Often called whole life insurance because it covers you for your entire life. It gives your beneficiaries a tax-free payment after you die.
Some plans can build cash value over time, and insurance costs are usually guaranteed not to increase from your initial payment.
Some plans allow you to pay for a limited time and then never again.
The cash value can be accessed to fund post-secondary education, next-generation inheritance, renovate your home, supplement retirement income, business loans, and more.
Universal Life:
An all-in-one way to get the protection you need and build your savings.
Combines permanent life insurance protection for lifelong peace of mind with a broad range of investment account options for tax-preferred savings growth.
Gives you the option of paying a little more now to achieve financial peace and stability in the future.
The ability to choose a guaranteed death benefit for your beneficiaries and the payments you make above the cost of insurance can grow in a tax-preferred savings account. You also have the option of using them to increase the amount of your death benefit.
Flexible payment options
Cash value invested in funds that are selected by you with your broker’s assistance
