Universal Life

Intrepid 94

Original line of business: Maritime Life

Updated on: Dec 19, 2018

Product snapshot

The Intrepid Plan is a universal life plan offering flexible premium payment and death benefit options. Many versions of this plan were issued throughout the years.

Basic product information

Product administration guide: N/A

Dividend options: N/A

Bonus: N/A 

 

Dividend options

N/A

Bonus

N/A 

Premium paying period

Age 95

Policy fees

$90/year constant expense

Deposit load

There is a 5% premium expense 

Premium tax is based on the province of residence of the policy owner (subject to change if provincial tax rates change)

 

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: Yes

Non-forfeiture option

  • In the event of non-payment of premium, full coverage (including riders) will continue provided the accumulation amount less any outstanding loan is sufficient to cover general account deductions
  • All benefits will terminate after the grace period of 30 days following any processing date on which the cash value becomes less than zero

Loans 

  • Minimum loan is $100
  • A loan may be made on security of the cash value of this benefit with the policy as security
  • Interest accrues daily on a policy loan at a rate determined by us but not greater than 2% higher than the rate charged by our main banker on prime rate loans which are repayable both upon demand by the lender and at the option of the borrower.  The interest is payable on the benefit anniversary, but if unpaid is added to the loan balance
  • The maximum loan available is 85% of:
    • accumulation amount of the policy; minus
    • the balance of the general account related to the equity option 
  • If necessary, manulife will reduce the portion of the general account related to the equity option to ensure the loan amount does not exceed the maximum allowed

Withdrawals

Minimum withdrawal is $500. Subject to tax. Level death benefit will be reduced by the amount of the withdrawal

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

Premiums can be skipped completely as long as the policy (less any outstanding loan plus interest) has sufficient value to cover the policy costs

Death benefit

Death benefit options:  

  • Level: the death benefit is equal to the initial insurance amount, reduced by any partial withdrawals
  • Coverage plus: the death benefit equals the initial insurance amount plus the working capital account on the valuation date next following the date of death
  • Increasing coverage (indexing): the death benefit may be increased on each benefit anniversary by a fixed rate or in proportion to the rate of change in the consumer price index for the previous calendar year, less any partial withdrawals for that year. The type of increasing coverage selected is noted in each individual policy contract. The total death benefit under this option will be limited to three times the initial insurance amount. Manulife retains the right to limit annual increases to no more than 10% of the death benefit at the beginning of the policy year
  • Increasing coverage (indexing) with coverage plus: the death benefit equals the amount described under ‘increasing coverage’ (above), plus the accumulation amount on the valuation date next following the date of death. The policy's tax-exempt status will be reviewed annually.  If this review indicates that the policy will become subject to accrual taxation, the death benefit will be increased as required to maintain the exempt status.  If this increase is not sufficient to maintain the exempt status, part of the cash value will be refunded

Reinstatement period

2 years

Convertible

No, this is a permanent product