Universal Life

Universal Life, commonly known as "U.L.," is an innovative product that was introduced to the Canadian market a little over ten years ago. It has since outpaced Whole Life as the preferred choice of consumers looking for permanent life insurance protection. Unlike Whole Life that can be a confusing and bundled product with returns based in dividends, U.L. has taken the unbundled approach.

Also, returns are commonly based upon popular market indices. With U.L., the insurance, costs, management, & policy fees are usually guaranteed with the only major variable being the investment option chosen. Due to the potential tax deferral possibilities under section 148 of the Income Tax Act, many consumers who have "maxed out" their RRSPs may look at U.L. as an investment.

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