Universal Life Insurance

A third type of life insurance in Ontario is universal life insurance. It offers many of the same benefits as both term life insurance and whole life insurance combined – meeting specific needs of the policy holder.

What is universal life insurance? Universal life insurance is a type of life insurance product that offers both coverage and an investment option. Many individuals use universal life insurance as an investment tool because the policies are a form of tax-sheltered investment. As you contribute to the policy through your monthly premium payments, the money can grow and gain in value. At the same time, the policy offers the same type of protection as a regular insurance policy.

Pros: With a universal life insurance policy you can choose the term that works for you, based on your unique wants and needs. A universal life insurance policy also offers the flexibility that is crucial to any policy – you decide the amount that you require and your premiums are determined based on this. That means that your monthly requirements meet your monthly budget. Also, cash accumulated through the policy can be cashed out and used in the future.

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Cons: Like whole life insurance, universal life insurance is typically more expensive than term life insurance, primarily because of the investment aspect. Additionally, like any type of investment, there is no real guarantee that the risks will mean great rewards. However, if risk is attractive to you, a universal policy might be a good choice.

As with any policy, if your term ends, make sure that you renew or opt for a different policy rather than going without coverage for a period of time.