Universal LifeUniversal life insurance uniquely combines permanent life insurance protection with the benefits of tax-advantaged investing. You may have heard the saying: buy term insurance and invest the difference, well universal life takes care of both all in one policy. And while it does have an investment component, you can decide to pay only the insurance and administration costs each month and not use the investment component at all.
With universal life insurance, you pay an amount of money that is deposited into one or more investment accounts. Each month, the insurance company takes out money to cover the cost of the insurance and administrative costs. The money left in the investment account earns a return based on the performance of the investment account(s) youve chosen inside the policy.
And its important to remember that you dont have to pay tax on any growth in the investment accounts because it is part of a life insurance policy, provided your policy value does not exceed an amount prescribed under the Income Tax Act.
Securing your Family's Future
Following the advice of a trusted advisor is shown to be a significant factor in building wealth and achieving investment success. Our team can provide sound advice and a Personal Wealth Management Strategy™ to guide & assist you & your family at any stage of life.