $103,762.66 on
the DeAngelises survivor whole life policy were paid timely, and
PUAR was purchased in each year with additional premiums of
$16,237.34. In 1996, the premium due on December 28, 1995, was
paid timely with a dividend withdrawal of $11,563.68, a
withdrawal of $34,133.47 from the PUAR, and the above-referenced
$58,066.51 withdrawal from the Dr. DeAngelis policy. In 1997,
the premium due on December 28, 1996, was paid with a dividend
withdrawal of $12,363 and a policy loan of $91,399.66. The
premium due on December 28, 1997, was not paid timely, and the
policy lapsed for nonpayment of the premium. MetLife converted
the policy to participating reduced paid-up insurance with a face
value of $588,731.17
On or about August 23, 1999, upon the request of Dr.
DeAngelis (and in connection with a similar request of Dr.
16(...continued)
because of a failure to pay a premium owed on the policy. Under
this option, the cash value of a lapsed policy is used to
maintain the full original death benefit until the cash value is
depleted.
17 A reduced paid-up feature is another life insurance
policy nonforfeiture option that may be exercised when the policy
lapses because of a failure to pay a premium owed on the policy.
If such a feature is exercised, the remaining cash value of the
policy is used to purchase a single premium life insurance policy
with a lower death benefit. While the death benefit is reduced,
the cash value in the policy is used up more slowly than under
other nonforfeiture options.
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Last modified: March 27, 2008