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Universal Life Insurance

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Frequently asked questions related to Universal Life Insurance

Are Indexed Universal Life Insurance (IUL) or Variable Universal Life Insurance (VUL) policies available in Canada?

No, these types are specific to the American market. Canadian life insurance companies do not offer IUL or VUL policies.

What happens when a Universal Life Insurance policy matures?

Universal Life Insurance provides lifelong coverage without a maturity date. The policy remains active as long as premiums are paid.

Can Universal Life Insurance be converted to Whole Life Insurance?

Generally, Universal Life policies do not allow conversion to Whole Life. However, most term life policies can be converted to permanent life insurance (Universal Life or Participating Whole Life).

How does Universal Life Insurance differ from Whole Life Insurance?

Universal Life Insurance offers more flexibility than Whole Life Insurance in premiums, death benefits, and investment options. Whole Life has fixed premiums and a guaranteed death benefit.

Can I withdraw money from my Universal Life Insurance policy?

Yes, you can withdraw from the cash value, subject to fees and potential reduction in death benefit. It's important to understand the policy's terms and tax implications before making withdrawals.

How does the investment component of Universal Life Insurance work?

The investment component in Universal Life Insurance allows you to invest a portion of your premiums in a variety of investment accounts. These investments can grow tax-deferred, potentially increasing the cash value of your policy, which you can use or borrow against.

What is Universal Life Insurance?

Universal Life Insurance is a flexible type of life insurance that combines protection and savings. You can adjust the premium and death benefit amounts. Part of your premium goes toward your life insurance, while the rest is invested, potentially growing your savings tax-deferred.

Still have questions?

Please contact our office and we'll be happy to address any questions you may have.

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