Universal Life Insurance Plan is a whole life insurance plan that provides protection for the entire life of the insured person and allows you to investment additional money into an investment portfolio inside the plan. The interest and growth earned on your money inside the universal life insurance policy will grow in the tax sheltered account (policy fund) as long as the money remains inside the policy.
You can choose from guaranteed investment options (GICs), bond funds and equities or other managed portfolios. You can change these investments options over the period of time. You can either make a withdrawal or you can borrow the money from the policy. You are not required to make payments on this loan, as the ultimate death benefit will pay off the loan and all interest accrued. At death, the entire amount of investment that has accumulated and grown tax sheltered will be given tax free to your beneficiaries along with the amount of insurance.
Universal life insurance plans also have various payment options to pay premium….pay for life or you can choose to pay in 10, 15, 20 years, etc. Paid-up plans have guaranteed Cash Value which can be borrowed by you while you are still alive.
Please ask for free, no obligation quote and details by completing the Quote Form on the right side or by email at info@starlifeinsurance.ca or call at 1-855-409-1010
