Universal Life Insurance.
Universal Life insurance is a combination of two important elements; a whole life policy, and savings vehicle. Each part performs a specific function, and together they deliver value in a single financial instrument.
As long as the premiums are paid, the Universal life insurance stays in-place permanently. At the beginning of the life insurance policy the death benefit and premiums are usually guaranteed and remain fixed. Life policies pay the death benefit when the insured person passes away.
The invested premiums fund the death benefit, and whenever excess premiums occur, they are then invested by the insurance company on your behalf in a tax-preferred savings account. This last point is important for those people who may have maximized allowed RRSP contributions and are looking for additional ways to shelter income and wealth from taxation.
It is important to note that the regulations for Universal Life are changing and becoming more complicated for favourable tax treatment for heirs and business owners. Only a licensed insurance advisor can sell this financial instrument and be on-top of the changes.
Together we should determine the appropriate level of insurance required should the unthinkable happen. We will quantify the near and long-term financial needs of your loved ones and set an appropriate death benefit.
We will also examine your existing investments and other life insurance (term, group benefits, etc.) and integrate a Universal Life policy into your risk mitigation strategy and into your investment and retirement planning.
Once we know the “size” of the policy, we can determine your premiums, and any underwriting requirements, which may include personal health history, a physical exam, an appointment with a visiting nurse to draw blood for testing.
The entire process takes just a few days, requiring only an hour or two of your direct involvement.
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