Universal Life

Universal Solutions

Original line of business: Maritime Life

Updated on: Dec 20, 2018

Universal Solutions is a universal life product with various death benefit and investment options.  The COI types available are:  Level Guar COI, Level Guar COI with Captial Adjustment, Level Guar COI with Coverage Enhancer, and YRT Guar COI

Dividend options: N/A

Bonus:  Yes 

Dividend options



Various types of bonuses depending on the version.  See policy contract or contact head office for details 

Premium paying period

To age 100

Policy fees

$10.00 / monthly

Deposit load

Varies based on province of residence

Non forfeiture option: Yes

Loans: Yes

Withdrawals: Yes

Non-forfeiture option

120 days grace

Lapse protection for UL Solutions Capital Adjustment (see contract provisions) 


  • The maximum loan amount is 90% of the GIA and DIA accounts and 50% (75% if stabilizer is elected) of the index linked accounts, less a proportionate surrender charge
  • There are further restrictions on level coi with capital adjustment based on the amount of the capital mix allocated to the t-bill option and index linked accounts
  • The minimum loan amount issued at any time is $500
  • Loan interest rate will not be greater than prime plus 2%
  • The loan interest rate will be set at each anniversary and apply for the year
  • Could result in a taxable disposition, obtain a quote from head office


  • The policy owner may make a partial withdrawal at any time
  • The minimum withdrawal amount is $500.
  • Partial surrender charges may apply if the death benefit option is other than coverage plus or minimized coverage plus, and a withdrawal will cause the sum insured or additional sum insured to be reduced by the amount of the withdrawal and the surrender charges
  • A market value adjustment may apply if funds are withdrawn from the FIA
  • Partial withdrawals are subject to tax reporting
  • If the policy owner does not specify the investment accounts to withdraw from, the amount of the withdrawal will be removed from the investment accounts proportionately

Cash value

The cash surrender value is equal to:

  • The fund value, less
  • Surrender charges*, less
  • MVA, less
  • Outstanding loan

Reduced paid up


Premium offset/holiday: Yes

Premium offset/holiday

Cash value must have a positive amount to go on premium holiday. Obtain a quote from Manulife head office

Death benefit

Death benefit options:

  • Level sum insured
  • Coverage plus
  • Minimized coverage plus
  • Coverage with return of premium
  • Indexed coverage
  • Sum insured plus adjusted cost basis

Reinstatement period

2 years


Not allowed, this is a permanent product