Universal Life Insurance

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Universal Life Insurance is a permanent life insurance product which provides a tax free benefit that is guaranteed to pay out regardless of age (lifetime protection, never expires). It is a very flexible permanent life insurance product offering the low cost protection of term life insurance as well as a savings element (similar to whole life insurance), which is invested to provide cash value accumulation.

There is a minimum premium amount that you are required to pay or the policy will lapse and no longer be in force. Most policy owners will pay more than the minimum required amount. The money that is paid above the the premium costs will go into a side cash account which can be invested however the policy owner wishes. There are many tax saving reasons why many people choose to do this. Depending on your policy’s accumulated cash value, it may be used to pay your premiums or left to accumulate further over time.

Universal Life insurance can be a very complex, important financial product and it is recommended that you consult with us to see if this product will meet your needs.

Universal life insurance is designed for those individuals who have a permanent life insurance need. This means that they will require insurance coverage at the time of death (regardless of age). Some of these needs include,

  1. Final expenses (funeral costs)
  2. Estate costs
    – Taxes at death
    – Probate fees
    – Capital gains from an investment portfolio, rental/secondary properties, cottage, shares of a business
  3. Leaving a legacy to family, charity, etc.
  4. Individuals seeking another form of tax deferred investment growth
  • Universal life insurance never expires – it is guaranteed to last a lifetime and pay out at your death regardless of age
  • Premiums are affordable for permanent life insurance coverage when compared to other products
  • There is the ability to shelter savings from annual taxation within the side cash account.
  • Policies are very customizable to meet your needs
  • The death benefit is tax free
  • Very flexible and customizable for the policy owner

When the beneficiary receives the policy benefit (e.g. $1,000,000 tax free) they can use the funds however they wish.

  • Pay off taxes owing to the government from an estate
  • Eliminate debt – pay off all or a portion of your mortgage, credit cards, line of credit or any other debt that you may have
  • Time off work – take time off work to spend with your family and friends, relax, travel, etc.
  • Children’s education – help fund a child’s post secondary education
  • Leave money to a charity or to a loved one as a legacy
  • Freedom – spend the money in any matter that you like

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Contact us with any questions. We’re here to help.

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