Compare Universal Life Insurance Options in Canada

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What is Universal Life Insurance?

Universal life insurance is one of the permanent life coverage options that allow lifelong protection with a built-in cash value feature. Unlike whole life insurance, it grants more flexibility in premium payments and death benefits, empowering policyholders to tailor their plans to evolving financial needs.

Additionally, it offers investment potential within the cash value, providing a tax-deferred avenue for wealth accumulation while safeguarding loved ones’ futures.

Top Benefits of Universal Life Insurance

Lifetime Protection

Secure lifelong coverage, ensuring your loved ones' financial security irrespective of age or health status.

Tax-Efficient Investing

Enjoy tax-free growth on your policy's cash value, optimizing wealth accumulation over time.

Fund Accessibility

Access policy funds throughout your life for retirement income or unforeseen expenses.

Estate Solutions

Utilize universal life insurance for efficient estate planning, safeguarding assets for future generations.

Flexible Plans

Customize coverage and premiums tailored to your unique needs.

Tax-Free Benefits

Provide beneficiaries with tax-free death benefits, offering financial stability during challenging times.

Diverse Death Benefit Options

Choose from various protection levels based on individual requirements and preferences.

Versatile Investments

Create a personalized investment portfolio with access to different interest options for tailored financial growth.

Living Benefits

Receive additional financial security during life's uncertainties.

Comprehensive Coverage

Opt for single or joint coverage options, extending protection to your entire family.

How does universal life insurance function?

Universal life insurance provides lifelong coverage by combining a death benefit with a cash value component. Policyholders pay premiums, with a portion going towards insurance coverage and the rest accumulating in a cash value account.

The cash value grows over time, offering potential savings growth. Unlike whole life insurance, universal life policies offer flexibility in premium payments and death benefit options, allowing policyholders to adjust as needed.

Some policies allow investment of the cash value. Overall, universal life insurance offers adaptable coverage for lifelong protection and potential financial growth.

Universal Life Insurance FAQs

Yes, policyholders can borrow against the cash value of their universal life insurance policy. However, borrowing may impact the death benefit and incur interest charges.
Indeed, universal life insurance premiums typically offer flexibility, enabling policyholders to modify payment amounts and schedules based on their financial situation.
Failure to pay premiums may cause the policy to lapse, resulting in loss of coverage and potential forfeiture of the cash value. Policyholders should consult their insurer to explore alternatives if they are unable to maintain premium payments.
Yes, you can still qualify as a smoker; however, the premium will be higher due to the higher risk caused by tobacco.