Term

Level Term 100

Original line of business: Commercial Union

Updated on: Dec 17, 2018

Product snapshot

This is a level coverage, level premium term plan to age 100. There are no cash values available in this policy. Guaranteed paid-up values start at the twentieth policy anniversary.

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

Level premiums to age 100 

Options at age 100: 

  • At age 100, the policy can endow for the full-face amount and terminate, or the policy can continue as paid-up coverage and remain in force

Policy fees

Refer to contract

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: N/A

Withdrawals: N/A

Non-forfeiture option

31-day grace period

Loans

N/A

Withdrawals

N/A

Cash value

No cash values

Reduced paid up

May have reduced paid-up values - please refer to policy contract

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

Indexing benefit 

  • Available on some versions of Term 100
  • On each of the first 5 policy anniversaries, the basic face amount will automatically increase by 8% of the initial face amount
  • The premiums will increase accordingly
  • If an increase is refused, the option to take further increases will cease
  • The request to stop the increases must be made in writing within 30 days of the anniversary

Reinstatement period

N/A

Convertible

The right to convert this policy extends to the policy anniversary nearest the life insured's 65th birthday. Conversion may be to any level sum insured permanent plan