Product Disclosure - Product features and benefits



Whole Life insurance offers permanent coverage with guarantees on premiums and values. Use it as traditional life insurance or as a way to pay for the taxes that may arise when an inheritance is transferred. For complete coverage, add term or critical illness insurance riders to this non-participating product, which also offers various other benefits and features. Whole Life insurance is a tax-exempt product.


Key features


There are two types of coverage:

  • Whole Life 100
  • Whole Life Limited Pay:
    • Whole Life Limited Pay To Age 65
    • Whole Life Limited Pay To Age 75
    • Whole Life Limited Pay 20, 25, or 30 years

Whole Life coverage for one or more persons:

  • Single
  • Joint-last-to-die
  • Joint-first-to-die

Preferred rates

Our Whole Life insurance is offered at preferred rates, for sum insureds of $250,000 or more, thanks to our Life Profiles Preferred Rates program. With a choice of five rate classes, clients can enjoy a premium that is related to their personal lifestyle and medical history. For sum insureds of less than $250,000, smoker and non-smoker rates will apply.


Issue Ages: Whole Life 100

  • Single life: 18 to 80 years old
  • Joint-last-to-die and Joint-first-to-die: Equivalent Single Age (ESA), but must be at least 18 years old; in addition, each life insured must meet issue age criteria.

Issue Ages: Whole Life Limited Pay

  • Single life:
    • Whole Life Limited Pay 20, 25, 30 years: 0 to age 100 (minus premium payment period)
    • Whole Life Limited Pay To Age 65: 0 to age 45
    • Whole Life Limited Pay To Age 75: 0 to age 55
  • Joint-last-to-die and Joint-first-to-die: Equivalent Single Age (ESA) but must be at least 18 years old; in addition, each life insured must be adult lives.

Minimum sum insured: $25,000

Maximum sum insured: No maximum (For amounts over $5,000,000, please contact custom.quotes@standardlife.ca)


Policy fee

The annual policy fee is $65.


Benefits and riders

  • Permanent or limited pay period options
  • Term 10 R&C or Term 20 R&C insurance riders
  • Protecta Critical Illness insurance riders
  • Children's protection rider
  • Children's enhanced protection rider
  • Guaranteed Insurability Benefit (GIB)
  • Accidental Death Benefit (ADB)
  • Waiver of Premium on Disability
  • Waiver of Premium on Death or Disability
  • Survivor's Insurance Benefit 65 or 70

Whole Life insurance is not available as a rider to any insurance products.

Other insurance products can be converted to Whole Life policies.

Whole Life insurance cannot be converted to any other insurance product.


Cash Surrender Values (CSV)

The cash surrender value begins at the 10th policy anniversary year and is a function of the age and sex of the insured.


Automatic Premium Loan (APL)

APL is the default non-forfeiture option and is only available if there is Cash Surrender Value. Interest will be charged on the amount of the loan.


Reduced Paid-up Values (RPU)

The reduced paid up option entitles the client to stop paying the insurance premiums provided there is cash value to do so. Once this option is elected, the client cannot pay back the premium and have the sum insured increased to the original amount.


Partial Withdrawal (Reduction of sum insured)

Sum insured reductions are permitted on all plans except in cases where the sum insured would be reduced to less than $25,000. Sum insured reductions are not permitted before the 3rd policy year.

Along with this option, a partial cash withdrawal is available and would be proportionate to the reduction in the sum insured. Once this option is selected, the owner would not be permitted to restore the sum insured to its original amount.

In some cases, the reduction may cause a change in the rate band. In these cases, the premium is adjusted according to the rates in effect at the policy owner's original issue age and for the band corresponding to the reduced sum insured.


For more information on these benefits, including the guaranteed and non-guaranteed features as well as limitations and exclusions, review the contract provisions pertinent to each benefit on Advisor Source.