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

Cash Value

Cash Value

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.

Flexible Premiums

Flexible Premiums

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.

  Reasons to need life insurance
  • 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
  Ways that life insurance may benefit you
  • 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.

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Looking to Get Started on Your Universal Life Insurance Plan? Get Started With a Free Universal Life Insurance Quote in Canada Today.

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Universal Life Insurance in Canada: Some Frequently Asked Questions

A: Universal life (UL) insurance is worth the purchase if you want similar coverage as a term life policy with the addition of an interest-bearing funds account that accumulates with time. Moreover, policyholders may adjust premiums and benefits as time goes on. They even have the option to pay more out towards their premium to receive additional interest.

A: Universal life insurance in Canada and Quebec constitutes as a taxable benefit. The cash value component that accumulates is tax-free and the death benefit that would be paid out to your beneficiaries is also tax-free.

A: That depends. Universal life insurance has the benefit of flexible premiums, but depending on your policy you may have a fixed or scheduled premium. Usually the latter will depend on your current age, gender, health conditions, if you’re a smoker/non-smoker, and any high-risk activities you engage in.

A: It depends on your circumstances. For some people, it might be. Other people might be better off putting their savings into a TFSA or an RRSP - but that’s all based on your current financial circumstances, your goals, etc. Discuss with LMBF’s financial services experts for advice based on your needs.

A: Yes, you are able to withdraw cash from your universal life insurance policy as long as it is still viable. However, before you withdraw money, consult with an advisor to ensure that this is the best idea depending on your circumstances.

A: Universal life insurance premiums may increase with age. However, if you opt for a guaranteed universal life insurance policy, your premiums will not change.