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Universal Life Insurance
Saint John, New Brunswick

What is it?
Universal Life insurance is a unique blend of term insurance, permanent insurance and a savings account. You get the advantages of the affordability of a term plan, the potential lifetime protection of permanent insurance and the advantage of tax-deferred savings growth within the life insurance policy.

How does it work?
Instead of being directed only to pay for the cost of insurance, your payments is paid into what is called a policy fund. The policy fund is used to pay for the cost of the insurance now, while the remaining balance is invested on a tex-deferred basis. Most Universal Life policies offer a variety of investment account choices to suit your objectives and tolerance for risk.


Some types of life insurance provide tax-deferred savings or investment opportunities.

Depending on the size of the payments you make and how well your investment account do, the policy fund value can be used to pay for future costs of insurance or to provide a source of additional savings. You can withdraw or borrow from the policy fund, but this may impact your insurance coverage. You may also make extra payments into the policy fund, up to certain limits, to increase your tax-deffered savings.


The policy fund is where your payments earn interest based on the investment account options you choose. The cost of your insurance is deducted from this fun and what ever is left grows tax-deffered.

With Univeral Life Insurance, the amount of the death benefit can be flexible. You can choose to have the death benefit stay the same or you can choose to have it increase over time. It depends on how much you pay into and withdraw from the policy fund over the years and how well your investment accounts perform.

Who Buys It?
Universal Life coverage is a good choice for people who want a tax-effective way to save for retirement outside of an RRSP or pension plan, or to build up the value of the estate they want to pass on to their loved ones. It can also be a smart choice for individuals with a large estate that they wish to preserve and pass on.

Is Universal Life Insurance right for me?
I want flexible payments I can increase or decrease depending on how much money I have.
I'd like the ability to choose where my money is invested.
I'd like the option to borrow money from my life insurance policy.
I've maximized my RRSP contributions and am interested on other tax-deffered options.
I want the most potential for the money I pay into the policy top make money for me.


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