Unity Life’s Plus Term: a Hidden Gem (Discontinued)

Unity Life’s Plus Term (was discontinued in 2009) is a non participating whole life policy available in Canada to applicants aged 18 to 45. The plan provides lifetime protection and is guaranteed paid up at age 65.

The policy has a guaranteed cash value available at age 65 and the cash value accumulates each year thereafter.

Below is an example of $250,000 coverage for a 41 year-old Female Non Smoker. Unity Life stacks up well against its Whole Life Paid Up at 65 competitors, especially in the cash value department.

CompanyMonthly PremiumContribution to age 65Cash Value at 65
Unity Life$184.73$53,202.24$100,500
Industrial Allaince$186.75$63,784.00$37,850

• All three policies have a paid up death benefit at age 65.

The Manulife applicant saves about $4,900 over the 24 years but her cash value would be over $65,000 less at age 65. The Industrial Alliance plan has a higher premium and $62,650 less cash value at 65.

Unity Life’s Plus Term plan also has a unique Extended Insurance feature. In the event the policy owner is unable to pay premiums and the policy has been in force for 2 years, the insurance amount, less the outstanding loan and any interest due, will remain in force for one year from the date premiums was due. During this period the policy can be put back in force by paying the premium plus any interest. Policyholders can use this feature up to 3 times.

Additionally now that Unity Life has joined forces with The Foresters all policyholders are now Forester members and may be eligible for valuable complimentary member benefits such as postsecondary scholarships or a grant for a covered illness. These benefits may provide extra protection to help ensure new applicants and their families get the support they need through key life events.

LSM Insurance
LSM Insurance

Thanks for the note. An individual life and disability plan would offer a much better value. The bank plan will terminate without value if you switch banks or pay off the line of credit. An individual policy is portable and also offers a discount to non smokers.

I am happy to help out with a quote.

Best Regards … Lorne


Hi, I am a 47 year old male, in good health, non-smoker. I am looking for some type of term life and disability insurance to cover a line of credit up to $50,000. Have insurance on the loan through the bank that covers myself and my wife for both life and disability but find it extremely expensive. Any suggestions?