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From Canada's top insurers
Universal Life Insurance
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Universal Life Insurance
Unlike term life insurance, universal life insurance is a form of permanent life insurance that offers some flexibility in its policy. This kind of insurance gives you flexible options in terms of amounts of coverage, coverage period and even the premiums you pay every month.
If your life changes, as lives often do, that’s ok. With universal life insurance Brampton you can change the benefit the policy pays out, to a certain percentage of the original policy. This percentage amount will be selected by you when you set up the policy with your insurance broker, so you can ask any questions. about the increase you may have.
Want some investment flexibility?
With a universal life insurance plan, you do have some flexibility. This insurance allows for the premium contributions to be invested how the policy owner sees fit, up to a certain amount. The contract for your universal life insurance policy will outline your options, but most contracts allow for the policyholder to determine how the cash value component of the policy will be invested. Some of the choices available to the holder are GICs, money market accounts, index fund investments or even segregated fund investments. If this is a kind of policy you’re interested in, contact us to set up an appointment so that we can make sure your current and future needs are being met.
Universal Life Insurance Options
As a holder of a universal life insurance policy you have options on the terms of the contract you sign. You can select a policy that allows you to take a loan against the cash value the policy has accumulated. You can also, potentially, withdraw some or all of the cash value of the policy. With the cash, you can use it as leverage for other kinds of investments that provide a higher rate of return than the universal insurance policy, or you can simply choose to keep the cash – the choice is yours!
Still have questions? No problem – call us for an appointment and we’ll be happy to sit down with you and go over all the insurance options you have to make sure you’re covered.
Universal Life Insurance Policy
Unlike term life insurance, universal life insurance is a form of permanent life insurance coverage that offers some flexibility in its policy. This kind of insurance gives you flexible options in terms of amounts of coverage, coverage period and even the premiums you pay every month.
If your life changes, as lives often do, that’s ok. With universal life insurance Brampton, you can change the benefit the policy pays out to a certain percentage of the original policy. This percentage amount will be selected by you when you set up the policy with your insurance broker, so you can ask any questions. About the increase, you may have.
Term Life Insurance Policy Vs Whole Life Insurance Policy
There are numerous features of a universal life insurance policy that can give you a clear idea of why it is very much in demand amongst Canadians. Some of the features are mentioned below for your reference.
- PERMANENT COVERAGE:
Universal life insurance is a form of permanent life insurance, and it remains active throughout the entire lifetime of the policyholder. Irrespective of how long the policyholder lives, the selected beneficiaries will always receive a death benefit.
- DEATH BENEFITS:
Speaking about death benefits, it’s one of the primary reasons to purchase life insurance. The payout will assist beneficiaries in managing financial expenses in the event that a sole provider of a family passes away. One unique feature of universal life insurance is that it can vary depending on the policyholder’s preferences.
- FLEXIBILITY:
In contrast to whole life insurance policies, universal life insurance allows the policyholder a greater degree of freedom when it comes to how to use the policy as well as its cash value. You will always have the choice to skip premiums or alter the timings of the premium payments.
- MANAGING THE COVERAGE:
The policy allows you as a policyholder to change the terms and conditions of your contract to be aligned with your changing life goals. This makes it ideal for new families who have a toddler, as their financial expenses will be ever-changing with time.
- AFFORDABLE:
Compared to term life insurance, universal life insurance is more affordable. The premiums are on the lower end, and you can change the costs as per your choice.
These are only some of the features that make this policy stand out from the rest. If you want to know more, feel free to contact Canadian LIC. We will be happy to provide you with all the details you need. You can get in touch with us for money-bac insurance and whole life insurance policies as well. Our services are available to both domestic and commercial customers in the greater Toronto area. Schedule an appointment today.
- USE IT AS A TAX-SHELTERED ACCOUNT:
If your other tax-sheltered accounts have maxed out and you want to save extra for your retirement, the cash component of your whole life insurance policy can act as the perfect saving vehicle.
Want Some Investment Flexibility?
With a universal life insurance plan, you do have some flexibility. This insurance allows for the premium contributions to be invested how the policy owner sees fit, up to a certain amount. The contract for your universal life insurance policy will outline your options, but most contracts allow for the policyholder to determine how the cash value component of the policy will be invested. Some of the choices available to the holder are GICs, money market accounts, index fund investments or even segregated fund investments. If this is the kind of policy you’re interested in, contact us to set up an appointment so that we can make sure your current and future needs are being met.
Different Types Of Universal Life Insurance
There are three subtypes of universal life policies you might want to consider.
- GUARANTEED UNIVERSAL LIFE INSURANCE:
This plan does not require the same hands-on approach as traditional universal life insurance. However, guaranteed universal life insurance offers some of the customizability of the basic policy. Some insurance companies will allow you to increase or decrease your coverage amount if you qualify, but there is minimal, if any, cash value.
- INDEXED UNIVERSAL LIFE INSURANCE:
This policy functions similarly to a standard universal life policy, with the difference being that the cash value is based on the performance of stock indexes such as the S&P 500 and Nasdaq Composite. In some scenarios, the cash value will be placed in a fixed account unless you specify other investments.
- VARIABLE UNIVERSAL LIFE INSURANCE:
It has a cash value portion that is invested in several sub-accounts of your choice. The plan comes with higher potential returns, but it also comes with greater risk as a result, but there is a greater risk as a result as well.
Universal Life Insurance Options
As a holder of universal life insurance premiums, you have options on the terms of the contract you sign. You can select a policy that allows you to take a loan against the cash value the policy has accumulated. You can also, potentially, withdraw some or all of the cash value of the policy. With the cash, you can use it as leverage for other kinds of investments that provide a higher rate of return than the universal insurance policy, or you can simply choose to keep the cash – the choice is yours!
Still, have questions? No problem – call us for an appointment, and we’ll be happy to sit down with you and go over all the insurance options you have to make sure you’re covered.
Riders That You Can Consider
There are numerous riders you can add to your universal life policy contract. It gives you the option to personalize your policy as per your needs. These riders can add coverage features or guarantees at the expense of some extra premium amount.
- NO LAPSE GUARANTEE:
As long as you pay the annual amount required to maintain the guarantee, you will enjoy the benefits of your policy without the fear of it lapsing. Your death benefit will also remain in place, even if the cash value drops.
- WAIVER OF COST OF INSURANCE:
If you become physically disabled during the term of your policy, this rider will pause premium payments. It keeps your policy in force, but it will not contribute any funds to the cash value.
- ACCELERATED DEATH BENEFIT:
If you add on this ride, it will allow you to access a part or all of your death benefit while you are still alive and need treatments for a terminal, chronic or critical illness. The terms and conditions of this rider may vary from one insurance company to another.
- FAMILY RIDERS:
Spouse and child riders can allow you to add coverage for additional family members under your universal life insurance policy.
- ACCIDENTAL DEATH:
If the policyholder passes away in an accident, then having this rider in the contract will increase the payout from the death benefit.
Looking for a life insurance company? Feel free to contact our insurance brokers at Canadian LIC. We look forward to meeting you. Check out universal life insurance FAQs below.
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Ali Shahzad
Dealt with Akansha, she was professional and quite helpful in answering all questions
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Was really nice dealing with Canadian LIC for setting up supervisa insurance for my mother. Harpreet from the customer support team was very responsive and I was able to get the things sorted out quickly.
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Excellent service
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highly recommend Canadian L.I.C. insurance. Very knowledgeable, friendly and helpful. I called and got help right away. The service was quick, clear and easy. Akanksha gave the best price and service by following up.
Keep it up, great job.
FAQ
With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.
With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet. With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.
With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.
With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.
It doesn’t have to be only a portion. You can with the entire amount as well.
In universal life insurance, you have the flexibility of reducing or increase the premiums. ( Subject to rules and regulations).
Yes, you can, given that you have passed a medical examination.
Generally, for this type of insurance, the maturity date is between the ages of 85-121. If you outlive the maturity period then you will receive a payment. However, if you have used most of the cash value to pay for premiums, this return amount will be very small.
As the interest rate is lower and more flexible, it can be an ideal choice. However please speak with our team members about your requirements before you choose an insurance policy.