​Universal life Term 20

Product description

Issue ages (age nearest)

• 0 to 65

Sum insured 

• Minimum: $25,000
• Maximum: $10,000,000
• $250,000 to $499,999 (preferential rates for insured clients ages 51 and more)
• $500,000 to $999,999 (preferential rates for insured clients ages 18 and more)
• 3 non-smoker classes and 2 smoker classes (refer to the Underwriting Information Guide)
• A client accepted P1, P2 or R1 can be admissible for the preferential offer.

Rate bands

• $25,000 to $49,999
• $50,000 to $99,999
• $100,000 to $249,000
• $250,000 to $499,999 (preferential rates for insured clients ages 51 and more)
• $500,000 to $999,999 (preferential rates for insured clients ages 18 and more)
• $1,000,000 to $4,999,999 (preferential rates for insured clients ages 18 and more)
• $5,000,000 or more (preferential rates for insured clients ages 18 and more)

Insurance cost

The cost of insurance is level for the first 20-year term, which means it will not increase. After that period, it will increase on an annual basis.

If the insured is between 18 and 60 years old, the cost of insurance ceases to be payable at age 90.

If the insured is between 61 and 75 years old, the cost of insurance ceases to be payable when whichever of the following events first occurs:

• After 30 years
• At age 100

Surrender fees

• No

Insured life options

• Individual

Flexible options for term insurance

Conversion option

Term 20 can be converted into a permanent product up until age 70, without having to provide new evidence of insurability.

For in-force contracts, please refer to the contract's conversion clause to find out the maximum age at which the option may be exercised.  If the option is not included in the contract, please contact Head Office.

• Products available for conversion

Association option (for individual policies)

Individual coverages include an option to exchange the individual coverage for a joint last-to-die coverage, up to age 70. This option allows you to add new insureds to the joint coverage. The products offered are the same as those available for conversion.

• Products available for conversion

1. If the additional insured already has coverage through Desjardins Insurance that includes a conversion option:
   • no evidence of insurability is required
   • the amount available corresponds to the lesser of the insured's in-force sum insured
2. If the additional insured does not have any coverage through Desjardins Insurance with a conversion option:
   • the additional insured will need to provide new evidence of insurability
   • the amount available corresponds to the existing insured's in-force sum insured

For in-force contracts, please refer to the contract's conversion clause to find out the maximum age at which the option may be exercised. If the Association Option is not included in the contract, please contact Head Office.

Eligibility of conversions

• No

Sales material

To order, contact your financial centre's administrative assistant or follow your current procedure and specify the identification number.