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Universal life insurance

Universal life insurance is one of the most flexible types of life insurance in Canada, but it's not for everyone. See if it's right for you.

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Universal life insurance, compared

Universal life insurance is one of the most powerful life insurance products in the Canadian market. It won't suit everyone, but it's an excellent tool to build wealth over the long term. If you want your life insurance policy to help you save and invest money, as well as provide opportunities for tax sheltered growth, or just want a flexible life insurance policy that you can make changes to, then universal life insurance might be for you.

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Frequently asked questions

Universal life insurance: Common questions

What is universal life insurance?

What is the difference between whole life insurance and universal life insurance?

What are the advantages of universal life insurance?

What are the disadvantages of universal life insurance?

Who offers the best universal life insurance?

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Confused? Relax, life insurance is complex. The best way to pick the right life insurance product is to compare multiple quotes to see what's available to you.

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expert analysis

When to choose universal life insurance

Universal life insurance is an incredibly powerful and flexible product, but it gets very complicated, very quickly. If you're considering universal life inurance coverage, I'd recommend taking the time to make sure it's right for you.

Think about it - term life insurance is literally a termporary policy, only lasting for a given term. Universal life insurance, on the other hand, is a permanent policy, that will last your entire life. Getting the right policy from the right provider is important!

Is universal life right for you?

One of the main things to consider is whether you can truly take advantage of the advantages of universal life insurance. These include:

  • Flexible investment options
  • Tax sheltered growth
  • Premium flexibility

The trouble is, these benefits really only pay off properly with a healthy account value. If you have enough money to invest, the investment options of universal life insurance give you some great alternatives to typical investment products. Similarly, the tax benefits of universal life insurance will help you most if you're a high income earner, paying a higher rate of income tax.

You should definitely consider universal life insurance if you have enough wealth to take full advantage of these benefits. Remember that you'll also need the time to manage the policy - or you'll need to be able to pay someone else to do it!

If you’re after a simpler or cheaper form of life insurance, you might want to consider whole life insurance or term life insurance instead.

The bottom line

Universal life insurance is an important policy to exist in the Canadian market, but it's a very specific tool for a specific need. If it's right for you, then it's a great way to grow your wealth while providing for your family. Compare life quotes today to find a great policy.

 

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Author Bio

Matt Hands, Business Director of Insurance

Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca’s Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.

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