Union of Canada’s Progression 15 Life Insurance Policy

Posted on July 14, 2011 and updated July 28, 2011 in Insurance Types, Life Insurance Canada News, Permanent Insurance, Union of Canada Life Insurance 2 min read

Union of Canada offers a very unique Progression 15 life insurance policy. It is a whole life policy that includes a single automatic dividend option that allows you to buy additional paid-up insurance. This comes into effect after the policy has been in force for 15 years.

Beginning on its 15th anniversary, this policy acquires a cash value, a guaranteed paid-up insurance value, an additional paid-up insurance value, and an additional paid-up insurance cash value.

The premiums for the policy are guaranteed for as long as coverage is in force. The paid-up insurance portion is designed to become fully paid-up on the 15th anniversary of the policy and comes with the following benefits once that date is reached:

1. Additional paid-up insurance

2. The amount of guaranteed paid-up insurance, which may be re-valued, if applicable

Additional paid-up insurance amounts can be purchased on top of the annual declared dividends, and these amounts will automatically be reinvested and will come into force after the 15th anniversary of the policy.

This will then give the overall policy an acquired cash value. These dividends are not payable in cash. For more details on Whole Life Insurance in Canada, please visit our Whole Life Insurance Instant Quote Page or contact us at 1-866-899-4849.
 

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