​Universal life Term 10

Product description

​Issue ages (age nearest)

• 18 to 75

Insurance amount

• Minimum: $25,000
• Maximum: $20,000,000
  (maximum in illustration software; you can ask for higher amounts)
  (maximum in illustration software; for higher amounts apply to special.quotes@dfs.ca)

Rate bands

• $25,000 to $49,999
• $50,000 to $99,999
• $100,000 to $249,000
• $250,000 to $499,999
• $500,000 to $999,999
• $1,000,000 to $4,999,999
• $5,000,000 or more

Preferred rates:

• 3 non-smoker classes (P1, P2 and P3) and 2 smoker classes (R1 and R2). Refer to the Underwriting Information Guide.
• Insured qualified for P1, P2 and R1 is eligible for the preferred rates as follows:
  • $250,000 and over: preferred rate for insured ages 51 and over
  • $1,000,001 and over: preferred rate for insured ages 18 to 50

Cost of insurance

The cost of insurance is level for the first 10‑year term.

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

• If the insured is between the ages of 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

Afterwards, the coverage remains in force for the remainder of the insured's life.

Surrender fees

• None

Insured life options

• Individual

Flexible options for term insurance

Conversion option

Term 10 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 clause to find out the maximum age at which the option may be exercised.

• Products available for conversion

Exchange option

The Exchange Option allows your clients to exchange the Term 10 for a Term 20, during the first five years of coverage, without providing new evidence of insurability. The client must be 60 or under at the time of the exchange and certain age restrictions apply.

Partial exchanges are also accepted.

Association option (for individual policies)

Individual coverages include an option for exchanging the individual coverage for 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.

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 inforce 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.