Universal Life

Universal Life is the most popular form of life insurance purchased today. It is basically a term insurance program with an investment vehicle attached that grows usually in a tax efficient manner. The premiums are divided between paying the cost of insurance and contributing to the fund. A variety of investment options may be selected. Once there is enough money in the fund the insured can stop making payments, letting the fund handle the payments, or continue to contribute and have the fund grow to be meet investment needs.

At what age can I buy this insurance?

This product is available from age 0 to 80 years of age in most cases and is subject to insurability.

When does it make sense to purchase this insurance?

It makes sense to purchase Universal Life when there is a long term need. This product can be used for juvenile insurance, estate planning for family protection, charitable giving or for businesses, say to fund buy-sell agreements, to fund an executive pension plan or as key man insurance.

What are the purchase options?

One can purchase Level Life, Coverage Plus, Sum Insured plus Fund Value, Sum Insured with Return of Premium, and coverage with Adjusted Cost Base. This product can be purchased as Single Life; Joint Life; Joint First to Die; and Joint Last to Die. Most products are available with Yearly Renewable Term or Term to 100. The purchaser selects the premium that fits the budget between a minimum and maximum amount to remain within the tax laws. Yes, we'll be happy to explain what all this means.