Universal Life Insurance
Universal Life Insurance is a blend of Term Life Insurance, Whole Life Insurance and a Savings Account.
Benefits of Universal Life Insurance:
- Tax effective way to save money for retirement outside of RRSP.
- Unique blend of Tax deferred savings and Life Insurance.
- Ability to increase or decrease payments over time.
- Pay for short period and get full life coverage.
The advantage of the universal life policy is its premium flexibility and adjustable death benefits. The death benefit can be increased (subject to insurability), or decreased at the policy owner’s request. The premiums are flexible, from a minimum amount specified in the policy, to the maximum amount allowed by the contract.