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What is universal life insurance?

Sometimes called adjustable life insurance, universal life is a kind of permanent life insurance that gives you a lot of flexibility when it comes to premiums and coverage. Similar to other types of permanent life insurance, you’re covered for life, but as with whole life, it accumulates in cash value. If you have questions, start your no-obligation quote and one of our brokers will reach out to help.

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The extra flexibility of universal life insurance

Flexibility is the biggest advantage of universal life insurance. What you leave for beneficiaries, premiums and the cash value of your policy can be adjusted if your life situation or budget changes. Universal life insurance can be a great choice if you’re looking for long-term, permanent coverage with a flexible payment schedule.

What does universal life insurance include?

Lifetime coverage

Flexible and adjustable coverage for your entire lifetime to give you total peace of mind.

Save money

Flexible benefits

You can adjust the payout to your beneficiaries to match your financial situation if your life changes.

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Flexible premiums

You can increase and reduce your premiums to suit your budget and changing life circumstances.

Insurance savings

Flexible cash value

Adjust your investment-like savings and earn interest that’s tax-deferred.

Universal life and other kinds of permanent life insurance compared

WholeParticipatingUniversalTerm 100
Lifetime coverageYesYesYesYes
Guaranteed premiumsYesYesNo – Can increase or decrease to suit your budgetYes
Savings componentYesYes – Dividend is based on the insurance company’s performanceYes – Investment portfolio is customizableNo
Cash valueYesYesYesNo
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You are unique, so are your insurance options

Being an brokerage for over 70 of Canada’s top insurers means we have access to a wide range of insurance solutions at some of the best rates in Ontario. Want to learn more about the coverage options available to you? Here’s a few of them.