Universal Life

Champion - Rate Scale H

Original line of business: Royal Sun Alliance

Updated on: Dec 19, 2018

Product snapshot

The Champion product is a universal life policy that was formerly administered by Maritime Life. There were differing versions sold throughout the years.

Basic product information

Product administration guide: N/A

Dividend options: N/A

Bonus: Yes

Dividend options



Account value bonus  

  • A bonus of 1.5% of the account value less outstanding loan will be credited on each anniversary provided the account value less outstanding loan is greater than or equal to 20 times the annual minimum premium

Preferred client bonus  

  • Becomes payable on the 20th anniversary
  • The bonus is a onetime lump sum deposit to the account value equal to 10% of the monthly costing (not including fees, riders, benefits, substandard extras) paid on the principle life insured between policy issue and the 20th anniversary, accumulated with interest at the rate we declare on the 5 year GIA

Premium paying period

Cost of insurance to age 95

Policy fees 

  • Policy fee is $9/monthly
  • If there are additional lives insured we deduct an additional flat charge of $3.00 every month 

Deposit load

3% premium tax

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: Yes

Non-forfeiture option

Coverage continuation until policy value depleted, then 31 days grace


  • Minimum loan is $500
  • A minimum of $500 cash surrender value must remain in the policy after every loan
  • The maximum loan is 85% of the cash value in the DIA and GIAs 
  • Loans cannot be made against the cash value associated with the indexed or segregated funds
  • Loan interest is 2% fixed, compounded annually 
  • The loan amount paid to the policy owner is subject to a charge of the greater of $25 or any market value adjustments (if applicable)


  • Partial withdrawals are available
  • Minimum of $100.00 
  • Client can select the funds from which the money is withdrawn
  • May incur market value adjustment on withdrawals from GIAs 

Cash value

Policy may have accumulated value, although this is not guaranteed

Reduced paid up


Riders & benefits

Premium offset/holiday: Yes

Premium offset/holiday

Payments can cease as long as there is value to cover the policy costs

Death benefit

Death benefit options:  

  • Level (equal to the greater of the sum insured and the account value), minus any loan principal plus total accrued interest
  • Face plus (sum insured plus any account value), minus any loan principal plus total accrued interest 

Reinstatement period

Reinstatement is permitted within three years of the lapse date, subject to medical evidence