Universal Life Insurance
Universal Life Insurance
Life insurance of some kind is a necessity for you and your family. If you are already financially stable at the time that you purchase life insurance, however, your focus may be broader than obtaining coverage. It’s possible that you’d want to expand your assets to leave behind even more for your family to live off of and maintain their standard of living once you have passed on. Universal life insurance is something that can give you the freedom to do just that.
What Is Universal Life Insurance?
Universal life insurance is a form of permanent life insurance that also includes an investment portfolio so that you can grow your assets while you secure coverage for your family. The investment portfolio component is flexible, and can be tailored to your needs. The permanent life insurance component is comprehensive, and provides all the advantages of any other permanent life insurance plan, such as the ability to accumulate cash value, and the option to take out a loan against that value, as well as tax-free withdrawal on your cash value.
The premiums that you pay for your universal life insurance policy, like any other permanent life insurance policy, remain constant throughout your life. You can choose how much you’d like to contribute to the investment portfolio portion of your plan each time that you make a payment. You can contribute $0 to this (paying just the basic life insurance premium), or you can contribute much more, increasing only that premium payment by that amount. This affords complete flexibility and gives you control over how your assets are growing.
Universal Life Insurance Canada
Universal life insurance in Canada is popular. Canadians often turn to universal life insurance when they have maxed out their contributions to their RSP, as universal life insurance allows them to invest their finances and expand their assets in an additional way. This is specific to universal life insurance in Canada.
If you have questions or concerns about universal life insurance in Canada, or if you would simply like support in finding the universal life insurance plan that works best for you and your financial goals, the insurance brokers at Lifetime Insurance are only a phone call away, and support is available 24 hours a day, 7 days a week. We care about your future and are committed to putting you first.
Get A Universal Life Insurance Quote
Use our free quote calculator to get an idea of how much premiums would cost you, and for what benefits, in your universal life insurance plan. Our insurance brokers are also more than happy to put a personalized quote together for you – just give Lifetime Insurance a call.
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