Term 10 provides low-cost life insurance coverage that meets short term security needs while accumulating tax-deferred savings.
The accumulated funds generated over the years allow the client to:
The insurance amount is fixed
The cost of insurance is level for the first 10-year term, which means it will not increase. After that period, it will increase on an annual basis.
If the insured is between 18 and 60 years old, the cost of insurance ceases to be payable at age 90.
If the insured is between 61 and 75 years old, the cost of insurance ceases to be payable when whichever of the following events first occurs:
Term 10 can be converted into a permanent product up until age 70, without having to provide new evidence of insurability.
For in-force contracts, please refer to the contract's clause to find out the maximum age at which the option may be exercised.
The Exchange Option allows your clients to exchange the Term 10 for a Term 20, during the first five years of coverage, without providing new evidence of insurability. The client must be 60 or under at the time of the exchange and certain age restrictions apply. The maximum age to exercise the option for the Term 20 is 60.
Partial exchanges are also accepted.
Individual coverages include an option for exchanging the individual coverage for joint last-to-die coverage, up to age 70. This option allows you to add new insureds to the joint coverage. The products offered are the same as those available for conversion.
For in-force contracts, please refer to the contract's conversion clause to find out the maximum age at which the option may be exercised. If the Association Option is not included in the contract, please contact Head Office.
To order, contact your financial centre's administrative assistant or follow your current procedure and specify the identification number.
Universal life insurance client sheet - 17056E
Universal life insurance reference guide - 17056E01
Universal life insurance investment options - Comparison sheet - 17056E02