Universal life insurance
An all-in-one way to protect and build your money
Universal Life insurance is one solution that combines 2 important aspects of financial planning:
- Permanent insurance protection for lifelong peace of mind, plus
- Investment account options that can grow your savings, tax-deferred
How does it work?
- You choose a guaranteed death benefit amount that will be paid to your beneficiaries when you die.
- Your payments are deposited to a "policy fund"
- Any money you deposit over and above what is required for the cost of the insurance can either be:
- placed into investment accounts to grow-deferred, or
- used to increase the value of your death benefit
Who is it for?
We find that universal life insurance is a popular choice for:
- People who have maximized their RRSP contributions
- Parents and grandparents who want to maximize their estate for their children and grandchildren
- Business owners looking for a tax-efficient way to protect the value of their business
We offer 2 universal life insurance options:
|SunSpectrum Universal Life||SunUniversalLife|
|Appeals to people who are comfortable actively managing their insurance within their broader financial plan.||Well-suited to people whose investment, tax, and insurance needs require special solutions.|
|Death benefit options||
|Investment account options||
Choice of 18 investment options in 5 account types:
Choice of over 35 investment options in 5 account types:
|Options you can choose||
|More information||Sample policies||Sample policies|