Universal life insurance
An all-in-one way to protect and build your money
Universal Life insurance is one solution that combines 2 important aspects of financial planning:
- Permanent insurance protection for lifelong peace of mind, plus
- Investment account options that can grow your savings, tax-deferred
How does it work?
You choose a guaranteed death benefit amount that will be paid to your beneficiaries when you die.
Your payments are deposited to a “policy fund”
Any money you deposit over and above what is required for the cost of the insurance can either be:
placed into investment accounts to grow-deferred, or
used to increase the value of your death benefit
We find that universal life insurance is a popular choice for:
People who have maximized their RRSP contributions
Parents and grandparents who want to maximize their estate for their children and grandchildren
Business owners looking for a tax-efficient way to protect the value of their business