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Universal Life Insurance

Universal life insurance is a lifetime protection plan with an investment component that allows you to accumulate assets tax-deferred. Unlike term insurance, there is no age or maturity as long as you pay the premiums. A combination of an insurance policy and an investment account in which a portion of the premium goes toward insurance and the rest goes toward investments.

Universal life insurance in Canada provides a flexible solution for people looking for insurance that can adapt to changing economic conditions. Policyholders have the option to adjust premiums and death benefits, withdraw the policy’s cash value, or take out a loan. This type of insurance is especially attractive to high-income earners who want to maximize their assets and minimize their tax liability.

Major Types of Universal Life Insurance

Indexed Universal Life Insurance

Indexed universal life insurance allows policyholders to deposit a portion of their premiums into an indexed account tied to a specific stock index, such as the S&P 500. Cash value growth is tied to index performance, providing the potential for higher returns. However, there is often a cap or limit to the maximum return that can be achieved.

Guaranteed Universal Life Insurance

Guaranteed universal life insurance provides a fixed, guaranteed death benefit for the policyholder's lifetime if the required premium payments are made. Unlike other universal life insurance policies, GUL focuses primarily on providing death benefits rather than building cash value. Their stability and predictability make them an attractive option for people looking for long-term security without the need to accumulate cash.

Variable Universal Life Insurance

Variable universal life insurance allows policyholders to invest a portion of their premiums in various investment options called subaccounts, such as stocks, bonds, and mutual funds. The cash value of your policy will depend on the performance of your chosen investments. This type of insurance has the potential for higher returns, but it also involves investment risk as the cash value is subject to market fluctuations.

Adjustable Universal Life Insurance

Adjustable universal life insurance gives policyholders the flexibility to adjust premium payments and death benefits over time. This allows individuals to adjust their insurance coverage to meet changing financial needs. AUL policies often include a cash value component that increases over time, increasing your financial flexibility and increasing the possibility of future withdrawals and financing.