Whole Life

Security Builder 

Original line of business: Manulife

Updated on: Dec 14, 2018

Product snapshot

Security Builder is a whole life insurance plan with level premiums guaranteed for life, a guaranteed level death benefit, guaranteed cash values and is eligible to participate in dividends.

Basic product information

Sample contract: N/A

Dividend options: Yes

Bonus: Yes

Dividend options 

  • Bonus (PUAs)
  • Accumulation
  • Premium reduction
  • Deposit directly to bank account


Valued client bonus is intended to reward long-term policy owners. It is a guaranteed amount that will be credited to the policy at the end of every fifth year on the policy anniversary, provided the policy is still in force and all premiums due have been paid

Premium paying period

Premium payments

  • The basic premium is level and is guaranteed for the life of the plan 

Deposit option insurance

  • Option to deposit additional money into the plan to purchase paid up additions
  • Earlier premium offset
  • Longer and more frequent premium holidays
  • Increased death benefit and cash value without additional premiums
  • An annual maximum exists
  • The client cannot make deposit option payments when there is a policy loan.  If they are making deposit options payments and request a loan, the deposit options payments will stop

Policy fees


Deposit load

Administration changes occurred effective January 1, 2017 where any new addition or increase in deposit option payments with evidence of insurability (underwriting) is no longer permitted

Values, loans & withdrawals

Non-forfeiture option

Automatic premium loan(APL)


  • Loans are available
  • Up to 90% of the cash value is available


  • Dividend may be withdrawn 
  • There is currently no fee for withdrawals. Plans used to have a $25.00 fee which Manulife has decided to waive
  • $500.00 minimum withdrawal from the PUAs

Cash value

This policy has guaranteed cash values beginning at the date specified in the contract    

Reduced paid up

Reduced paid-up values

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday


Death benefit

Basic coverage plus any dividends 

Reinstatement period