Universal Life Insurance

Universal life insurance is a two part policy:  The first part is a life insurance component that offers various types of coverage. The second part is an investment component that can be used for tax-deferred growth, usually used in retirement planning.

In order to get the most from your Universal Life policy, it’s best if you are able to Get an Instant Life Quotecontribute more than the minimum payments, ideally a large lump sum, in the first years of the policy. By doing this, you will be able to maximize the growth of your investments by delaying payment of taxes on your investment earnings.

As one of the more popular life insurance offerings, your Universal Life policy allows you to choose your risk tolerance. If required, it also provides the flexibility of allowing withdrawals from the amount you have accumulated for a variety of different reasons including illness or disability, or to supplement to your income after retirement.

Qualifications

  • You must be able to commit to a specified term, usually 30 to 40 years.
  • You should have already used all available RRSP room.
  • You should be in one of the higher tax brackets to maximize tax-deferred growth and returns down the road.
  • You must also fill out an application and answer medical questions. Fluid testing may also be required, along with other underwriting requirements.

Premiums are based on
Your age and sex, smoking habits, current health status, amount of coverage required, maximum allowable investment size, cost of insurance type, investment return and time frame for policy.

GET A QUOTE
Josslin would be happy to provide you a quote on your life insurance.  Please contact Romano Klomp if you have any questions or would like a quote for you or your family.

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