What is universal life insurance?

Universal life insurance is an all-in-one way to get the protection you need and build your savings. The policy combines permanent life insurance protection for lifelong peace of mind with a broad range of investment account options for tax-preferred savings growth. You choose a guaranteed death benefit that will be paid to your beneficiaries and the payments you make above the cost of insurance can grow in a tax-preferred savings account or may be used to increase the amount of your death benefit.

Is universal life insurance right for you?

Universal life insurance is of particular interest to people who:

  • Are looking for ways to build their savings that complement their RRSPs and TFSAs
  • Want to enhance their estate for their children and grandchildren
  • Are business owners looking for a tax-efficient way to protect the value of their business

An advisor can find you the right type of coverage for your needs and provide you with a quote.

Types of universal life insurance:

SunSpectrum Universal Life II

  • SunSpectrum Universal Life II provides straightforward and flexible permanent life insurance protection to help meet your long-term needs, plus the opportunity for tax-preferred growth in savings.
  • A reduced paid up feature allows you to stop making payments any time after age 70.
  • A guaranteed investment bonus rewards you for maintaining and growing your policy’s fund value.
  • Single and joint policies are available.
  • The policy fund offers a wide variety of diversified investment account options.

SunUniversalLife II

  • SunUniversalLife II provides our most extensive combination of insurance features and investment account options for maximum flexibility.
  • You have a choice of 5 death-benefit options and 6 cost-of-insurance options to meet your current and future protection needs.
  • Single and joint life policies are available.
  • The policy fund offers a wide variety of diversified investment account options.

Get universal life insurance

Step 1: Find an advisor

An advisor can help you determine the right life insurance for your needs. Talk to your advisor or find one near you to help answer your questions – there is no cost to talk to an advisor.

Step 2: Meet with your advisor

To get the most out of the meeting with your advisor, take some time beforehand to think carefully about what you want to achieve.  And because your advisor will need a lot of information to help recommend the policy that’s right for you, get together some basic information about your income, assets and liabilities.

Step 3: Apply for coverage

Your advisor will handle the paperwork for you. You’ll need to submit an application for a policy that will be evaluated by the insurance company. Depending on your age and the type and amount of coverage you want, you will need to answer a medical questionnaire. You may also be asked to provide additional medical or financial information.