The Benefits of a Universal Insurance Policy
Flexible and easy-to-use, universal coverage provides tax-advantage investments and the security of lifetime insurance, which protect you and your loved ones for the long-term. Plan benefits include:
You have the choice to overfund your policy, which means putting more into the policy than the cost of insurance. Throughout your policy lifetime you can access your funds for happenings such as illness, retirement income, education and other financial needs of your choosing.
A portion of your premiums will cover your insurance cost, while the rest earns interest, dividends, or capital gains that are not taxable while it remains in your policy. You have total control in the type of investment, from guaranteed interest options to aggressive equity portfolios.
Universal insurance protects your assets in a way that makes it simple for you to pass them on to your beneficiaries. Most traditional assets are taxed at death, universal life insurance pays both the insurance benefit and investment funds tax-free to your loved ones, and avoids probate.
Permanent coverage for life that doesn’t come to an end after a certain term so you don’t have to worry about renewal or paperwork.
The Right-fit Choice for You
When selecting the right plan, you want to be sure you get the best solution for your financial goals and long-term planning. Universal coverage is generally of interest and best-suited for people who are:
Wanting new and secure ways of creating more savings that complement there RRSPs and TFSAs
Would like to enhance their estate for their children and or grandchildren
Running their own business and require tax-efficient ways to protect the value of their company
Have more questions about the type of coverage you can select from? Contact a hero today for a complimentary universal insurance quote.