Universal Life
Universal Life (89)
Original line of business: Zurich
Updated on: Jan 7, 2019
Product snapshot
Zurich Life offered several different versions of an Universal Life product to their clients. These products combined life insurance with an investment component.
Basic product information
Product administration guide: N/A
Sample contract: N/A
Dividend options: N/A
Bonus:
Dividend options
N/A
Bonus
- 0.25% starting at the 5th anniversary and up to and including the 9th anniversary
- 0.50% starting at the 10th anniversary and beyond
Annual equivalent interest rate credited daily to guaranteed investment funds and the daily interest fund
Premium paying period
To age 100
Policy fees
$7 monthly administration fee
Deposit load
Varies by province
Values, loans & withdrawals
Non forfeiture option: N/A
Loans: No
Withdrawals: Yes
Non-forfeiture option
Client can take a premium holiday if there is excess cash value
Loans
- Policy loans are not permitted
Withdrawals
- $50 processing fee
- $450 minimum
Cash value
Policy may have accumulated value, although this is not guaranteed
Reduced paid up
N/A
Riders & benefits
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
Reinstatement period
2 years
Convertible
N/A