Industrial Pacific’s Universal Life Plan Genesis: a Competitive Coverage

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Industrial Alliance Pacific and its parent company Industrial Alliance Insurance and Financial Services Inc. offer a universal life policy branded “Genesis.” Genesis is available with face amounts as low as $25,000 (or $300 per year annual premium) and issue ages from birth to age 85.

This plan allows you to choose between multiple cost of insurance (COI) options, including an increasing COI which allows the applicant to focus on cash accumulation in the early policy years. The level COI plan guarantees your rates are fixed for life, and the quick pay COI option allows for the COI charges to end after 10, 15 or 20 years. Their universal plan has a both guaranteed and market-based investment options.

Genesis is available with preferred rates for those applicants in very good health and good family health history. But the savings are much less pronounced than on Industrial Alliance’s term plans. The Genesis plan also has a surrender charge on withdraws in the first seven policy years.

Their rates are competitive at most age levels. As an example, a 45-year-old male non-smoker who applies for $250,000 of universal life level cost coverage would pay a minimum premium (i.e., the premium to keep the plan in force) of $180.42 per month.