Universal life insurance

GENESIS UNIVERSAL
LIFE INSURANCE

A solution that provides protection throughout your life and helps you save by taking advantage of certain tax benefits.

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What is Genesis?

Genesis universal life insurance is a product that meets your permanent life insurance and savings needs.

Genesis is a flexible product that allows you to save and maximize your estate tax-free, insure your mortgage, protect the value of your business, have access to liquid assets for additional retirement income, deal with the unexpected or bring a project to life.

How does it work?

A portion of the premiums you pay is used to cover the cost of insurance and taxes. The excess in invested in investments that correspond to your investor profile!

Insurance coverage

Genesis provides protection for your entire life and allows you to customize your coverage with the cost of insurance, the death benefit, the face amount and the premium paid. With insurance adapted to your needs, you can protect your family or your business against the financial burden that results from death.

Savings

The savings portion is invested and generates income that accumulates tax-free. iA Financial Group offers a wide range of investment accounts that can meet your needs. Additionally, there is an investment bonus of 0.75% starting in the first year, for all index accounts (except for the Money Market Account and the Smoothed Return Diversified Account (SRDA)).

A product that adapts to your needs

The level-cost option involves costs of insurance that remain fixed for the life of your policy. This option is ideal if you want to pay a stable premium guaranteed for the life of the policy and benefit from a quick-payment option (10, 15 or 20 years). Additionally, there are no surrender charges on level costs of insurance.

The YRT cost option involves costs of insurance that increase year after year. It is a good option if you want flexibility in terms of your premium payments. Low costs in the beginning promote accumulation and allow you to have a solution that offers medium- and long-term options. Additionally, insurance costs are paid up at 90 years of age.

Your insurance policy can help you save more money. This money belongs to you and grows over time. It also provides exceptional flexibility for the future. Fees may apply.

You have access to the money in your accumulation fund, tax-free, in the event of a disability caused by an accident or illness for at least 90 days.

To access the money, you must have one of the disabilities listed in the policy diagnosed by an authorized, licensed physician.

For example

Before age 65: complete and continued inability to perform the regular duties of one’s job

Any age: inability to perform regular daily activities (walk, eat, dress, wash, etc.)

Additional information

Costs of insurance (guaranteed) Age at issue
YRT, level 0 to 85
Level with 10-year option 0 to 80
Level with 15-year option 0 to 70
Level with 20-year option 0 to 60

Genesis offers three death benefit options: face amount only and face amount + fund.

The face amount only option is generally for people who prioritize savings in their insurance policy. The savings portion is an integral part of the face amount; therefore, the face amount remains the same for the life of the policy. Note that this type of death benefit is available for YRT costs of insurance only.

The face amount + fund option is ideal if you want insurance coverage and a tax-free savings fund. The face amount grows over time, as the amounts accumulated in the policy’s savings portion will be added to the benefit paid to your beneficiary. This type of death benefit is available with all Genesis cost of insurance options.

The face amount + fund with wealth maximizer option has the same advantages as the face amount + fund option but is better suited to those seeking to maximize the savings in their insurance policy. This type of death benefit is designed to take maximum advantage of the tax-exempt status of a universal life policy, while keeping the costs of insurance as low as possible. Note that this option is only available with YRT insurance costs.

Like any cash investment, the savings portion of your policy is carefully invested in accounts that correspond to your investor profile!

iA Financial Group offers many advantageous investment options, including:

Guaranteed interest accounts

  • 5-year average account
  • Fixed-term accounts (1 to 5 years and 10 years)

Index accounts

Market index accounts

  • Money market
  • Bonds
  • Canadian equities
  • Global equities
  • International equities
  • European equities
  • U.S. equities
  • U.S. equities/DAQ
  • Global Allocation Account

Diversified strategy accounts

  • Cautious account
  • Moderate account
  • Balanced account
  • Growth account
  • Aggressive account

Active management accounts

  • Smoothed Return Diversified Account (SRDA) (iA)
  • Canadian Bond (iA)
  • Diversified (iA)
  • Global Diversified (Loomis Sayles)
  • Strategic Equity Income (iA)
  • Dividend Growth (iA)
  • Canadian Equity (Fidelity)
  • Global Equity (iA) 
  • Global Equity (QV)
  • Global Diversified Account (iA) (see table below for allocation)
  • International Equity (iA)
  • European Equity (Fidelity)
  • U.S. Dividend Growth (iA)
  • Global Health Care (Renaissance)
  • Targeted Canadian Equity (iA)
  • Canadian Small Cap. Equity (Fidelity)
  • Canadian Equity (iA)
  • Global Dividend (Dynamic)
  • NorthStarTM (Fidelity)
  1. You pay no policy fees.
  2. Starting from the first year, an investment bonus of 0.75% is paid into the accumulation fund (except for the Money Market Account and the Smoothed Return Diversified Account (SRDA)), regardless of its performance during the year.
  3. All excess amounts are paid into a shuttle fund while awaiting transfer into your accumulation fund.

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