Universal Life

Architect Classic IIE

Original line of business: Aetna

Updated on: Dec 11, 2018

Product snapshot

Universal Life product with various investment, cost of insurance and death benefit 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 0.55%

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 below:

        Policy Year                Bonus Percentage

            1-5                            0.55%

            6+                            The lesser of 1.75% or ((Earned rate - 3%) * 0.3 + 0.55%)

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 

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

Permitted against the value in money market or GIA. Minimum loan is $500 and the minimum remaining net cash value must be $500. Maximum loan is 90% of the value in money market or GIA. Proceeds are decreased by the amount of the loan balance

Withdrawals

Permitted when policy value is more than $1000. Minimum withdrawal amount $500 and the minimum remaining net cash value must be $500. If death benefit is level, face amount is decreased by the amount of the loan

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 to cover the policy charges

Death benefit

  • Level (sum insured)
  • Sum insured plus fund value (each/last death)

Reinstatement period

2 Years

Convertible

No, this is a permanent product