Term

Five Year Renewable Term    

Original line of business: North American Life

Updated on: Dec 12, 2018

Product snapshot

The Five Year Renewable Term product was available as a stand-alone policy or as a rider. These products renewed every 5 years. Rates and banding differed dependent on versions. Expiry dates also varied depending on version (see plan details).

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 renew every 5 years 
Some plans have: 

  • Basic rates that apply for the first 10 policy years and switch to ultimate rates thereafter
  • An extension of the basic rates will be granted for 10 years if the evidence of insurability is submitted and found to be standard
  • The applicant can continue to defer ultimate rates via further extensions
  • Extensions are available to substandard lives as long as the life insured is within the substandard class for which the policy was originally issued 

Policy fees

Varies by version 

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: N/A

Loans: N/A

Withdrawals: N/A

Non-forfeiture option

N/A 

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

N/A

Convertible

Convertible up to the policy anniversary five years before expiry or age 67 depending on the version