Universal life insurance

Compare with other types of 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.
Coverage options	Single life Joint first-to-die Joint last-to-die	Single life Joint first-to-die Joint last-to-die Multiple life
Death benefit options	Level death benefit Death benefit plus policy fund	Level insurance amount Insurance amount plus fund Indexed insurance amount Fund builder
	More details	More details
Investment account options	Choice of 18 investment options in 5 account types: Floating interest Guaranteed interest Portfolio-managed Mutual fund-managed Indexed	Choice of over 35 investment options in 5 account types: Daily interest Guaranteed interest Managed Indexed FPX index
Includes	Access to the policy fund, when disabled Living benefit	Access to the policy fund, when disabled Early death benefit Survivorship benefit Living benefit
	More details	More details
Options you can choose	Term insurance benefit Child term insurance benefit Critical Illness insurance term insurance benefit Disability waiver benefit Parent waiver benefit Guaranteed insurability benefit Accidental death benefit	Term insurance benefit Total disability benefit Owner death benefit Owner disability benefit Guaranteed insurability benefit Executive guaranteed insurability benefit Coverage death benefit Accidental death benefit
	More details	More details
More information	Sample policies	Sample policies

Published: 03/12/2007

Last updated: 03/12/2007