Financial Services: Free Universal Life Insurance Quotes in Canada with LMBF
Universal life (UL) insurance in Canada is considered as an alternative to whole life or a term life insurance policy. This version of permanent life insurance accumulates interest-bearing fund overtime, similar to how a savings account might. Earnings may become available as a last in, first out, or first in, last out funds. Beneficiaries will receive a death benefit upon the insured’s death. Many life insurance buyers opt for universal life insurance over whole life as it offers the benefit of more flexibility. Policyholders may adjust their premiums and death benefits as time goes on, depending on their circumstances. LMBF can help you get free universal life insurance quotes in Canada today and get started on your future planning quicker.
Advantages of Universal Life Insurance
Similar to a savings account, universal life insurance policies in Canada will accumulate cash value with time. Policyholders can borrow against the cash value without any tax implications, so long as the cash value has accumulated enough without impacting the death benefit.
Unlike other versions of permanent life insurance, UL policies contain flexible premiums which may be altered through the insured’s lifetime. Policyholders can make payments that exceed their cost of insurance to add the excess premium to their cash value, which then accumulates interest with time. With enough cash value, policyholders can skip on payments without having their policy lapse on them.
- You have beneficiaries
- You want affordable rates
- You want to borrow from the cash value component throughout your life
- You want the benefits of permanent life insurance without the rates
- Tax-free death payout
- Funeral expenses coverage
- Cash value component
- Low premiums
What is universal life insurance?
Universal life (UL) insurance is a type of permanent life insurance or a life insurance policy that lasts the lifetime of the insured which contains an investment savings component and has affordable premiums, similar to term life insurance. Many universal life insurance premiums contain the option to implement a flexible premium, which varies throughout the insured’s lifetime, although some will use a single fixed premium which cannot be changed.
Our Universal Life Insurance Partners
Universal life insurance in Canada is a tricky purchase for some individuals, as they want to get started on their financial plans for the future but they aren’t sure where to begin. LMBF has partnered with some of the top universal life insurance carriers in Canada to help you get the comprehensive plan you need for your peace of mind. Get started with us today by applying for a free quote and see how easy it can be to get insured with LMBF.