National Life improves its universal life products Flex Account and eUL

Lower insurance premiums for death benefits over $500,000 with Level Cost Of Insurance

TORONTO, Feb. 6, 2003 – National Life has reduced its Level Cost of Insurance (COI) rates for their universal life product Flex Account and e-Universal Life (eUL) at many ages. Policies with a death benefit of $500,000 or more feature lower premium costs, especially for people who are over 50 years of age or smoke.

“We continually look for ways to improve our products. Our rate changes are another example,” says Promod Sharma, Actuary, Individual Insurance, National Life. “The new improved rates for Flex Account and eUL can reduce life insurance premiums significantly for many people.”

For example, on a policy with a death benefit of $500,000, a 60 year old male smoker sees a 10 per cent reduction in his cost of insurance. A 50 year old female smoker gets a 19 per cent reduction. The advantage for policyowners improves further on policies for $1,000,000 or more: Male nonsmokers and smokers between the ages of 50-80 see a drop in rates ranging from 8 to 14 per cent. Rates for female nonsmokers and smokers between the ages of 50-80 have reductions of up to 21 per cent lower than current rates.

“By offering these lower rates, National Life is raising the bar on providing competitive premiums,” Mr. Sharma notes. “There are also better rates for older non-smokers, which is a positive reflection of our population.”

New changes to 10 year term insurance benefits on Flex Account and eUL policies

National Life has also reduced many premium rates for 10 year term insurance benefits which can be added to Flex Account and eUL policies. The rates are now based on the separate National Life Term plan which is already available. For a $100,000 policy, the initial rates decrease up to 31% for males and females. Coverage is now available for five additional years, ending at age 85.

Flex account and eUL are available through selected distribution partners. For more information, visit

About National Life:

National Life has been a strong performer in the insurance and financial industry for over a century, with a reputation for service excellence and product innovation. Providing individual insurance, group life and health insurance, and retirement and investment products across Canada and in parts of the Caribbean, National Life is a trusted name in the financial industry.

Working in partnership with the industry’s top independent producers, National Life’s network of expert resources provides long-term wealth management solutions to clients. The company was rated A (Excellent) by the A.M. Best Company, the oldest insurance rating agency in the world and has been recognized as one of “Canada’s Top 100 Employers” for the past three years by MediaCorp. National Life is a member of the Industrial Alliance Group of Companies, with over $16.3 billion in assets under management and under administration.