Universal Life

Protecting your love ones every step of the way

What is universal life insurance?

Universal Life Insurance

It is a combination of permanent life insurance coverage and cash value that can provide substantial tax-free savings over time.

Universal life can be an excellent option for those individuals who need insurance coverage and like the flexibility of saving inside their life insurance policy.

The payout options in universal life insurance provides both a lump sum payout as a death benefit and a cash value payout.  The policy owner can even designate different beneficiaries for each payout. 

One of the most striking features of a universal life insurance plan is that there is complete transparency of how premiums are allocated.  The policyholder is aware of the cost of their insurance coverage, policy fee and how much money is going towards investments.

This type of insurance provides the most flexibility in how premiums can be paid.  The policyholder can make excess payments above the required premium whenever they want.  This excess can be invested from a wide selection of investment funds offered by the insurance company and can be used to pay future premiums or for savings and retirement needs. 

 A few insurance companies can provide other options other than the permanent cost of insurance.  It is not uncommon to find that you can also have a term cost of insurance, such as a 10 or 20 years coverage, instead of permanent insurance.  This allows individuals to reduce the cost of their premium while still having access to cash value and investment funds.

The type of universal life insurance will depend on your financial needs and affordability. 

Speak to a qualified advisor to find the right plan for you.


View our 2023 Behavioural Cash Flow Management process