If your policy has acquired a Cash Value and you wish to cease premium payment but wish to continue with your policy, you then have the option of converting your policy to a Paid Up Assurance.

This conversion is only encouraged as a last option, but is recommended over the surrender of the policy as it is more beneficial in the long run.

Benefits

Once you convert your existing policy to Paid Up Assurance, there will be a Paid Up Value which will be payable to you either upon maturity or death, whichever occurs earlier.

To calculate the Paid Up Value, a calculation will be done at the point of application and will depend upon the Cash Value of your policy at that time. The term for the Paid Up Assurance will follow the original term as the policy.

The impact

Upon successful conversion, it will have the following effect to your policy:
  • If you had initially purchased a participating policy (i.e. a policy with a bonus rider attached), it will become non-participating.
  • All attached supplementary riders (e.g. hospital & surgical, level term, etc) benefits will be cancelled.

To apply

To apply, please complete and submit a Paid Up Assurance form. (Download PDF form)

Need more info or help?

Call our Customer Care Department at 1-800-88-3117 (toll free)

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