Universal life insurance is a permanent life insurance product. The Universal life insurance is generally available in two basic formats; level for life, or guaranteed quick-payment options for periods of 10, 15 or 20 years, including guaranteed cash surrender values. Thus, you can reap the benefits during your lifetime. This product combines your need for savings with your natural concern for the future security of your loved ones. The level for life universal life insurance policy does not take advantage of the investment options.
Who Should Consider Universal Life Insurance
- Universal life insurance can be an attractive insurance product for those looking for permanent insurance.
- Individuals or families seeking financial security and wishing to accumulate additional funds (to carry out retirement plans, for example).Young dual-income professional couples that can pay the insurance premium more quickly.
- Persons with a higher-than-average income who are looking for a tax-sheltered savings vehicle other than a RRSP.
- Business people, to finance a shareholders’ agreement or insure a key employee.
Features and Advantages of Universal Life Insurance
- You obtain affordable permanent life-insurance protection combined with an attractive tax-sheltered savings account.
- You can choose and modify the amount of insurance, the cost options, the payment frequency, and the premium amount in accordance with your needs
- You have the opportunity to make partial withdrawals to carry out your favourite projects.
- You can diversify your savings through range of investment options.
- You can obtain a premium holiday if you are temporarily unable to make your usual payments.
- You personalize your contract when it is issued and at any other time through a wide choice of riders and additional benefits.
- You can enjoy an advantageous premium reduction on the basis of the general state of your health and your lifestyle (preferred underwriting).
- You enjoy guaranteed quick-payment options for periods of 10, 15 or 20 years, including guaranteed cash surrender values
- You may insure up to nine persons under the same contract.