Term

Five Year Renewable Term    

Original line of business: North American Life

Updated on: Dec 12, 2018

Product snapshot

The Five Year Renewable Term product was available as a stand-alone policy or as a rider. These products renewed every 5 years. Rates and banding differed dependent on versions.

Basic product information

Product administration guide: N/A

Sample contract: N/A

Dividend options: N/A

Bonus: N/A

Dividend options

N/A

Bonus

N/A

Premium paying period

Premiums renew every 5 years until policy expiry at age 70

Policy fees

$30.00

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: N/A

Loans: N/A

Withdrawals: N/A

Non-forfeiture option

N/A 

Loans

N/A 

Withdrawals

N/A

Cash value

No cash values 

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

Basic coverage only

Reinstatement period

If this policy lapses, it may be reinstated within three years thereafter on submission of application along with evidence of insurability satisfactory to the company and payment of all unpaid premiums

Convertible

Convertible up to the policy anniversary five years before expiry or age 65 depending on the version