Flexible, Lifelong Coverage with Investment Options
Best Universal Life Insurance
Protect your family and build wealth with best universal life insurance designed for Canadians.
What is Universal Life Insurance?
Universal life insurance provides permanent coverage with the added benefit of flexible premiums and investment growth.
Offers flexible premium payments based on your financial situation.
Builds tax-deferred cash value through investments.
Benefits of the Best Universal Life Insurance in Canada
Investment options to grow cash value over time.
Lifelong coverage with tax-deferred growth.
Adjustable death benefits as your financial situation changes.
Combine insurance and investment in one policy.
Universal vs. Whole Life Insurance: Which is Best for You?
Both universal and whole life insurance offer lifelong coverage, but the flexibility of universal life may suit those looking for more control over their policy.
Universal Life Insurance
Universal life insurance offers adjustable premiums and the
ability to grow cash value through investments.
Flexible premiums based on your needs.
Investment growth potential with tax-deferred benefits.
Access to cash value while still alive.
Whole Life Insurance
Whole life insurance provides fixed premiums and guaranteed cash value growth, with lifelong protection.
Fixed premiums for the life of the policy.
Guaranteed cash value growth.
Ideal for those wanting simplicity and security.
How Universal Life Insurance Works in Canada?
Universal life insurance combines permanent protection with an investment component, offering flexible premiums and savings options.
Pay flexible premiums that can be adjusted based on your financial situation.
Withdraw or borrow from the cash value while keeping coverage intact.
Who Should Get Universal Life Insurance?
Individuals seeking flexible premiums and investment growth.
Canadians who want more control over their insurance and savings.
High-net-worth individuals looking to maximize tax advantages.
We Are Changing Lives
As a former prospect, and now a current client, I can confidently recommend them for all of your life and health insurance needs. The team at LifeSimple was delight to deal with. They provided excellent client service, insightful analysis, relevant and catered advice, and kept me informed and confident about the products and applications at every step.
We Are Changing Lives
LifeSimple is so invested in our success, and through telephone calls and emails they always did their best. I am now a happy customer, and thanks to their quick responses and hard work I now have insurance for me and my family. This was such a professional experience, and it makes me feel confident knowing that I have them taking care of me.
We Are Changing Lives
We were very pleased with the services provided by LifeSimple. The prices were competitive and their responses were prompt, even being over Christmas holidays. The whole process was made easy for us and we have peace of mind going forward now that we have our own life insurance.
We Are Changing Lives
10 out of 10! I cannot recommend LifeSimple enough! They kept us updated every step of the way through the process of getting us set up for our insurance, and we could never have done it without them. They found us the best possible deal and gave their recommendations without any type of pressure. If you are ever in the market for life insurance, LifeSimple should be your first choice to reach out to!
FAQs About Universal Life Insurance
Enjoy life’s milestones and adventures with affordable life insurance in your back pocket.
What is Universal Life Insurance Policy?
Universal life insurance is a type of permanent life insurance that offers flexible premiums and the ability to build cash value through investments.
How does Universal Life Insurance work?
A portion of your premium goes towards your life insurance coverage, while the rest is invested in options like stocks or bonds, allowing you to grow cash value over time.
Can I adjust my premiums with Universal Life Insurance?
Yes, Universal life insurance offers flexible premium payments, allowing you to adjust how much you pay based on your financial situation.
What can I use the cash value for?
You can borrow against or withdraw the cash value for major expenses, such as education, emergencies, or retirement planning.
Is Universal Life Insurance more expensive than term life insurance?
Yes, Universal life insurance typically has higher premiums than term life insurance because it provides lifelong coverage and the option to build cash value.
Can I increase or decrease the death benefit in a Universal Life Insurance policy?
Yes, many Universal life policies allow you to adjust the death benefit to align with your financial needs over time.
What happens if I stop paying my premiums?
If you stop paying premiums, the cash value of your policy can be used to cover the cost of insurance, but if it runs out, your policy could lapse.
Are Universal Life Insurance Policies a Good Investment?
Universal life insurance policies are a good investment for those who value both life coverage and the opportunity for cash value growth. They offer flexibility in premium payments and adjustable death benefits, as well as the potential for tax-deferred cash accumulation. However, they may come with higher fees and investment risks compared to traditional life insurance.
Are Universal Life Insurance Premiums Tax Deductible?
The cash value in a Universal life insurance policy grows tax-deferred, meaning you don’t pay taxes on it unless you withdraw it.
Can Universal Life Insurance Lapse?
Yes, universal life insurance can lapse if the cash value is insufficient to cover the policy’s cost and premiums are not paid. Regular monitoring and sufficient funding are needed to prevent lapsing.
Get the Best Universal Life Insurance in Canada
