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Permanent Life Coverage | Universal Life Insurance 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.
Universal life insurance allows 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 like Pay 10 | 15 | 20 .


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Universal life insurance is best product for individuals, who:-
I.) are Planning for the long term (2 reasons - 1. need for permanent coverage & 2. need tax sheltered growth).
II.) have RRSP-contibutions - maxed out.
III.) are in higher tax brackets.

UL is offered by many insurance companies eg, Manulife, Canada Life, Sunlife, Industrial Alliance. Since the product is somewhat complex, illustrations play a very important role in demonstrating the features and advantages of UL products. A key issue in this regard is what kind of costs and assumptions are built into these various illustrations. the output vary on different input parameters like assumed interest rate, overfunding, cost of insurance ie YRT or Level. The costs of maintaining these policies ie Policy fee varies- some company has $100 a year, some have $120 a year. something to consider. You can put more than the minimum required amounts into the policy. For people who can pay a big lump sum of money upfront, or high contributions in the first few years, the tax deference provided by UL can really be impressive.

When comparing illustrations for various UL policies, the reality of assumptions the illustration is based on should be examined, keeping these points in mind:

1. Cost of Insurance (Mortality Cost) - Is it Level or YRT or Yearly / Annual renewable term.
2. Guarantees if any for "Cash Value" or "Cash Surrender Value".
3. Is Return credited to your investments within a policy?
4. Currency exchange rate exposure can easily wipe out any returns on your investments if the price of the Canadian dollar goes up, if investing in global or US equity for eg.
5. Policy fees and expenses differ very much from one UL policy to the other.
6. Is guaranteed only for a few years? Is there a guaranteed fee?
7. The sensitivity and volatility of the whole projection of investment to be considered as well.
8. Which riders are available example (term life, disability, critical illness, long-term care, AD&D, child term)
9. Surrender charges - may apply in initial years.
10.Preferred rates for people with good/ excellent health.

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