Universal Life (Interest Sensitive Life)


Original line of business: Maritime Life

Updated on: Dec 13, 2018

Product snapshot

FlexTerm is a whole life, non-participating product.

Basic product information

Product administration guide: N/A

Dividend options: N/A

Bonus: N/A

Dividend options




Premium paying period

Premium can fluctuate but have a guaranteed maximum (see guaranteed mortality factor table in the contract) 

Additional premium rider: 

Additional premiums can be paid to the policy on either a scheduled or flexible basis. Additional premiums can result in earlier crossover, faster face amount increases, and improved CSVs. Maximum additional premium contribution being made is stated in the contract 

Policy fees


Deposit load


Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: N/A

Non-forfeiture option

Extended term insurance: in the event of nonpayment of either the third or fourth annual premiums, or any portion thereof, the insurance amount is continued for an integral number of years measured from the policy anniversary at which a premium has last been fully paid. The number of years applicable to this policy is shown on page 7 of the policy contract


Loans are available



Cash value

Policy has cash values, refer to policy contract for additional information

Reduced paid up

Refer to policy contract for additional information

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday


Death benefit

Yearly determination: If all premiums have been paid from the issue date, the insurance amount is guaranteed to be at least equal to the original insurance amount if the life insured has qualified as a non-smoker since the issue date. If the life insured has not so qualified as a non-smoker, the guaranteed minimum insurance amount is 75% of the original amount 

Change in insurance amount: The insurance amount for the ensuring year is determined shortly after each anniversary 

If, on any anniversary, the accumulation amount, plus the surrender interest adjustment if it increases the accumulation amount, is sufficient to provide a higher insurance amount upon application of the four percent increase test, then the insurance amount is raised to this higher amount. If the insurance amount is not raised, and the application of the decrease test to the accumulation amount on the anniversary would cause the insurance amount to decrease, the insurance amount is decreased to this new amount

Reinstatement period

2 years