UNIVERSAL LIFE INSURANCE. Flexible permanent protection

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1 UNIVERSAL LIFE INSURANCE Flexible permanent protection

2 A solution to your financial security needs and goals

3 Universal life insurance from London Life At London Life, we create products to help you meet your financial security needs and goals. Our universal life insurance policy can help. It combines permanent life insurance protection with the opportunity to accumulate tax-advantaged savings. In fact, it may be the only insurance policy you ll ever need. Do I really need life insurance? Most people do. Life insurance helps create security for you and your family. If you should die prematurely, it can be used to: Pay final expenses and any debts you may have Provide an income for your family Ensure your family has the resources to maintain a comfortable standard of living Pay any taxes owing on your estate so more of your estate is transferred to your children or grandchildren During your lifetime, it can: Build tax-advantaged savings, which you can draw upon as needed for personal or business opportunities Supplement your retirement income Provide funds for long-term care or home care You ve worked hard to build the lifestyle you enjoy today. You have made sound decisions that meet your investment style and financial objectives. London Life universal life insurance can help you protect your plans. Leave a legacy to your favourite charity Provide your business with the funds necessary to fund a buy-sell agreement Protect your business against the loss of a key employee universal life insurance Flexible permanent protection from London Life 3

4 Tailor your insurance coverage to fit your lifestyle. Flexibility and choice Flexibility London Life universal life insurance may be the only life insurance policy you will ever need. As your family, business or individual needs change, it has the flexibility to change with you. Tailor your insurance coverage to fit your lifestyle, budget and financial security goals. Tax-advantaged investment component The total account value in your universal life policy grows on a tax-advantaged basis. The insurance proceeds that will be paid to your beneficiary upon your death are tax-free and may include the total account value that you have been accumulating in your policy over the years. Maximize the tax-advantaged investment component of your life insurance policy, while meeting your life insurance needs, with our Value Maximizer option. Choose your style of interest options Choose between two styles of interest options: with or without client bonus. Interest options with client bonus have an enhanced interest-crediting rate, based on funding levels in the second policy year and beyond. As well, regardless of funding levels, all policies with our client bonus option will receive a bonus interest-crediting rate beginning in the 10th policy year. Our universal life without client bonus has lower interest option fees. For a comparison of interest option fees, see London Life s Universal life insurance interest options brochure. Use our Determine your risk profile questionnaire to assist you in selecting interest options that will match your risk tolerance and financial security goals. Create a mix of interest options specific to you, or use one of our five folio interest options to give you the diversification you re seeking without the need for daily management. 4 universal life insurance Flexible permanent protection from London Life

5 Choose between two types of life insurance protection The level death benefit option pays your beneficiary the greater of the insurance face amount or the total account value. In both cases, the payment is reduced by any indebtedness to London Life under a policy loan. As your total account value increases, it becomes, in effect, a larger portion of your death benefit, reducing the cost of your insurance coverage. If at any time your total account value decreases, due to a decrease in the market index or mutual funds used as an index, your insurance coverage will increase, as will the associated cost, to maintain your level death benefit. This benefit is ideal if your insurance needs are not likely to increase, and if you want to maximize your total account value in the early years. Adjust your insurance protection as your needs change London Life universal life insurance allows you to change your coverage to reflect your changing needs. Please note that some changes may require evidence of insurability, such as: Changing cost of insurance options Increasing your insurance amount Changing from the level death benefit option to the coverage plus death benefit option Total account value Adding a benefit or rider Insurance amount Level death benefit Death benefit The coverage plus death benefit option pays your beneficiary the insurance amount plus the total account value. As your total account value grows, it s added to your life insurance coverage, rather than reducing your insurance cost, resulting in a death benefit that grows over time. However, if at any time your total account value decreases, due to a decrease in the market index or mutual funds used as an index, your total death benefit will decrease. There is no change in the coverage used to determine your cost of insurance charges. This option should be considered when your insurance needs are likely to increase, or if your objective is to accumulate tax-advantaged savings and you plan to use level or limited-pay cost of insurance. Total account value Insurance amount Coverage plus death benefit Total account value Insurance amount Death benefit Total account value universal life insurance Flexible permanent Insurance protection amount from London Life 5

6 Life insurance helps create security for you and your family. Insure more than one individual Multiple lives benefit Insure up to five additional lives under your policy, each with its own permanent life insurance coverage and the possibility of a separate beneficiary. You can remove one or more of these lives and add new lives in their place, within the maximum allowed, with evidence of insurability, at any time. Structure your multiple lives coverage in a way that meets your needs. Joint coverages The following assumes two lives jointly insured. More than two lives may be possible, subject to additional underwriting. Joint first-to-die This coverage covers two people and provides a death benefit on the first death of the lives insured. The survivor then has the option to purchase insurance in an equal amount, based on his or her attained age at that time, without evidence of insurability. This coverage should be considered when insuring a debt, such as a mortgage or a loan, or for providing income replacement. Joint last-to-die This coverage covers two people and provides a death benefit on the second death of the lives insured. It s often used for estate preservation needs, such as providing cash to cover the cost of taxes on capital gains and on registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs) that arise at death. For eligible joint last-to-die coverage, we also offer a benefit on first death option, which allows a beneficiary to receive a portion of the policy s existing total account value upon the first death of the lives insured. Changing joint first-to-die to joint last-to-die You have the option of changing your joint first-to-die coverage to joint last-to-die coverage, for annually increasing and level cost of insurance options. Or you can change your joint first-to-die coverage to two singlelife coverages, each for 50 per cent of the original death benefit. Changing joint first-todie to joint last-to-die is currently unavailable for the limited-pay cost of insurance option. 6 universal life insurance Flexible permanent protection from London Life

7 Cost of your protection Part of the premium you pay into your policy covers the cost of the insurance protection. This includes the cost for the primary and additional lives insured, as well as any optional benefits you select. Life insurance costs generally increase with age. London Life universal life insurance allows you to manage this increase with the following cost of insurance options: The limited-pay cost of insurance option (10 pay, 15 pay and 20 pay) offers a set cost of insurance period, guaranteed for the duration of the coverage. Guaranteed cash values start at the end of the fifth anniversary of coverage. This coverage, and therefore the guaranteed cash value, can be reduced at any time. As long as you pay the required cost of insurance charges during the required period (10 pay, 15 pay or 20 pay), the associated death benefit amount is guaranteed. The annually increasing cost of insurance rate increases annually as your age increases, but the rate scale is guaranteed for the duration of the coverage. It starts out lower in the early years, allowing you to accumulate more of your premium in your chosen interest options and accelerate the growth in your total account value. The guaranteed level cost of insurance rate is locked-in for the duration of the coverage, once it s set. It allows you to spread your insurance costs evenly over the life of the policy. Changing cost of insurance options You can change the cost of insurance option from annually increasing or level to limited-pay, subject to rules and limits specified in your contract. You can change the cost of insurance option from annually increasing to level, subject to rules and limits specified in your contract. Your financial security advisor can help you select the cost of insurance option or combination of options that best suits your needs. Expense charges and fees A guaranteed expense charge of $10 will be deducted from your policy each month. If your primary coverage has a limited-pay cost of insurance option at issue, the $10 expense charge stops at the end of the chosen cost of insurance paying period (10 pay, 15 pay or 20 pay). Also, if you chose to invest in a variable interest option an interest option fee will be deducted from the returns realized by the variable interest option. Premiums Choose the amount of premium you wish to pay, within the minimum and the maximum premium defined in the contract. The maximum premium is set to keep the policy exempt from taxation. The minimum premium is set by London Life, based on your age, sex and smoking status. As your total account value accumulates, you may choose to reduce or suspend universal life insurance Flexible permanent protection from London Life 7

8 Helping you build a lifestyle you can enjoy today. out-of-pocket premium payments altogether, without jeopardizing your insurance coverage. Depending on the interest earned and the level of the total account value in your policy, you may be required to resume premium payments in the future. Premium allocation After the applicable provincial premium tax is deducted (two per cent in most provinces), your premium will be allocated to the interest options you select, according to percentages you stipulate. You may also make lump-sum premium payments into your policy at any time. There are no other charges applied to the premium before it s invested in your chosen interest options. The cost of insurance, premiums for riders and other benefits, and the monthly expense charge will be drawn every month from your total account value, in accordance with the withdrawal provisions of your policy and our processing order. of one of your interest options has declined in a particular month, the proportion of the deduction from that interest option will decrease as well. Premium-paying period Premiums can be paid for the entire life of the policy. The limited-pay cost of insurance option guarantees the cost of insurance charges for the chosen period of time. If the interest option chosen is variable and returns are negative, you may need to pay additional premiums to fund the cost of insurance charges for the coverage. After the cost of insurance period ends, you have the option to continue to pay premiums. Both of these actions will enhance the tax-advantaged cash accumulation in the investment component. Where the coverage plus death benefit option is in effect, this would also have the effect of increasing the death benefit under the coverage-plus option. For withdrawals made from a like group of accounts, our current practice is to make withdrawals on a pro-rated basis, according to the dollar value of each interest option on that date. This means that if the value 8 universal life insurance Flexible permanent protection from London Life

9 Side Account London Life may monitor your premium payments, as part of its overall efforts to help ensure your policy remains exempt from accrual taxation. If you wish to pay a premium in excess of the maximum premium allowable for your policy, and if London Life is aware the premium is in excess, London Life will deposit this excess premium directly into the Side Account, a premium account that is separate from your insurance policy and provided under a separate contract. The funds in your Side Account can be invested in either a daily interest option or five-year guaranteed interest option. Since the Side Account is separate from your insurance policy, any interest income generated by these investments is fully taxable. London Life will transfer funds from your Side Account to your insurance policy to accelerate the growth of your tax-advantaged total account value, provided these payments do not exceed the maximum premium allowable for your policy based on current tax legislation. Value Maximizer further tax advantages Your policy is designed to ensure any growth of the policy s total account value remains exempt from accrual taxation under current tax legislation. If you wish to maximize your tax-advantaged savings, you can add the Value Maximizer option. This feature provides for adjustments to your insurance amount that would allow you to enhance the tax-advantaged accumulation within your universal life insurance policy. The Value Maximizer option will automatically increase your policy s insurance component each year, by as much as eight per cent of your previous year s death benefit, to maintain your policy s tax-exempt status. You can also elect to have it decrease your insurance amount when appropriate, to reduce the cost of insurance charges being deducted and maximize the accumulation in your total account value. Client bonus Choose between London Life universal life insurance with or without client bonus. Policyowners who choose our universal life insurance with client bonus are eligible to receive two kinds of interest bonuses. Guaranteed bonus Starting in policy year 10, a guaranteed bonus enhances your policy s interest-crediting rate on the funds within the total account value. The annual bonus rate is 0.6 per cent from policy years 10 to 24 and 0.96 per cent every year thereafter. The bonus is guaranteed to be paid regardless of how your policy s interest options perform. Funding bonus In addition to the guaranteed bonus, you may receive a funding bonus of up to 0.96 per cent of your total account value. This can begin as early as policy year two if you are making significant premium payments to your policy or if your total account value exceeds certain minimum thresholds. The dollar amount of the guaranteed and funding bonuses is a function of your policy total account value, which will fluctuate. The client bonuses don t apply to funds held in the Side Account. Your financial security advisor can help you decide which version of London Life universal life insurance you should choose with client bonus or without client bonus. London Life universal life insurance, without client bonus, has lower interest option fees charged to the policy s interest options. universal life insurance Flexible permanent protection from London Life 9

10 Interest options Choose from a variety of interest options. Develop an interest option mix to suit your investment objectives and your risk-tolerance level. When selecting your interest options, you should consider the volatility of each interest option. The following interest options are currently available: Daily interest option (DIO) Earns interest daily which is credited monthly. Guaranteed interest options (GIOs) Select a guaranteed interest option with annual terms, currently one-, three-, five- or 10-year terms. The compound-interest guaranteed interest option earns interest daily on the balance in the guaranteed interest option, at the guaranteed interest rate, until the end of the term. Interest is credited to the balance on a monthly basis until the end of the guarantee period. At maturity of the guaranteed interest option term selected, the principal and interest will be automatically reinvested in a guaranteed interest option of the same type and duration, unless, at that time, you instruct us otherwise. The minimum amount required to establish each guaranteed interest option is $25. Under no circumstance will the rate paid fall below: Term Minimum interest rate 1 year 0.0% 3 years 0.0% 5 years 2.0% 10 years, with client bonus 1 2.5% 10 years, without client bonus 2 3.0% 1. Also for policies without client bonus dated before May 26, For policies dated May 26, 2008, or later Market value adjustment (MVA) A market value adjustment is a charge that may be made to an amount held under a guaranteed interest option account when an amount is transferred out of the account before the end of the term period or at surrender or lapse of the policy. The market value adjustment may also be charged on any unscheduled withdrawal of funds that have been invested at a guaranteed interest rate within the Side Account. Market value adjustments apply only where the guaranteed interest option has been elected and current interest rates for similar terms have increased. Transfers from the guaranteed interest option made by London Life to pay the monthly charges, or to maintain the tax-exempt status of your policy, will not be subject to a market value adjustment. Transfers from the Side Account into the policy are also not subject to a market value adjustment. Variable interest options (VIOs) Returns credited on the variable interest options follow the returns from widely recognized investment market indexes and mutual funds. The index-linked and fund-linked variable interest options credit interest each business day, at a rate based on daily changes to the underlying investment market index or the underlying mutual fund, net of the mutual fund s management expense ratio, after deducting an administration fee (interest option fee) for the particular interest option. The interest credited on any particular day may be positive or negative. If the interest credited is negative, the balance in that interest option will be reduced. The variable interest options allow for enhanced diversification and potentially greater returns, but with increased risk and volatility. These options are not an investment in securities; they credit returns that are linked 10 universal life insurance Flexible permanent protection from London Life

11 to recognized market indexes or mutual funds, affording you a convenient way to mirror an investment in the market without actually buying securities. Unlike the guaranteed interest option, the variable interest option has no maturity date. Once funds have been allocated in a variable interest option, they will remain allocated until you request a transfer or withdrawal, or the account is surrendered to pay monthly deductions. It s important to remember that the performance of variable interest options with a foreign element, such as the Global Equity and American Equity options, is directly affected by the value of Canadian currency relative to the currencies measured in the indexes. A declining Canadian dollar enhances returns, in Canadian dollars, while an escalating dollar has the opposite effect. Index-linked variable interest options The interest rate factor for an index-linked variable interest option account is set every business day and isn t guaranteed. Fund-linked variable interest options London Life currently offers fund-linked options ranging from conservative to aggressive, in terms of risk tolerance. The interest rate factor for a fund-linked variable interest option account is set every business day and isn t guaranteed. Folio interest options Investment markets and the economy are in a constant state of change. Various investments and asset classes react differently to these changes some may increase in value, while others may decrease in value. A key element in reducing investment risk is diversification. Our folio interest options are a set of variable interest options that achieve diversification by crediting interest at a rate based on the investment performance of a number of well recognized mutual funds that represent various asset classes, net of the mutual fund s management expense ratio after deducting an administration fee (interest option fee) for the particular interest option. The interest credited for any particular day may be positive or negative. If the interest is negative, the balance in that folio option will be reduced. Complete our Determine your risk profile questionnaire, which asks about the amount of investment risk you are comfortable with and helps balance that comfort level with your financial objectives and circumstances. Based on your responses, it determines a risk profile ranging from conservative to aggressive, designed to help you achieve your goals. For more information on our universal life interest options, refer to London Life s Universal life insurance interest options brochure. Accessing your policy account value Withdrawals You may take a partial withdrawal of cash from your policy at any time providing sufficient funds remain in the cash surrender value to keep the policy inforce and cover any applicable surrender charges and policy loans. If you have more than one interest option, you must give London Life written direction as to the account from which the withdrawal should be taken. The minimum withdrawal is $500. If you withdraw cash from a policy with a level death benefit option, your death benefit will decrease by the amount of cash value reduction. A market value adjustment may apply to funds withdrawn from a guaranteed interest option before the end of the interest guarantee period. A taxable policy gain may be reported for the year of withdrawal. universal life insurance Flexible permanent protection from London Life 11

12 You can change your interest-options mix or transfer funds within your policy as often as you like. Policy loans You may take a policy loan at any time, providing sufficient funds remain in the cash surrender value to keep the policy inforce and cover any applicable surrender charges. Policy loans are available on the guaranteed cash value when the limited-pay cost of insurance option is selected, once the total account value is used up. The minimum loan is $500. The loan will be subject to a loan interest rate that is set each policy anniversary by London Life. The loaned portion will continue to earn interest, based on the performance of the interest option from which the loan was taken. Because market fluctuations may adversely affect your policy s total account value, London Life limits the amount of your variable interest options available for loan to 75 per cent of the value in these options. Policy loans may be taxable, depending on the adjusted cost basis of the policy when the loan is taken. Policy loan amounts that were taxed when taken are later deductible when repaid. Policy loan repayments may be made at any time. Surrender If you surrender your policy during the first nine policy years, London Life will deduct a surrender charge as defined in the contract. You will then receive the balance, known as the cash surrender value. A taxable policy gain may be reported for the year of surrender. No surrender charges apply for the limited-pay cost of insurance options. Meeting your changing needs As the policyowner, you decide how you want to apply your money. As your objectives change over time, you can change your interest-option mix or transfer funds within your policy as often as you like. A market value adjustment may apply to funds transferred out of a guaranteed interest option before the end of the guarantee period. Your financial security advisor can help you review your coverage requirements and investment mix on a regular basis to ensure your policy is still meeting your long-term goals and changing circumstances. Disability lump-sum benefit If you choose this benefit on the application, the policy will provide for a disability lump-sum benefit. In the event you become 12 universal life insurance Flexible permanent protection from London Life

13 totally disabled, subject to the definitions in the contract, this benefit is paid from a portion of any unloaned portion of the policy s available total account value, excluding any amounts invested in guaranteed interest options. This provision applies only to the primary or joint life insureds named in the policy. Customize your policy London Life universal life insurance is flexible permanent insurance protection. It offers a broad range of benefits that can be added or removed as your needs change. Our preferred term riders provide low-cost additional term insurance protection to age 85. Premiums renew automatically every 10 or 20 years. These riders offer preferred risk rates for face amounts of $250,000 and greater if you qualify. You choose which renewal period fits your needs best. Term 10 coverage is convertible to age 70, or for two years after issue if the issue age is greater than 70, and is renewable to age 85. Term 20 coverage is convertible to age 70 and renewable to age 85. The child s life insurance rider provides term insurance protection on the children in your immediate family for a set annual premium. The amount of this coverage increases by four per cent every year, and additional children are automatically insured 15 days after birth. The coverage may be converted to a permanent plan of five times the original coverage amount for each child when he or she reaches a specified age. The automatic payment benefit on disability provides that London Life will pay a specified amount into your policy, determined at the time of application, if you become totally disabled as defined in the contract. If the insured is a minor, and the automatic payment benefit on disability is on the parent, a specified amount is deposited into the policy until the insured child s 25th birthday. The automatic payment benefit on death provides that London Life will pay a specified amount into your policy, determined at the time of application, if an insured or premium payor dies. If the insured is a minor, and the automatic payment benefit on death is on the parent, a specified amount is deposited into the policy until the insured child s 25th birthday. The accidental death benefit provides that your beneficiary will receive an additional death benefit on top of the original base insurance amount, if your death occurs by accidental means as defined in the contract. The guaranteed insurability rider allows you to purchase additional amounts of permanent insurance, at specified option dates, without providing any medical evidence of insurability. You can get up to $800,000 additional coverage in the future without providing medical evidence. Keeping you informed London Life will send you an annual statement detailing the status of your policy. This statement tells you the interest options in which your money is invested and how it s performing. The total account value of your life insurance policy is also detailed in your annual statement, along with a summary of your insurance coverage. London Life suggests you review your policies with your financial security advisor regularly to ensure your universal life policy is still meeting your insurance needs and investment objectives. universal life insurance Flexible permanent protection from London Life 13

14 Glossary of common terms Adjusted cost basis (ACB) Generally, this is the total of the premiums you have paid, less the cumulative cost of pure insurance over the years, less all monthly charges for additional benefits and riders that are not for life insurance, less any charges for substandard ratings, less any policy loans taken in the past, less any withdrawals taken in the past, plus any policy gains in the past. Beneficiary The person (or persons) who has been named by the policyowner to receive the death benefit when the life insured dies. Cash surrender value Your total account value minus any applicable surrender charges, indebtedness (e.g., a policy loan) and market value adjustments. This is the amount you will receive if you cancel your policy. Cost of insurance (COI) The cost of insuring a particular individual for a certain coverage. It s based on the amount of coverage, as well as the underwriting class, age, sex and tobacco consumption of that individual, as well as the cost of insurance option chosen. Death benefit The total amount paid out tax-free to the beneficiary on the death of the life insured. The death benefit may include the investment component that you have been accumulating. Evidence of insurability Evidence submitted to London Life that is used to determine whether an individual is eligible for the insurance coverage applied for on that individual. Expense charge A fixed amount of $10 deducted from the policy s total account value every month to cover administrative costs. This amount is guaranteed never to increase for the life of the policy. Interest option One of several investment accounts in which your premiums may be credited within your life insurance policy. Life insured The person (or persons) who is insured under the terms of the life insurance policy. Policy The contract issued to you by London Life that stipulates the terms and conditions of your coverage. Policyowner The person who owns and holds all rights under the policy, including the power to name and change beneficiaries, obtain a policy loan, assign the policy to a financial institution as collateral for a loan, withdraw funds or surrender the policy for its cash surrender value. Premium The amount you contribute to the policy to maintain your insurance coverage and your interest options. Total account value The sum of all the interest options in your policy, including interest. It doesn t include any guaranteed cash value from limited-pay coverage. 14 universal life insurance Flexible permanent protection from London Life

15 Need more information? You can find out more about universal life insurance and our other products and services by calling your financial security advisor or local office. As your insurance and investment needs change over time, regular reviews of your coverage with your financial security advisor will help keep your policy on track with your objectives. You may want to keep this guide with your policy as a handy reference. You can also call London Life directly at A client service representative will answer your questions and resolve any service issues you might have. London Life serving our clients since 1874 London Life Insurance Company has helped Canadians meet their financial security needs for more than 130 years and has almost two million clients. London Life has more than $54 billion* of assets under administration. London Life is a subsidiary of The Great-West Life Assurance Company. Together, Great- West and its subsidiaries London Life and Canada Life serve the financial security needs of 12 million people across Canada. London Life, Great-West and Canada Life are members of the Power Financial Corporation group of companies. *As at Dec. 31, 2006 While every effort has been made to ensure the accuracy of the information in this brochure at the date of printing, some errors and omissions may occur. In the event of a discrepancy, the terms of the London Life universal life insurance contract will prevail.

16 London Life and design are trademarks of London Life Insurance Company. This item is made with 50 per cent recycled paper and 25 per cent post-consumer fibre /08 16 universal life insurance Flexible permanent protection from London Life

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