15 Year Renewable and Convertible Term

Original line of business: Commercial Union

Updated on: Dec 12, 2018

Product snapshot

The 15 RCT is a renewable and convertible term plan providing level coverage to age 75 with premiums renewing every 15 years at the attained age.

Basic product information

Product administration guide: N/A

Sample contract: N/A

Dividend options: N/A

Bonus: N/A

Dividend options




Premium paying period

Premiums renew every 15 years 

  • There are three options available at each renewal date: 

Renewal options

  • The policy will renew for the premium shown on the renewal premium provision page of the policy

Conversion credit options

  • If conversion takes place at a renewal date then a conversion credit will be applied toward reducing the premium of the new policy
  • The conversion credit is one half of the total premiums paid for the basic sum insured since the beginning of the 15 year period
  • Conversion credits are available at the end of years 11, 12, 13, 14 and 15 of each 15 year term of the policy
  • The amounts of conversion credits at such times are 20%, 40%, 60%, 80% and 100% respectively of the conversion credits for the applicable 15 year term
  • Conversion credits are not available after their final conversion date
  • If the conversion credits are greater than the initial premium on the new policy, the excess is carried forward without interest to future premiums until the credits are exhausted
  • Conversion credits cannot be taken in cash      

Cash back option 

  • This option is available at the end of each 15 year period and at the policy anniversary nearest the insured's age 75
  • The amount of the refund is one half of the sum of all premiums paid for the basic sum insured since the beginning of that 15 year period
  • At the policy anniversary nearest age 75, the amount of the refund will never be less than the cash back amount which would have been available at the previous renewal date
  • All coverage under this policy terminates if the cash back option is chosen  

Policy fees


Deposit load


Values, loans & withdrawals

Non forfeiture option: N/A

Loans: N/A

Withdrawals: N/A

Non-forfeiture option






Cash value

No cash values

Reduced paid up


Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday


Death benefit

Basic coverage only

Reinstatement period

Can be reinstated any time within 2 years after the date of grace period, subject to reinstatement requirements


The right to convert extends to the policy anniversary nearest the life insured's 65th birthday. In the case of a joint life plan, the policy is convertible to the older life insured's age 65. Conversion may be to any level premium/level sum insured permanent plan offered by the company and premium rate used for conversion is that at the life insured's then attained age