Universal Life
Intrepid 93
Original line of business: Maritime Life
Updated on: Dec 19, 2018
Product snapshot
The Intrepid Plan is a level cost of insurance universal life plan offering flexible premium payment and death benefit options. Many versions of this plan were issued throughout the years.
Basic product information
Dividend options
N/A
Bonus
Capital bonus: Starting in policy year 11, a bonus is credited when annual income option rate (linked to 3-5 year GOC bonds) is above 6.0%
Premium paying period
Cost of insurance (COI) ceases at age 95
Policy fees
$0
Deposit load
Premium tax deducted from all deposits, based on the province of residence of the policy owner. Also a 5% load
Values, loans & withdrawals
Non forfeiture option: Yes
Loans: Yes
Withdrawals: Yes
Non-forfeiture option
Extended coverage (premium holiday) until policy value depleted, then 30 days grace
Loans
- Minimum loan is $100.00
- Maximum loan is 85% of the policy value in the income option
Withdrawals
- Minimum withdrawal is $100.00
- An MVA may apply to amounts withdrawn from a GIA
Cash value
Policy may have accumulated value, although this is not guaranteed
Reduced paid up
N/A
Riders & benefits
Premium offset/holiday: Yes
Premium offset/holiday
Payments can cease if there is enough value to cover policy costs
Death benefit
- Level
- Coverage plus
- Increasing coverage
- Increasing coverage with coverage plus
Reinstatement period
2 years
Convertible
N/A