Term

CU Term 100 Square

Original line of business: Commercial Union

Updated on: Dec 14, 2018

Product snapshot

The CU Term 100 Square product is a term plan that offers 4 unique premium plans, Enhanced Term Premium Plan, Extended Term Values, betterment of Values and Pure Term Premium Plan.

Basic product information

Product administration guide: N/A

Sample contract: N/A

Dividend options: N/A

Bonus: N/A

Dividend options

N/A

Bonus

N/A

Premium paying period

Premiums are level to age 100. There are 4 plans with different benefits:  

1) Enhanced term premium plan   

  • Reduced paid-up values which are available starting with the 15th policy anniversary 
  • This option is only available after the applicable paid-up value reaches $10,000 
    • Where the RPU value is lower than $10,000, only the extended term option will be available 

2) Extended term values  

  • This policy may be continued in force with no further premium payments for the full-face amount for the period of the extended term shown in the table of values, starting at the 15th policy anniversary 
    • This option will apply automatically if premium payments are discontinued any time after the 15th policy anniversary and RPU values have not been elected  

3) Betterment of values  

  • The RPU and extended term values quoted in the policy contract are guaranteed minimum values which may improve at a future date, depending on company experience  

4) Pure term premium plan  

  • Rates are substantially lower, reflecting the elimination of all values and covering a straight term insurance plan

Policy fees

Refer to contract

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: N/A

Withdrawals: N/A

Non-forfeiture option

31-day grace period

Loans

N/A

Withdrawals

N/A

Cash value

No cash values

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

Basic coverage only

Reinstatement period

You may apply to reinstate your policy at any time within two years after the start of the grace period

Convertible

Not convertible as it is considered permanent