Universal Life

Universal Life (Zurich 1992,1994)

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

  • 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

Non forfeiture option: Yes

Loans: N/A

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

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