Proformex has established standard product types for life policies and annuities based on Industry Standards.
Proformex uses the following product types for life insurance and annuities:
1. Term
2. Whole Life
3. Universal Life
4. Universal Life with Secondary Guarantees
5. Universal Life with Long Term Care
6. Indexed Life
7. Variable Universal Life
8. Variable Universal Life with Secondary Guarantees
9. Fixed Annuity
10. Variable Annuity
11. Indexed Annuity
12. Single Premium Immediate Annuity
13. Deferred Income Annuity
14. Index Variable Annuity
15. Pension Plan
16. Registered Index Annuity
17. Retirement Plan
18. Single Premium Deferred Annuity
19. Variable Immediate Annuity
When adding life policies or annuities to your Proformex, contracts must be assigned one of these product types.