Term

Term 10 Renewable & Convertible Square

Original line of business: Commercial Union

Updated on: Dec 12, 2018

Product snapshot

This product is a 10 year renewable and convertible term product. There are two different premium renewal structures.

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

Offers a choice of two premium plans which cannot be changed after issue: 

Guaranteed premiums plan

  • Guarantees the rate for all future renewals at issue of the policy
  • Premiums remain level for 10 years and renew at attained age 

Adjustable premium plan

  • Has lower premiums than the guaranteed premium plan at issue
  • Remains level for 10 years
  • Premium is reviewed every 10 years  

Policy fees

The policy fee for this plan is $75

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 two 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 nearest the insured’s 60th birthday