Whole Life


Original line of business: Confederation Life

Updated on: Dec 13, 2018

Innova is a participating, whole life plan. The most popular dividend option with this plan was enhancement, which allows the policy owner to use the dividends to purchase a combination of term and paid up insurance. 
This plan has level premiums payable to age 100.

Product administration guide: N/A

Sample contract: N/A

Dividend options: Yes

Bonus: N/A

Dividend options 

  • Dividends on deposit
  • Bonus additions
    • If the client changes their option from PUA to another dividend option, the change will be effective on the next policy anniversary 
  • Loan reduction 
  • Premium reduction 
  • Investment fund dividend option 
  • Cash  
  • Enhancement (mix of one year term and PUAs)
    • Each year more paid-up insurance is purchased, and the term amount decreases until all of the coverage is permanent
    • The enhancement is guaranteed for the first 7-10 years (depending on the version) regardless of the dividend performance  

Enhancement was only available at issue, so a client cannot switch to this dividend option at a later date



Premium paying period

  • Level - payable to age 100 
  • Vanishing premiums available but never guaranteed

Policy fees

Verify to contract if noted

Deposit load

Verify to contract if noted

Non forfeiture option: Yes

Loans: Yes

Withdrawals: Yes

Non-forfeiture option

  • Automatic premium loan (APL)
  • Reduced paid up
  • Extended term insurance


Loans are available


Dividends can be withdrawn

Cash value

At anytime, the policyowner can surrender the policy for the cash value, which is the guaranteed cash value shown in the table of values, plus any dividend values, and minus any unpaid loans and unpaid premiums

Reduced paid up

Reduced paid up values are available

Premium offset/holiday: Yes

Premium offset/holiday

Many of these policies were sold using the vanishing premium/premium offset concept whereby dividends could eventually be used to pay future premiums. This date is not guaranteed. An illustration will need to be requested

Death benefit

The death benefit with the enhancement dividend option will be equal to:  

  • Basic face amount
  • Term dividend addition layer (which is the term portion of the enhancement)
  • Paid up additions, minus loans 

Reinstatement period

Within 2 years