Universal Life

Security Universal Life (issued prior to Sept 25, 2004)

Original line of business: Manulife

Updated on: Dec 11, 2018

Product snapshot

The Security UL product is a universal life policy currently offered by Manulife Financial.

Basic product information

Sample contract: N/A

Dividend options: N/A

Bonus: N/A 

Dividend options

N/A 

Bonus

N/A 

Premium paying period

10 - year cost (Security Universal Life only):

  • For 10-year cost, a rate is charged for 10 years beginning at the coverage date and based on the insured person’s issue age for that coverage. At the 10th coverage anniversary and each subsequent 10th coverage anniversary, the default will be to renew to another 10 year term, a rate based on the insured person’s attained age at that time 
  • 10-year cost insurance coverages renew until attained age 80, at which time the insurance coverage is automatically changed to level cost 

Level cost 

  • For level cost, a level cost of insurance rate is charged for as long as the coverage remains in effect (but not beyond age 100). The rate charged is based on the insured person’s issue age (or joint issue age) for the level cost rates 

Policy fees

Security Universal Life

  • $6.86 monthly policy fee guaranteed not to increase
  • The policy fee is charged for as long as the policy is in effect 

Security Universal Life plans issued on or after Feb 14, 2004 but before Sept 25, 2004:

  • $0 policy fee for all level & 10-year cost insurance but coverages must total at least $250,000 or more
  • Guaranteed not to increase
  • Continues on reinstatement

Deposit load

Security Universal Life 

2%, guaranteed not to increase

Values, loans & withdrawals

Non forfeiture option: N/A

Loans: N/A

Withdrawals: Yes

Non-forfeiture option

N/A  

Loans

N/A 

Withdrawals

  • $0.00 charge guaranteed
  • $100.00 minimum
  • Maximums apply (see product & admin guide for formula) 

Please note: 
The contract states that the client can withdraw 100% of the cash value. (if it's paid annually, semi-annually or quarterly the system will hold back enough to cover until the next anniversary). However, when submitting a disbursement request, please specify if the client wants the full amount, otherwise the system will hold back enough to cover 2 PACs. Please remember to advise the client that withdrawing the full amount puts the policy at risk  

Cash value 

  • Policy may have accumulated value, although this is not guaranteed
  • A partial cost refund may also be payable if the policy is a Security Universal Life

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

Face plus allocated account value

Reinstatement period

N/A

Convertible

N/A