A smart solution
SunSpectrum Universal Life insurance combines permanent insurance protection with 18 investment account options for tax-preferred savings growth. Coverage can be customized with a variety of optional benefits and the policy fund investment choices have been carefully selected to accommodate your individual risk tolerance.
You should consider this product if:
- Your priorities include wealth accumulation and maximizing your estate
- You are comfortable actively managing your insurance coverage within your overall financial plan
- You want a tax-efficient strategy to grow your non-registered investments or to protect the value of your company
- Single life
- Joint first-to-die
- Joint last-to-die
Death benefit options
For fixed insurance needs, the level death benefit is the less expensive option. With this option, the amount of the death benefit paid to your beneficiary remains level. Here’s how it works: as the policy fund grows through contributions and earned interest, the difference between the death benefit and the policy fund value decreases. The difference is called the “net amount at risk.” The cost of insurance (COI) you must pay each month for the base insurance portion of your policy is based on the net amount at risk. By lowering the net amount at risk, you can lower the monthly COI withdrawal.
With the increasing death benefit option, any amount in the policy fund is added to the death benefit and paid tax-free to the beneficiary. The policy fund is not used to reduce the net amount of risk. Because the net amount of risk stays constant, you will know at purchase exactly what the COI withdrawal for your base insurance will be over the lifetime of your policy.
Investment account options
SunSpectrum Universal Life offers a variety of investment account options. You can choose from one or a combination of these options:
Your interest rate is guaranteed to stay the same. The rate is based on the term you choose – normally the longer the term, the higher the interest rate. Available terms:
The interest rate you earn is based on the performance of 2 funds from the CI Investments Portfolio series:
- CI Portfolio Series Balanced (40% income/60% equities)
- CI Portfolio Series Conservative (60% income/40% equities)
These funds have the objective to balance between income and capital growth.
The interest rate you earn is based on the performance of recognized mutual funds. You select which funds you want to link your account performance to. Your choices include:
- CI Signature Income & Growth
- CI Value Trust Corporate Class
- CI Global
- Fidelity North Star©
- Fidelity Growth America
- Fidelity True North©
- Mackenzie Cundill Cdn Balanced
- Mackenzie Cundill Value
An index measures the performance of a representative group of stocks. The interest you earn is based on the performance of the index your account tracks. We offer 3 account options:
- Canadian Bond Account – tracks the performance of Scotia Capital Mid Term Bond Index
- Canadian Equity Account – tracks the performance of the S&P/TSX 60
- American Equity Account – tracks the performance of the S&P 500
There are no interest rate guarantees for index-linked accounts. Returns may be negative.
Read examples of text that can appear in a policy. Not all the provisions apply to every policy – it is for your reference. When we issue a policy it governs the relationship between us and the client. The policy can have provisions that are different from those that you've read here.
SunSpectrum Universal Life - Plus policy fund - One insured person, age 30
SunSpectrum Universal Life - Level death benefit - One insured person, age 10
SunSpectrum Universal Life - Joint first-to-die - Plus policy fund
SunSpectrum Universal Life - Joint last-to-die - Level death benefit
Life insurance calculator
3 types of plans you need for your money
How to make your financial plan work for you