Universal Life Insurance — Destiny®

Destiny is universal life insurance with two components: permanent life insurance and a choice of tax-advantaged investment accounts. You can protect your family or business from financial difficulty in the event of your death — and you can choose from a wide range of investment options, giving your savings the potential to grow and compound on a tax-deferred basis.

For more information or to create the Destiny universal life insurance plan thatís right for you, contact us today.

A powerful financial and estate planning tool

Destiny insurance can:

  • Provide income replacement for your family in the event of your death.
  • Provide funds for your final arrangements.
  • Pay off any debts you may have left behind.
  • Fund any capital gains tax your family faces when they inherit from you.
  • Provide funds for a charitable bequest — and a tax deduction for your estate.
  • Protect your business from financial hardship.

Destiny insurance also:

  • Offers you optional health insurance such as critical illness and long term care coverage.
  • Allows you to grow your investments tax-deferred, providing you with a powerful retirement tool to supplement your RRSP.

Choose your coverage, guarantee your costs

Destiny allows you to choose coverage from $50,000 to $10,000,000, subject to underwriting approval. Youíll always know the exact cost, because itís guaranteed when you purchase your policy.

You can also choose to pay the minimum premium, or to contribute more to build your investment accounts.

Select your type of coverage

  • Provides protection for life.
  • You can select coverage from $50,000 to $10,000,000.
  • Your cost of insurance is guaranteed not to change as long as the policy remains in effect.
  • You can insure yourself only.
  • Choose a Joint-First-to-Die with Survivorship that covers two people. It pays out after the first person passes away. If, the second person passes away within 30 days of the first death, an additional death benefit, equal to the sum insured of the basic policy, will also be paid.
    Choose a Joint-First-to-Die coverage for 2 to five people, that pays out when the first person passes away. If the second insured person passes away within 30 days of the first death, an additional death benefit, equal to the sum insured of the basic policy, will also be paid.
  • Choose Joint-Last-to-Die coverage for two people. The benefit is paid after both people die.

For help in selecting the coverage thatís right for you, contact us today.

You can add term insurance at an additional cost for your specific needs, with:

  • Renewable and convertible Term 10 Rider
  • Renewable and convertible Term 20 Rider
  • Term to Age 100 Rider
  • Childrenís Term Insurance Rider

You can also add at an additional cost:

  • An accidental death benefit that will increase the amount of money paid out if you die in an accident.
  • Your choice from a range of Waiver of Premium options. Your premiums will be waived and your insurance will remain in effect if you are unable to pay the premiums because you become disabled or, if someone else pays your premiums, if that person becomes disabled or dies.
  • Critical illness and long term care insurance options, tailoring your Destiny plan to your precise needs.

Choose fixed interest or index-linked investments

You have a choice of 11 different investment accounts, and should select the type thatís most suitable for your investment goals, time horizon, and tolerance for risk. Contact us and one of our professional Insurance Representatives will help you select from a broad range of investments that include:

  • Risk-free accounts with predictable returns.
  • Investments that track the values of government and corporate bonds.
  • Investments that correspond to the returns on mutual funds.
  • Investments that mirror North American stock market indices such as the S&P/TSX 60 or the S&P 500.
  • Investments that correspond to European and Asian stock market indices.
  • Higher risk investments that reflect the NASDAQ 100.

Earn a guaranteed bonus — and an incentive to invest even more

The Preferred Client Bonus pays a guaranteed sum, equal to 1.5% of your investment value, starting in the third year, and awarded every year after that for the life of your policy.

The Wealth Accumulation Bonus rewards investors who double up on their minimum premiums over the first ten years. This bonus provides a sum equal to 0.25% of the investment value. Once the bonus begins in year 11, it is paid every year for the life of the policy.

Three ways to access your money if you need it

You can withdraw a minimum of $500 from your investments at any time. However, these withdrawals may be subject to tax. You can borrow up to 90% of the cash surrender value of your policy — minus any other outstanding loans – at a preferred interest rate.

You can surrender your policy and receive its full cash surrender value. However, this may be subject to tax.

Let us tailor your Destiny policy to your needs

We can help you select the amount of insurance and the investments that best suit your needs. Contact us for more information.

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