Union of Canada’s Progression 15 Life Insurance Policy

Jul 15 2011

Union of Canada’s Progression 15 Life Insurance Policy

Posted by Lachlan Bethel in Life Insurance

Progression 15 offers tremendous growth potential. Photo by Balazs Gal

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 the 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.

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