Here’s the list of participating life insurance products available for term products conversion:
Available dividends options
Conditions for eligibility to convert term life insurance or to exercise a guaranteed insurability option (GIO) into participating whole life insurance with the following options:
| PUA and enhanced insurance | Annual premium reduction, cash payment and dividends on deposit |
|---|
- No extra premium on term life insurance
- The initial death benefit amount (including the enhanced insurance option) cannot exceed the death benefit amount of the term life insurance.
- Age eligibility: according to the new policy’s conditions
| - The initial death benefit amount cannot exceed the death benefit amount of the term life insurance
- Age eligibility: according to the new policy’s conditions
|
When a term life product allows for a conversion to a permanent product and there are neither specific clauses nor restrictions in the original contract, then the conditions mentioned above are applicable. However, a few older contracts may have restrictions and clauses preventing such a conversion. Therefore, it is important to treat these situations on a case-by-case basis, as to not give the client the wrong information. Please check with the head office by providing the contract number in order to proceed to verification.
Evidence of insurability is required to add Additional Deposit Option (ADO) if a term policy has been in force for more than 5 years. Please Fill out the
Add or change Additional Deposit Option (ADO) form.
ADO is not available if an extra premium applies to the term policy.
