Universal Life Insurance
Protect you & your family with GTBrokers Life
The “term life insurance” is also called “protection-only” life insurance. This type of life insurance pays out if you die within a specified amount of time; however, if you die once this period has passed, your family will receive nothing. This is usually the cheapest type of life insurance. Insurance premiums of term insurance increase with the age of the insured as the chances of his illness and death also increase.
Who Should Consider Universal Life Insurance
- Universal life insurance can be an attractive insurance product for those looking for permanent insurance.
- Individuals or families seeking financial security and wishing to accumulate additional funds (to carry out retirement plans, for example).Young dual-income professional couples that can pay the insurance premium more quickly.
- Persons with a higher-than-average income who are looking for a tax-sheltered savings vehicle other than a RRSP.
- Business people, to finance a shareholders’ agreement or insure a key employee.
Features and Advantages of Universal Life Insurance
- You obtain affordable permanent life-insurance protection combined with an attractive tax-sheltered savings account.
- You can choose and modify the amount of insurance, the cost options, the payment frequency, and the premium amount in accordance with your needs.
- You have the opportunity to make partial withdrawals to carry out your favourite projects.
- You can diversify your savings through range of investment options.
- You can obtain a premium holiday if you are temporarily unable to make your usual payments.
- You personalize your contract when it is issued and at any other time through a wide choice of riders and additional benefits.
- You can enjoy an advantageous premium reduction on the basis of the general state of your health and your lifestyle (preferred underwriting).
- You may insure up to nine persons under the same contract.
