Universal Life


Original line of business: Manulife

Updated on: Jan 10, 2019

Product snapshot

UL100 is a universal life product that offers different cost options, death benefit types and investment accounts.

Basic product information

Sample contract: N/A

Dividend options: N/A

Bonus: Yes

Dividend options



The UL100 VIP bonus is credited on the 10th policy anniversary and on every 5th policy anniversary after that. The amount credited is based on the total of all interest credited to the eligible accounts in the previous 5 years. The bonus is not based on the value of the account, just the interest earned.  The bonus is equal to 10% for policies issued before April 25, 1994 and 15% for policies issued on or after April 25, 1994

Premium paying period

Cost of insurance charges end at the coverage anniversary nearest the life insured's attained age or joint age of 100.  After that, the insurance coverage remains in effect with no COI charge 

Policy fees

UL100 does not have a policy fee but instead expense charges for all coverages. An expense charge is set on the coverage date of each layer of insurance and protection indexor rider coverage. It is in effect for 20 years from that coverage date and is charged on each monthly anniversary day while the policy is in effect, whether or not the coverage is in effect. If a life insured dies before the 20 years are over, the expense charges for that insured person’s coverages stop

Deposit load

Varies by policy band and the policy owner's province of residence

Values, loans & withdrawals

Non forfeiture option: N/A

Loans: Yes

Withdrawals: Yes

Non-forfeiture option



An amount of up to 95% of the current net UL100 balance may be borrowed. Interest is charged on policy loans at a rate determined by Manulife financial, which could vary during the period of the loan. The interest accrues from the date of the loan and is payable annually at the end of each policy 


Partial withdrawals are available.  The minimum withdrawal amount is $100.  A $25 withdrawal fee applies. Market value adjustments may apply. A requested withdrawal from a level face death benefit policy will result in a reduction of the face amounts of all insurance coverages of the primary insured, unless satisfactory evidence of insurability is provided at the time of the withdrawal

Cash value

The policy owner can cancel the entire policy for its net UL100 balance at any time. The net UL100 balance is equal to the gross UL100 balance less any market value adjustments, cancellation charges, or outstanding loans. Cancellation charges are applicable within the first 15 policy years, and are based on a cancellation charge factor that is determined by age, sex, smoking status and the face amount of the coverage, and a cancellation charge percentage that is based on the the number of years that the policy has been in force    

Reduced paid up


Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday


Death benefit

  • Level face
  • Face plus gross UL100 balance
  • Gross UL100 balance on last death

Reinstatement period

2 years