Universal Life

Architect Classic II

Original line of business: Aetna

Updated on: Dec 12, 2018

Product snapshot

Universal Life product with death benefit, various investment fund options and cost of insurance options.

Basic product information

Product administration guide: N/A

Sample contract: N/A

Dividend options: N/A

Bonus:  Yes 

Dividend options

N/A 

Bonus

An investment bonus is credited annually to an account value only if the net fund value at the time is greater than or equal to 10 times the Architect minimum premium.  The appropriate investment bonus would then be credited at the end of the policy year

If the sum insured is less than $100,000.00, the investment bonus credited to each investment account would equal the net account value multiplied by 0.50%

If the sum insured is greater than or equal to $100,000.00, the investment bonus credited to each investment account would equal the net account value multiplied by the bonus percentage as below:

Policy Year    Bonus Precentage

      1-5                  0.50%

       6+             The lesser of 1.95% or (1.15% + 0.15 * (Earned Rate - 3%))

If there is more than one Architect coverage shown in the schedule, the largest sum insured will determine the investment bonus

Premium paying period

Age 100. Can stop paying sooner as long as there is enough value in the policy to cover policy costs to age 100 

Policy fees

$9.00/month

Deposit load

Varies by province

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: Yes

Non-forfeiture option

120 days grace 

Loans

Loans available against the value in money market or GIAs. Minimum loan is $500.00 and the minimum remaining net cash value must be $500.00.  Maximum loan is 90% of the value in money market or GIAs. All proceeds on death or termination will be reduced by the outstanding loan balance 

Withdrawals

Permitted if policy value is above $1000. Minimum withdrawal is $500.00 and the minimum remaining net cash value must be $500.00.  Level death benefit is reduced by the amount of the withdrawal. Subject to tax

Cash value

Yes

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: Yes

Premium offset/holiday

Payments can cease as long as there is enough money in the policy to cover the policy costs to age 100. Not guaranteed

Death benefit 

  • Level sum insured: the benefit paid at death is equal to the face amount or fund value, if greater, less any outstanding loan or negative fund value. Not available on multilife
  • Coverage plus: the death benefit is equal to the face amount plus the fund value less any outstanding loan. On a multilife or joint last to die plan, the fund value can be paid on each death or last death 

Reinstatement period

2 years

Convertible

No, this is a permanent product