Universal Life

Intrepid II ‘98

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. This version offers a unique bonus option (variable or fixed capital bonus) that allows the policy owner to invest the policy’s reserve.

Basic product information

Dividend options: N/A

Bonus: Yes

Dividend options



  • Interest bonus: Investment expense reduction on index linked options: 1% starting in year 6, further reduced by 1.5% starting in year 16. Interest bonus on income and new FIOs: lesser of 1% or 15% of income rate. 
  • Capital bonus: Starting in policy year 3, capital bonus includes fixed, variable or a mix. Fixed option applied when bonus rate (linked to long term bonds) is above 3.5%.  Variable option can be positive or negative. Bonus is positive when annualized rate of total investment return on investment mix is above 4.5% and negative when less than 4.5%.

Premium paying period

Cost of insurance (COI) ceases at age 100

Policy fees

$120/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



  • 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 the cash value invested in the income option and the fixed interest options, where the capital mix elected is 100% fixed option
  • No policy loan is available where any portion of the capital mix is based on the variable option



Minimum withdrawal is $1000

Cash value

Policy may have accumulated value, although this is not guaranteed

Reduced paid up


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 cash withdrawals and any negative working capital amount
  • Coverage Plus: The death benefit equals the initial insurance amount plus the working capital on the valuation date immediately following the date of death. If the working capital is less than $0, the death benefit payable will be the initial insurance amount minus the amount by which the working capital is less than $0
  • Indexed coverage: The death benefit will be increased on each benefit anniversary by a fixed rate (to a maximum of 10% per year) or in proportion to the rate of change in the consumer price index (CPI) for the previous calendar year, less any cash withdrawals for that year. The indexing rate selected at issue is indicated on the benefit information page. The total death benefit under this option will be limited to three times the initial insurance amount. The death benefit payable will be reduced by any negative working capital amount
  • Cost Recovery: The death benefit under this option will equal the sum of the initial insurance amount plus a notional account called the premium accumulation account. At any time, the premium accumulation account equals the sum of all premiums paid, less any cash withdrawals, accumulated at the premium accumulation rate. The death benefit payable will be reduced by any negative working capital amount 

Reinstatement period

2 years


No, this is a permanent product