Universal Life

Agility (1999, 2000 and 2001)

Original line of business: Zurich

Updated on: Dec 19, 2018

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: Yes 

Dividend options

N/A

Bonus

Ordinary Bonus

  • 0.25% from the 5th to 9th anniversaries
  • 0.50% beginning on the 10th anniversary and each anniversary thereafter
  • Paid on each anniversary and based on the total fund book value

Conditional Bonus

  • Payable on the 10th and every 5th anniversary thereafter
  • To qualify, the gross fund book value must equal or exceed 15 times the annual minimum deposit

1999 version 

  • 1.25% of the average total fund book value
  • 2.50% instead, payable each anniversary for either: 1) ages 61 to 66; or 2) the 16th to 20th anniversaries, whichever period of time will expire later
  • In no event, however, shall the total conditional bonus credited on any anniversary, exceed 2.50% of the total fund book value

2000 and 2001 versions

  • 2.50% of the average total fund book value
  • 5.0% instead, payable each anniversary for either: 1) ages 61 to 66; or 2) the 16th to 20th anniversaries, whichever period of time will expire later
  • In no event, however, shall the total conditional bonus credited on any anniversary, exceed 5.0% of the total fund book value

Monthly Administration Relief Bonus

  • To qualify, the gross fund book value must equal or exceed 15 times the annual minimum deposit
  • Qualifying periods are the 20th anniversary and every 5th anniversary thereafter
  • If the qualifying test is met, the monthly administration fee will be reduced from $12 to $7, for the 5-year period immediately following the qualifying period  

Premium paying period

To age 100

Policy fees

$12 monthly administration fee (see bonus section for details about the monthly administration relief bonus)

Deposit load

Varies by province

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: Yes

Non-forfeiture option

Client can take a premium holiday if there is excess cash value

Loans 

  • Available
  • Collateral established by transferring an amount equal to the loan to a policy loan account. This is credited with interest at a fixed rate of 4%
  • Loan rate is fixed at 6%
  • Max loan = 93% of CSV
  • Minimum contractual loan amount is $500
  • $25 processing fee 

Withdrawals 

  • $25 processing fee
  • $100 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

Death benefit guarantee: 

  • Increasing - the amount paid at death is the face amount plus the total fund book value plus the market value of the policy loan account less any policy loan, except that in no event shall the book value of the linked funds be less than 100% of the amounts transferred in the linked funds less all amounts transferred or withdrawn from the linked funds
  • Level - the amount paid at death is the face amount less any policy loan

Reinstatement period

2 years

Convertible

N/A