Universal Life 

Life Accumulator

Original line of business: Maritime Life

Updated on: Dec 12, 2018

The Life Accumulator Plan is a universal life policy designed to maximize tax-sheltered asset accumulation. As a high cash value, low death benefit plan, Life Accumulator minimizes the net amount at risk on which the YRT costs are based. 

Product administration guide: N/A

Sample contract: N/A

Dividend options: N/A

Bonus: Yes 

Dividend options



This policy does not earn dividends, however beginning in the third year and in each subsequent year, the effective annualized credited interest rate applicable to the general account or each new fio deposit or reinvestment will be increased by 0.5%. Bonus will increase to 1% on the anniversary after the insured’s 70th birthday and to 1.5% after the insured’s 75th birthday. If the life insured is above age 50 at issue, the subsequent bonus increases occur on the 20th and 25th policy anniversaries

Premium paying period

Pay for life 

Policy fees

There is no policy/administration fee

Deposit load

Premium tax is based on the province of residence

Non forfeiture option: Yes

Loans: No

Withdrawals: Yes

Non-forfeiture option

Extended coverage: 

  • In the event of non-payment of any premium, the coverage may be continued in force if the cash value is sufficient to pay policy costs  


Loans are not available for this product


  • Minimum withdrawal is $100.00
  • Market value adjustments may apply to amounts taken from GIAs
  • Partial surrender charges will apply for the first ten policy years

Contractually, the client cannot specify from what fund they would like to withdraw from. The funds will always be withdrawn proportionally from funds, which preserves the fund allocation/balance

Cash value

Policy may have accumulated value, although this is not guaranteed

Reduced paid up


Premium offset/holiday: N/A

Premium offset/holiday


Death benefit

  • Death benefit is always level as stated on the system (cannot be changed to face plus)
  • The initial amount of insurance is shown on the policy summary page of the contract

Reinstatement period

2 years