Universal Life Insurance

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

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

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).

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.

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.

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.

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.