Universal Life (UL) insurance is a type of permanent life insurance. A permanent insurance plan is comparable to buying a house because it provides a guaranteed benefit to the beneficiary. The premium of the policy stays consistent and the policy remains in effect from the day you buy it until death.
Universal Life insurance can combine life insurance and the growth potential of tax-advantaged investing all in one plan.
Plans offer flexible investment options that will adjust to fit your need and the amount of financial risk you are able to assume. UL plans offer maximum coverage for your tax-advantaged returns and estate.
UL insurance plans offer a wide range of investment benefits including: a choice of death benefits, optional benefits and riders, flexible premium paying and access the total value of investments which have accumulated over the term of the policy. Some insurance companies offer hybrid insurance, which combines two different plans. The two most common are “Life Insurance + Critical Illness Insurance” or “Life Insurance + Long-Term Care Insurance”.
A Universal Life insurance plan will help provide you with the satisfaction that you are protected with lifetime insurance while still investing your assets with tax-advantages.
Universal Life insurance is very beneficial if you or your family:
- Need greater death benefits
- Want to focus on accumulation of wealth
- Close to retirement and want to focus on estate preservation
- Seek tax-advantaged growth for non-registered assets
- Make your maximum annual RRSP contribution
Click on the following link for a video about Universal Life plans
Disclaimer: Insurance, Investment and Mortgage products & services are provided by Devangkumar Shah.
Mutual Funds license sponsored by Shah Financial Planning Inc.
Lotus Loans and Mortgage ltd. is the principle mortgage broker.