National Life has updated its Flex Account Universal Life product. The company says it contains new and enhanced attributes that offer the potential for increased investment returns, improved fund options, faster policy processing, and easier-to-understand product terminology.

With the latest version of Flex Account, policy-owners are rewarded on their investment earnings in one of two ways. The first option, a new guaranteed bonus, offers a 1.2% annual rate and is not affected by premium, rate of return, timing, or other conditions. The second option is the existing performance bonus, which has been improved and now returns 2% annually on Market Index Accounts and 1% annually on Guaranteed and Daily Interest Accounts, based on an average 5% investment growth rate or more during the policy year.

As the new underlying index for the Canadian Equity 60 Account, the S&P/TSE 60 Index should make it easier for clients to enjoy the rewards that come with owning Flex Account, says National Life. The Canadian Equity 60 Account replaces the Canadian Equity 300 Account, which was based on the TSE 300 Index.

Updates to Flex Account underwriting requirements now include improved medical and financial requirements while the Personal Projection software’s retailored Insurance Planner uses the latest tax rates and includes new presentation pages describing tax issues and solutions.