Universal Life
Architect Original
Original line of business: Aetna
Updated on: Dec 11, 2018
Product snapshot
A Universal life plan originally issued by Aetna Life Insurance before being administered by Maritime Life Assurance. From the original plan, several versions were issued throughout the years. Plan details differ by version.
Basic product information
Product administration guide: N/A
Sample contract: N/A
Dividend options: N/A
Bonus: Yes
Sample contract
Contract available (English and French)
Bonus
Beginning in the eleventh policy year the interest rate credited on the net premiums applied to the money market account and the 5 year GIA will be increased by 0.5% per annum. This interest bonus will also be applied to all funds in the money market account and to the account value associated with the net premiums at the time of reinvestment in the 5 year GIA
Premium paying period
Age 95 (can cease before then as long as there is enough value in the policy to cover the costs and pass the minimum fund value test – if applicable)
Policy fees
$7.50/month
Deposit load
Varies by province
Values, loans & withdrawals
Non forfeiture option: Yes
Loans: N/A
Withdrawals: Yes
Non-forfeiture option
120 days grace
Loans
Not available
Withdrawals
Withdrawals permitted if the cash value is greater than $1,000. Minimum withdrawal is $500. If death benefit is level, the face amount will be reduced by the amount of the withdrawal. If the death benefit is indexed sum insured, the additional coverage amount will be reduced by the amount of the withdrawal, followed by a reduction in the face amount if necessary. MVA could apply (GIAs). Subject to tax and MFVT restrictions
Cash value
Yes
Reduced paid up
N/A
Riders & benefits
Premium offset/holiday: Yes
Premium offset/holiday
Payments can cease if there is enough value in the policy to cover all policy costs and pass the minimum fund value test, if applicable
Death benefit
- Level sum insured: the death benefit is equal to the face amount or the fund value if greater, less any outstanding loan
- Coverage plus: the death benefit is equal to the face amount plus the fund value less any outstanding loan. When the policy has more than one insured for this option, the fund value will be payable only when the last insured dies
- Indexed sum insured: the death benefit is equal to the face amount of the base coverage plus the indexed coverage less any outstanding loan. The owner can choose between 2% and 8%
Reinstatement period
2 years
Convertible
No, it is a permanent product