Universal Life

Intrepid II 95

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: Yes

 

Dividend options

N/A

Bonus

  • Interest bonus: On all options: lesser of 1% or 15% of income rate starting in year 6
  • Capital bonus: Starting in policy year 3, guaranteed capital bonus applied when bonus rate (linked to long term bonds) is above 4.4%

Premium paying period

Cost of insurance (COI) ceases at age 95

Policy fees

$120 per year constant expense

Deposit load

Premium tax is based on the province of residence of the policy owner (subject to change if provincial tax rates change)

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
  • A loan may be made on security of the cash value of this benefit with the policy as security
  • Interest accrues daily on a policy loan at a rate determined by Manulife but not greater than 2% higher than the rate charged by our main banker on prime rate loans
  • The interest is payable on the policy anniversary, but if unpaid is added to the loan balance

The maximum loan available is 85% of:

  • A) working capital account of the policy; minus
  • B) the balance of the general account related to the sum of the equity option, the managed option and the s&p500 option
  • If the amount of loan plus interest exceeds the cash value, the policy will terminate

Withdrawals

Minimum withdrawal is $500

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

Death benefit options:

  • Level: the death benefit is equal to the initial insurance amount, reduced by any partial withdrawals
  • Coverage plus: the death benefit equals the initial insurance amount plus the working capital account on the valuation date next following the date of death
  • Increasing (indexing) coverage: the death benefit may be increased on each benefit anniversary by a fixed rate or in proportion to the rate of change in the consumer price index for the previous calendar year, less any partial withdrawals for that year. The type of increasing coverage selected is noted in each individual policy contract. The total death benefit under this option will be limited to three times the initial insurance amount. Manulife retains the right to limit annual increases to no more than 10% of the death benefit at the beginning of the policy year
  • Cost recovery: the death benefit is equal to the initial insurance amount plus the accumulation of premiums paid at a rate specified by the client. If this death benefit option is chosen, a complete description is included in the policy contract, under section 9

Reinstatement period

2 years

Convertible

No, this is a permanent product