Better Options with Wawanesa’s Universal Life Plan
Wawanesa Life’s Universal Life plan was redesigned in 2007 with 4 different cost of insurance (COI). Applicants can choose between an annual renewable term COI (allows for higher cash values in the early policy years), level COI and 15 and 20 year quick pay COI options.The quick pay options result in higher intial premiums but the the insured's COI charges end after 15 or 20 years.
The investment options on the plan are very limited compared to other carriers. AIG, for example, has over 400 investment accounts available, while Wawanesa has six investment accounts: a daily interest account, fixed interest account, Canadian equity index account, U.S. equity index account, International equity index account and a Canadian bond index account. The policy has a built-in guaranteed investment bonus of 1% of the plan’s accumulation value from years three to 24; from years 25 and beyond this bonus jumps to 1.25% of the plan’s accumulated value.
Preferred rates are not available on the Wawanessa Universal Life plan. As an example of their pricing, a 45-year-old male non-smoker who applies for $250,000 of Universal life level cost coverage will pay a minimum premium (i.e., the premium to keep the plan in force) of $179.55 a month.