Universal Life

Dominion Life Universal Life     

Original line of business: Dominion Life

Updated on: Dec 19, 2018

Product snapshot

Dominion Life Universal Life is a universal life product with two death benefit options and either YRT or level cost of insurance structures.  The only investment option available is the savings account which has a guaranteed rate of return of 4%.

Basic product information

Sample contract: No

Dividend options: N/A

Bonus: N/A 

Dividend options



No bonus options available 

Premium paying period

Premiums are payable until the ultimate date: 

The ultimate date is the policy anniversary nearest the primary insured’s attained age 95. On the ultimate date the policy terminates and the net cash value is payable to the policy owner

Policy fees

Type of plan              Administration expense (monthly)              Administration expense (annual)             

    UL                             N/A                                                                         N/A                         

    UL2                          $3.00 per month                                                  $36.00                                      

    ULC                          $5.00 per month                                                  $60.00 

Deposit load

Varies by province

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: Yes

Non-forfeiture option

Policy costs will be deducted from the policy value until it is depleted


  • Loans are allowed
  • The death benefit payable will be reduced by any existing loan and interest


  • Partial withdrawals are available
  • If the policy has a level death benefit the face amount will decrease by the amount of the withdrawal
  • If there is more than one coverage, each coverage will be reduced
  • Minimum withdrawal = $100.00
  • Withdrawal fee = $25.00

Cash value

Cash value is the accumulated value in the savings account

Reduced paid up


Riders & benefits

Premium offset/holiday: Yes

Premium offset/holiday

Premium holiday is an option if there is value in the cash value. You can run an in force illustration with no further deposits 

Death benefit

Basic (level death benefit): 

The death benefit is equal to the specified amount, or the cash value plus $10,000, if greater  

Basis plus cash value (face plus death benefit): 

The death benefit is equal to the specified amount plus the cash value

Only one death benefit type is available per policy; all of the insurance coverages on a policy must have the same death benefit type

Reinstatement period

May be reinstated at any time within 3 years after the date of termination and prior to the ultimate date


Not applicable