Participating whole life

This is an example of a Participating Whole Life Insurance product. The model can either solve for premium or sum assured depending on the inputs.

Sample file

PAR Model.xlsx

1MB

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Workbook layout

Here is the detailed walkthrough of this service by worksheet.

Worksheet	Description
Inputs & Outputs	Contains the inputs and outputs for this model.
xSolve	Solve for sum assured based on premium input.
CashFlowPP	Cash flow illustrations by policy year.
Xreport_Illustration	Illustration of the surrender benefit and death benefit, by guaranteed and non-guaranteed for each policy year. This worksheet will produce a PDF report.

• The remaining tabs contain the rates and factors for this model, including index table, guaranteed cash value (GCV) factors, annual dividend (AD) factors, TB (terminal bonus) rates, and premium rates.

Inputs

Input	Description
01_Age	Issue Age
02_Sex	Sex (M/F)
03_Prem_freq	Premium Frequency (1/2/4/12)
04_Currency	Currency
05_Smoking	Smoking status (NS/S)
06_Prem_term	Premium Term
07_mat_age	Maturity Age
08_SumAssured	Sum Assured (input)
09_DB_option	Death Benefit Option (1. SA; 2. % of TPP)
10_DB_xTPP	Death Benefit (x % of TPP)
11_DoD_int	Interest rate on account dividends
12_CalcBy	Calculate by (Sum Assured, Premium)
13_PremTarget	Target Premium
Rider_Purchase	Rider Purchase

Outputs

Output	Description
01_Premium_Rate	Premium rate
02_modal_prem	Modal Premium
03_BenTerm	Benefit Term
04_AnnualPrem	Annualized Premium
05_SA	Premium After Discount
CashFlow30	Cash flow table

This is a snapshot of the xoutput_cashflow30 for the first 10 years.