Canada Life Universal Life Insurance
A flexible insurance protection plan that gives you the option to choose your payment schedule and investment.
Common questions
- Life Insurance can protect your family from any financial crisis
- You leave a completely tax-free inheritance to your dear ones or beneficiaries
- Life Insurance can pay for your funeral expenses
- You can clear your debts and loans with Life Insurance
Universal Life Insurance
Insurance that adapts to your specific needs
A flexible insurance protection plan that gives you the option to choose your payment schedule and investment.
Flexible
You can adjust the amount you wish to pay.
Power to select
You can decide where you wish to invest your money.
Grow your wealth
Grow your wealth and achieve your goals.
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Get the best Insurance Quote from Canada Life
Call 1 844-542-4678 to speak to our advisors.
What is Universal Life Insurance?
A guaranteed, lifelong insurance policy that not only lets you invest but also builds your wealth. It is one of the most affordable and flexible insurance products that cover your life. There are two components to a Universal Life Insurance policy: investment and insurance. With the regulations and guidelines set by the government, you can choose your assets, and the wealth you amass is tax-free. Additionally, you can also withdraw or borrow from your insurance policy, with specific tax implications. You can also nominate which beneficiary you want to leave your money to.
Get the best Insurance Quote from Canada Life
Call 1 844-542-4678 to speak to our advisors.
How does the insurance plan work?
- A premium is paid for your insurance coverage.
- After the insurance costs have been covered, the remainder of the money in your insurance policy goes into your investment.
- The money goes toward investments of your choosing.
- The cash value in your account can be accessed however you want. Ensure there is enough left to cover the insurance costs.
- You decide who receives the money from your insurance protection when you pass away.
Access your cash when you need it
You have access to the money you’ve earned in your Universal Life Insurance policy. As long as there’s enough money remaining to cover your monthly insurance costs, including cancellation charges and market value adjustments.
Withdrawals
- At any time during the term policy, you can make a partial withdrawal.
- Withdrawals will lead to a decrease in your insurance policy's cash value as well as your nominee's payment.
- The minimum withdrawal amount is $500.
- The maximum withdrawal amount depends on your insurance policy. You have to pay income tax on any withdrawals you make from your plan.
Policy loans
- As long as you have amassed sufficient money to cover the cost of your insurance cancellation, you can borrow with interest from your policy’s cash value and pay it back with time.
- If you do not withdraw your money, it will continue to grow.
- The minimum loan is $500 and maybe taxable, and it can be repaid any time.
- The loan will be subject to an interest rate set by Canada Life.
Policy cancellation
- In the event you cancel your policy, you’ll receive the balance in your account. The balance is called the “cash surrender value.”
- If you cancel the policy within the first nine years, a penalty called a “surrender charge” will be incurred.
- A few insurance policies have no surrender charges.
- In the year you cancel your policy, you may have to pay income tax on the amount received.
Get the best Insurance Quote from Canada Life
Call 1 844-542-4678 to speak to our advisors.
How much insurance coverage do you need?
Preferably, you want to ensure your debts are paid off, so you don’t leave any significant expenses for your dear ones to struggle to pay it off.
Below-mentioned is a few things to consider:
- Your income and net worth
- Needs of your family
- Outstanding debts
- Other insurance policies you have
How much does it cost?
The price of the policy varies and is based on a few factors, including:
- Age: If you are a young individual, it is cheaper.
- Health: The cost of the policy can increase based on your family’s medical history, lifestyle, and chronic diseases.
- Gender: The insurance cost for women is much cheaper as they live longer than men on average.
- Occupation: The Insurance cost can be high if your job is risky.
