Term

Term 10 Renewable & Convertible Square

Original line of business: Commercial Union

Updated on: Dec 12, 2018

Product snapshot

This product is a 10 year renewable and convertible term product. There are two different premium renewal structures.

Basic product information

Product administration guide: N/A

Sample contract: N/A

Dividend options: N/A

Bonus: N/A

Dividend options

N/A

Bonus

N/A

Premium paying period

Offers a choice of two premium plans which cannot be changed after issue: 

Guaranteed premiums plan

  • Guarantees the rate for all future renewals at issue of the policy
  • Premiums remain level for 10 years and renew at attained age 

Adjustable premium plan

  • Has lower premiums than the guaranteed premium plan at issue
  • Remains level for 10 years
  • Premium is reviewed every 10 years  

Policy fees

N/A

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: N/A

Loans: N/A

Withdrawals: N/A

Non-forfeiture option

N/A 

Loans

N/A 

Withdrawals

N/A

Cash value

No cash values

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

Basic coverage only

Reinstatement period

N/A

Convertible

Convertible up to the policy anniversary nearest the insured's 60th or 65th birthday. Please see contact for conversion expiry date