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Universal Life Insurance |
Universal life insurance policies were designed to provide an answer to the advice that you should "buy term insurance and invest the difference". In addition it provides an answer to some of the complaints about Whole Life Insurance's failure to disclose how the premium is allocated between the cost of insurance, administration costs, and investment portion and to provide investment options that you can choose.
The popularity of universal life insurance has increased in recent years due to the amount of flexibility that insurance companies now offer. Universal life insurance is similar to whole life insurance, but is more involved the amount of control you have with your policy.
The biggest difference is the level of disclosure and customization you get with universal life insurance. This allows the policy holder to customize their plan when they purchase it, and the option to change other components, such as premiums and death benefit at a later point, if they choose.
A key advantage of a universal life insurance policy is that it combines two of the most important aspects of financial planning.
Canada Insurance Plan, we offer plan that allows you with to purchase permanent insurance protection while simultaneously growing your savings with investments, all while saving money on taxes.
If you are interested in purchasing universal life insurance it is important to take into consideration its complex nature compared to term life insurance. Buying the wrong type of insurance, unneeded coverage or too much coverage can all result in disastrous consequences. It's for this reason that it takes a license to sell it, and that is why we only deal with licensed professional brokers. Experience the broker advantage for yourself by requesting a free comparison quote.
Universal Life Features of Universal Life Insurance:
•Provides permanent insurance coverage.
•Most versatile of all insurance types, so can be customized to fit any situation.
•Perfect for people who think long-term and wish for their insurance plan to increase in value over time.
•Contains flexible investment options including guaranteed investments and mutual funds.
•You can deposit money into the account or take money out, just like a bank account... with one major twist: this bank account is sheltered from taxation.
•This tax-sheltered feature makes universal life insurance plans a great way to save for retirement.
•When planned right, the money you save by having tax-sheltered savings can help pay for your insurance policy.
Major Uses of Universal Life Insurance:
•To provide a means of saving money for retirement. Perfect for use in conjunction with registered retirement savings plans (RRSP's).
•To create an estate. The insurance coverage amount is typically greater than the cumulative amount you pay in premiums. This allows you to create wealth for the next generation through the use of life insurance.
•To pay taxes that occur automatically at the time of death, saving your estate from government tax erosion so your family can afford to keep the estate intact.
•Enhanced buy-sell agreements for business partners, where the partners take out insurance on each other to continue the business in the event of one partner's death, while simultaneously providing a retirement plan in the process .
Universal life insurance is the most flexible life insurance available today. You can customize your plan when you buy it, or easily make changes later on. And universal life offers you the opportunity for tax-advantaged investing. This gives you the chance to increase your wealth by investing money within your policy.
If you have any further questions, please feel free to contact Canada Insurance Plan
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