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Get Universal life insurance quotes for Canadians
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Universal life insurance in Canada allows consumers to purchase a permanent life insurance policy while also receiving access to tax sheltering of investments.
Universal life insurance very basically consists of two components - an insurance component and an investment component. It's easiest to consider it as a pure life insurance policy with a savings account on the side.
You can choose to pay just the minimum insurance costs, and completely ignore the savings account or investment portion of the policy. By doing so, you effectively are using it as pure life insurance.
Insurance costs are available in a variety of models. You can get guaranteed level to age 100, YRT (where the premiums increase annually based on your age) or quick pay/limited pay options.
When the guaranteed level to age 100 insurance components are selected, and no additional premiums are paid into the investment portion of the policy, universal life becomes basically 'pure' permanent life insurance with fully guaranteed level premiums for life. When treated this way, universal life insurance in Canada is extremely cost competitive to any of the other available permanent life insurance types such as whole life or term to 100.
With universal life insurance however, you can schedule additional payments or premiums above the base life insurance costs. These additional payments are then placed in the savings account or investment portion of the universal life insurance policy. Those funds then grow (or decline) on a tax sheltered basis until they are withdrawn from the policy. These investment accounts are for the most part not guaranteed, so any illustration or quote that is dependent on this aspect of the policy is also not guaranteed.
In many cases our clients who need to purchase permanent life insurance look to universal life insurance, and ignore the investment component. That makes this type of life insurance perhaps the most cost effective permanent insurance choice available today.
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To get a quote on Universal Life Insurance in Canada
To get a quote, simply complete the form on the right. For the insurance type, select "Universal Life Gtd. Level to Age 100", which will immediately quote universal life insurance policies where the insurance costs are fully guaranteed and level for life. These illustrations assume that the investment portion of the insurance policy is basically ignored. |
For more information
Universal Life insurance is Canada's most complex life insurance type. There's generally more going on that just a basic price or rate quote. If you have any questions or would like an overview or evaluation, feel welcome to contact us. You can call Glenn, toll free at (866) 662-5433. |
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Instant Canadian life insurance quote on prices
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