Universal Life

Intrepid 93

Original line of business: Maritime Life

Updated on: Dec 19, 2018

Product snapshot

The Intrepid Plan is a level cost of insurance universal life plan offering flexible premium payment and death benefit options. Many versions of this plan were issued throughout the years.

Basic product information

Dividend options: N/A

Bonus: Yes

 

Dividend options

N/A

Bonus

Capital bonus: Starting in policy year 11, a bonus is credited when annual income option rate (linked to 3-5 year GOC bonds) is above 6.0%

Premium paying period

Cost of insurance (COI) ceases at age 95

Policy fees

$0

Deposit load

Premium tax deducted from all deposits, based on the province of residence of the policy owner. Also a 5% load

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: Yes

Withdrawals: Yes

Non-forfeiture option

Extended coverage (premium holiday) until policy value depleted, then 30 days grace

Loans

  • Minimum loan is $100.00
  • Maximum loan is 85% of the policy value in the income option             

Withdrawals

  • Minimum withdrawal is $100.00
  • An MVA may apply to amounts withdrawn from a GIA

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

Payments can cease if there is enough value to cover policy costs

Death benefit 

  • Level
  • Coverage plus
  • Increasing coverage
  • Increasing coverage with coverage plus 

Reinstatement period

2 years

Convertible

N/A