What Is Universal Life Insurance? Universal Life Insurance Canada

What Is Universal Life Insurance? Universal Life Insurance Canada
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What Is Universal Life Insurance? Universal Life Insurance Canada

Hey, if you are looking for a life insurance policy, maybe you were introduced to either term insurance or whole life insurance. However, maybe you want something on the permanent side but you are on a budget.

you might wonder, is there anything in the middle?
Something that gives you the protection of permanent insurance but is more cost-effective and flexible compare to whole life insurance?

And the answer is Yes, there is!
There is another option called universal life insurance.

In today’s video, I want to talk about what is universal life insurance in Canada, who is it for? And more importantly what is the proper way to set up the plan. so you’ll have a better idea if universal life insurance is right for you.

In Canada, when you are getting life insurance there are essentially two options. You can get a term that expires at a certain age, or you can get a permanent option.

The downside to any term life insurance is that they expire, usually at age 80 to 85 depends on the insurance provider.

That means you might get a nice lump sum of money if you do pass away before 85 - but what happens when you die?

There are a lot of fees, expenses, and more importantly taxes after death
And if your life insurance expires before you die then you have no guarantee that your costs are covered.

So in a sense, term life insurance is a temporary solution to a permanent problem. That’s why I want to tell you more about permanent life insurance.

When it comes to permanent life insurance, there are, once again, two options - whole life insurance and universal life insurance.

What is universal life insurance?

Universal life insurance is a form of permanent insurance that is ideal for people who want flexibility. It’s also ideal for young people who are a bit tight on budget but still want insurance.

In a nutshell, whole life insurance is like a piece of a property in the insurance world. It has more guarantees and you can predict the growth. However, it requires more capital and commitment. And the rate of return is relatively low as it depends on the company’s dividend scale.

Whereas universal life insurance is like investments in the insurance world.
That’s because you don’t just have the insurance, you also have a savings component. Therefore, it’s like a middle ground between insurance and investments.

You can control how much you want to put into the plan, and you have the options to not put it at all which I will explain it later.

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In the past 10 years, Thomas C Chan been focus on helping Canadians to develop for their financial success, with advice about investments and insurance, such as life insurance, critical illness insurance, and disability insurance.

Whether you want to know more about tax saving, retirement planning, or financial growth, Thomas can bring clarity on your retirement, wealth, and insurance. He understands the life stages and challenges that people are going through.

In Canada, you have many options for savings and investment vehicles, such as the RRSP and TFSA. To figure out how to take advantage of your options, Thomas can help you figure out what best suits YOUR financial needs. If you are interested in learning about how money works, and how to work with money, check out his videos!

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