Introducing simple life insurance without surprises; National Life launches e-Guaranteed Universal Life

TORONTO, April 30, 2003 – Now there’s a simpler way to take advantage of the benefits of universal life with National Life’s e-Guaranteed Universal Life (eGUL) product. Universal life is an insurance policy that offers protection and investment options.

“eGUL is ideal for the client who wants a simple, guaranteed life insurance plan without surprises,” says Brian Wrixon, Vice-President, Individual Sales. “It is designed for those who want to know exactly how much their coverage will cost without conditions.”

This new plan focuses on key elements that are high on policyowners’ list of needs, such as flexible deposits, protection, and guarantees. eGUL provides clients with more guarantees by removing equity-linked investment options, optional benefits and bonus plans. Premium payments can end in ten years or less. Borrowing and withdrawal options are still available.

For clients’ protection-based needs, eGUL offers unique benefits and advantages over traditional products such as term life, whole life and universal life:

  • An eGUL policy that remains inforce to the Charges Cease Date cannot lapse
  • All investment choices guarantee preservation of capital
  • Investment choices have guaranteed minimum interest rates as high as 4.2%
  • Guaranteed Surrender Amounts are available after 5 years

“Universal life can be a complex product. With eGUL, clients get the protection of universal life with enhanced guarantees, without having to monitor investment options and bonus plans,” says Promod Sharma, Actuary, Individual Insurance. “This product still offers tax-deferred savings. Clients who do not want equity-linked investments can choose from a number of alternatives that preserve their capital and still give solid returns.”

There are seven investment options, which include a Daily Interest Account and Guaranteed Interest Accounts with terms ranging from one to ten years. In lieu of the bonus plan, eGUL has enhanced credited and guaranteed minimum interest rates, which can be as high as 4.2%.

Other features of eGUL are:

  • Guarantees and Simplicity
  • Policy can be paid-up in 10 years or less
  • Fixed interest investments with high credited rates
  • Policyowner statements every calendar quarter and on each policy anniversary


  • Cost of insurance (COI) rates
  • Policy paid-up for the initial death benefit on the Guaranteed Charges Cease Date if cumulative Minimum Premiums have been paid
  • Guaranteed Surrender Amounts starting in year 5
  • Exempt from accrual taxation
  • Fixed Administration Charge
  • Premium tax deduction capped at 4% until the Guaranteed Charges Cease Date
  • Investment option guarantees
  • Preservation of capital
  • Guaranteed availability
  • Minimum crediting formulas linked to Government of Canada instruments
  • Minimum interest rates as high as 4.2%

For more information, send an email to: [email protected].

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 $16.8 billion in assets under management and under administration.