Universal Life

Secured Protection

Original line of business: North American Life Assurance Company

Updated on: Dec 20, 2018

Product snapshot

The Secured Protection product is a flexible new money participating life insurance policy available on a single life, multi-life and joint second-to-die basis. Premium after deducting provincial premium tax, are credited to a fund called the Reserve Account. Expense charges, the cost of providing the life insurance and the cost of any additional riders are charged monthly against this Reserve Account. A policy holder can make an extra deposit into a Reserve Account without changing future billed premiums.

Basic product information

Product administration guide: Yes

Sample contract: N/A

Dividend options: N/A

Bonus:N/A

Dividend options

N/A

Bonus

N/A

Premium paying period

N/A

Policy fees

Guaranteed maximum monthly expense charge

  • Contractually, the monthly expense charge is $7.00

Net monthly expense charge

  • The monthly expense charge is reduced by a dividend
  • The monthly expense charge will become $0 when the life insured reaches attained age 100, or for joint coverages, joint attained age 100. This is not applicable to the extralife insured, as the expense charge only applies to the base life insured

Deposit load

Various by Province

Values, loans & withdrawals

Non forfeiture option: N/A

Loans: N/A

Withdrawals: Yes

Non-forfeiture option

N/A

Loans

Not available

Withdrawals

$100.00 minimum

Cash value

Policy may have accumulated value, although this is not guaranteed

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

In the case of a single life insured on a multi-life basis, the benefit paid at death is equal to the face amount plus the Reserve Account balance. In the case of a joint second-to die policy, no benefit is paid on the first death, the benefit paid on the second death is equal to the face amount plus the Reserve Account balance

Reinstatement period

N/A

Convertible

The permanent base coverage is not convertible, however if there any term riders that have not passed their conversion expiry date, may be converted