Universal Life

Future Protection

Original line of business: North American Life

Updated on: Jan 10, 2019

Product snapshot

The Future Protection policies are universal life plans that were issued by North American Life. 

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

At the coverage anniversary nearest the insured person's 100th birthday the insurance coverage remains in effect with no COI charge

Policy fees

N/A

Deposit load

The deposit load deduction factors in cost accordingly to their provincial premium tax

Values, loans & withdrawals

Non forfeiture option: N/A

Loans: N/A

Withdrawals: Yes

Non-forfeiture option 

N/A

Loans

N/A

Withdrawals

Partial withdrawals are available.  The minimum that can be withdrawn is $100. Currently there is no withdrawal fee 

Cash value 

  • Policy's accumulated value is referred to as "reserve value"
  • $25.00 surrender fee

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit 

  • Level face (single or joint last to die)
  • Face amount plus reserve (single or joint last to die)
  • Face amount plus a percentage of the reserve (multi-life only)
  • Face amount plus the reserve at last death (multi-life only) 

Reinstatement period

N/A

Convertible

N/A