Why Universal Life Insurance?
What are some of the benefits of a Universal Life policy?
If you choose a universal life policy over a term life or whole life insurance policy a portion of your payments can be set aside into investments for you to use in the future.
The invested amount builds up a “cash value” that you can access in several ways. You can take it out as a loan to cover unexpected expenses, or you can use it as an additional nest-egg for retirement, or to help your children get started in life.
You can often increase, decrease, or skip payments on a universal life policy which is unique compared to most other types of insurance. Many universal life insurance policies allow you to add and remove amounts of insurance as your needs change. You may also chose to blend in term insurance coverage with your universal life policy, giving different levels of protection for different stages of life.
This flexibility why some people call a universal life policy “the only policy you’ll ever need”.
Everybody is unique and if you would like to know more you can contact us here at Life Insurance Ottawa to discuss your situation and receive a free, no obligation, insurance quote.