Universal Life

Champion - Rate Scale A

Original line of business: Gerling Global  

Updated on: Dec 19, 2018

Product snapshot

The Champion product is a universal life policy that was formerly administered by Maritime Life. There were differing versions sold throughout the years.

Basic product information

Product administration guide: N/A

Dividend options: N/A

Bonus: Yes

 

Dividend options

N/A

Bonus

Premium persistency bonus   

  • Becomes payable on the 4th policy anniversary and is payable on each policy anniversary after that as long as it qualifies
  • Pays 1% of the account value if the total premiums paid, less costing, partial withdrawals or loans is equal to or greater than two minimum premiums for each year the policy has been in force
  • After the bonus has been paid for 8 times in the life of the policy, it is vested.  Vested means the policy doesn't have to qualify for the bonus, it will be paid automatically on each anniversary  

Policy persistency bonus  

  • Credited at the end of the 12th year and each year, thereafter
  • Awards 0.65% of the account value on each anniversary

Premium paying period

Cost of insurance to age 95

Policy fees

  • Policy fee is $9/monthly
  • $3 per additional life

Deposit load

3% premium tax

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: Yes

Non-forfeiture option

Coverage continuation until policy value depleted, then 31 days grace

Loans 

  • Minimum loan is $500
  • The maximum loan is 85% of the cash value in the DIA and GIAs 
  • Loans cannot be made against the cash value associated with the indexed or segregated funds
  • Loan interest is 2% fixed, compounded annually 
  • The loan amount paid to the policy owner is subject to a charge of the greater of $25 or any market value adjustments (if applicable) 

Withdrawals 

  • Partial withdrawals are available
  • Minimum of $100.00 
  • Client can select the funds from which the money is withdrawn
  • May incur market value adjustment on withdrawals from GIAs 

Cash value

Policy may have accumulated value, although this is not guaranteed

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: Yes

Premium offset/holiday

Payments can cease if there is enough value to cover they policy costs

Death benefit

Death benefit options: 

  • Level (equal to the greater of the sum insured and the account value), minus any loan principal plus total accrued interest
  • Face plus (sum insured plus any account value), minus any loan principal plus total accrued interest

Reinstatement period

Reinstatement is permitted within three years of the lapse date, subject to medical evidence

Convertible

N/A