Universal Life

Future Protection

Original line of business: North American Life

Updated on: Jan 10, 2019

Product snapshot

The Future Protection policies are universal life plans that were issued by North American Life. 

Basic product information

Product administration guide: N/A

Sample contract: N/A

Dividend options: Yes

Bonus: N/A 

Dividend options

Dividends are credited to the policy each month as part of the monthly processing. There is a cost of insurance dividend and an expense charge dividend.  The difference between the guaranteed cost of insurance rate and the current cost of insurance rate is the cost of insurance dividend.  The difference between the maximum monthly expense charge and the net monthly expense charge is the expense charge dividend 



Premium paying period

Cost of insurance charges end at the coverage anniversary nearest the insured person's 100th birthday and for joint coverages, nearest attained joint age 100.  After that, the insurance coverage remains in effect with no COI charge

Policy fees

Currently, the net monthly expense charge for all rate scales is $6.00

Deposit load

Varies by province

Values, loans & withdrawals

Non forfeiture option: N/A

Loans: N/A

Withdrawals: Yes

Non-forfeiture option 





Partial withdrawals are available.  The minimum that can be withdrawn is $100. Currently there is no withdrawal fee 

Cash value 

The cash surrender value available to the policy owner is equal to the policy's accumulated value, or "reserve value", minus the surrender charge.  The surrender charge is equal to a $25.00 surrender fee plus any market value adjustments that apply 

Reduced paid up


Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday


Death benefit 

  • Level face (single or joint last to die)
  • Face amount plus reserve (single or joint last to die)
  • Face amount plus a percentage of the reserve (multi-life only)
  • Face amount plus the reserve at last death (multi-life only) 

Reinstatement period

Can be reinstated any time within 3 years after the date of grace period, subject to reinstatement requirements