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Universal life Term 10

Universal life Term 10 provides low-cost life insurance coverage that meets short term security needs while accumulating tax-deferred savings.

The accumulated funds generated over the years allow the client to:

  • Cover their insurance costs
  • Increase their retirement income
Issue ages (age nearest)
  • 18 - 75
Cost of insurance The cost of insurance is level for the first 10 years. They will then increase annually.
Renewal After the first term, the policy renews, and the premium increases every year
End of insurance costs
  • 18 to 60 years old: to age 90
  • 61 to 75 years old: at the earliest of:
    • 30 years after purchasing the insurance
    • at age 100
    The insured will remain covered until their death
Insurance amounts
  • Minimum: $50,000
  • Maximum: $25,000,000
Rate bands
  • $50,000 à $99,999
  • $100,000 à $249,999
  • $250,000 à $499,999
  • $500,000 à $999,999
  • $1,000,000 à $4,999,999
  • $5,000,000 and more
Insured life option
  • Individual
Underwriting risk classes
Non-smoker Smoker
P1 (non-smoker – preferred rate) R1 (smoker – preferred rate)
P2 (non-smoker – preferred rate) R2 (smoker – standard rate)
P3 (non-smoker – standard rate) -

Please refer to the Life - underwriting requirements for more details.
Preferred rates Insured qualified for P1, P2 and R1 is eligible for the preferred rates as follows:
  • Ages 18 to 50: $2,000,001 and over
  • Ages 51 to 60: $500,000 and over
  • Age 61 and over: $250,000 and over
Policy fees None

Flexible options
Conversion option Term 10 can be converted into a permanent product up until age 70, without having to provide new evidence of insurability.

Products available for conversion
Exchange option The Exchange Option allows your clients to exchange the Term 10 for a Term 20, during the first 5 years of coverage, without providing new evidence of insurability. The insured must be 60 or under at the time of the exchange and certain age restrictions apply.

A partial amount can be exchanged, subject to the minimum insurance amounts for the products. The original policy will retain the amount of insurance not exchanged. The exchange option for this part of the insurance can be exchanged later, if applicable.
Association option Individual coverages include an option for exchanging the individual coverage for joint last-to-die coverage, up to age 70 (based on the age nearest). This option allows you to add new insureds to the joint coverage. The products offered are the same as those available for conversion.

  • If the additional insured already has coverage through Desjardins Insurance that includes a conversion option:
    • No evidence of insurability is required
    • The amount available corresponds to the lesser of the insured's in-force sum insured
  • If the additional insured does not have any coverage through Desjardins Insurance with a conversion option:
    • The additional insured will need to provide new evidence of insurability
    • The amount available corresponds to the existing insured's in-force sum insured
For in-force policies, refer to the policy conversion clause to find out the maximum age to exercise the option.

If the association option is not included in the policy, please contact us.

Sales material

To order, complete and submit the marketing supply requisition form.