UNIVERSAL Life Insurance

PROTECT YOUR FAMILY AND INVEST TAX FREE FOR THE FUTURE

Universal Life Insurance is a good choice if you wish to:

1. Protect your family and legacy with permanent (i.e. lifelong) insurance AND
2. Save non-registered funds in a tax-advantaged vehicle. This is an excellent way to save when your RRSP and TFSAs are maxed out.
3. Have access to the cash value while you are alive
4. Have the flexibility to adjust your premiums and coverage amounts

At Ottawa Asset Management, we help you to decide which type(s) of insurance coverage is best for you.
Insurance rates vary widely from carrier to carrier. We work with all the major Canadian providers of Life Insurance to find you the best rates for your policy.

Call us today, or book an appointment online, for a free quote or consultation.

What is Universal Life Insurance?

Universal Life Insurance is ideal for tax and estate planning. It is a permanent life insurance policy that has a savings component attached to it. A permanent policy means that it is designed to last your lifetime (as opposed to term insurance which is typically temporary insurance).

Universal Life Insurance is a more flexible version of Whole Life Insurance. The choices vary from plan to plan but could include:

• Whether to include the investment portion in the death benefit
• Select from several riders and enhancers to customize protection
• How often and how much to pay
• Ability to increase (with evidence) or decrease coverage amounts

For the savings component, the funds available vary with each policy. Some policies offer a wide range of choices of funds to meet your risk tolerance, others have one specific investment only. The advantage to saving within your insurance policy is that the returns grow tax-sheltered, and are bequeathed to your beneficiaries tax free at death. After the fund has built up in the policy, you can have the premiums pay for itself out of the fund (with pre-tax dollars). You can also make withdrawals (may incur tax) or take out a loan against the cash value of the policy (non-taxed).

Our Insurance Partners:
Canada Life | BMO | Equitable Life | Ivari | RBC | SSQ | Empire | Life Sun Life | Manulife | Desjardins | Great West Life

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Roger Crandlemire, CFP | Contact us