Universal Life 

Triumph (1997/1999)

Original line of business: Zurich

Updated on: Jan 8, 2019

Zurich Life offered several different versions of an universal life product to their clients. These products combined life insurance with an investment component.

Product administration guide: N/A

Sample contract: N/A

Dividend options: N/A

Bonus: Yes 

Dividend options

N/A

Bonus

Ordinary Bonus

  • 0.375% from the 7th to 12th anniversaries
  • 0.75% beginning on the 13th anniversary and anniversary thereafter
  • Paid on each anniversary and based on the total fund book value

Conditional Bonus

  •  Payable on the 10th and every 5th anniversary thereafter
  • To qualify, net excess deposits must equal or exceed 12 times the annual minimum deposit
  • 1.25% of the average total fund book value
  • 2.50% instead, payable each anniversary for either: 1) ages 61 to 66;  or 2) the 16th to 20th anniversaries, whichever period of time will expire later
  • In no event, however, shall the total conditional bonus credited on any anniversary, exceed 2.50%

Monthly Administration Relief Bonus

  • To qualify, net excess deposits must equal or exceed 12 times the annual minimum deposit
  • Qualifying periods are the 20th anniversary and every 5th anniversary thereafter
  • If the qualifying test is met, the monthly administration fee will be reduced from $12 to $7, for the 5 year period immediately following the qualifying period 

Premium paying period

To age 100

Policy fees

$12 monthly administration fee (see bonus section for details about the monthly administration relief bonus)

Deposit load

Varies by province

Non forfeiture option: Yes

Loans: Yes

Withdrawals: Yes

Non-forfeiture option

Client can take a premium holiday if there is excess cash value

Loans

  • Available
  • Collateral established by transferring an amount equal to the loan to a policy loan account. This is credited with interest at 10%
  • No bonus for funds in the loan account
  • Loan rate is fixed at 12%
  • Max loan = 87% of CSV
  • $500 minimum
  • $25 processing fee

Withdrawals

  • $25 processing fee
  • $500 minimum

Cash value

Policy may have accumulated value, although this is not guaranteed

Reduced paid up

N/A

Premium offset/holiday: Yes

Premium offset/holiday

Client can take a premium holiday if there is excess cash value

Death benefit

  • Increasing (face plus fund)
  • Level

Death benefit guarantee:

  • Increasing - the amount paid at death is the face amount plus the total fund book value plus the market value of the policy loan account less any policy loan
  • Level - the amount paid at death is the face amount less any policy loan

Reinstatement period

2 years

Convertible

N/A