Universal Life Insurance Vancouver, BC
Universal Life Insurance is a permanent life insurance policy. Universal Life Insurance has an investment component to it that grows on a tax sheltered basis. The client and advisor are responsible for choosing the investments within the universal life insurance policy. Options range from GICs, to bond funds to equity funds.
There is risk in universal life insurance policies because if the investments in the policy perform poorly then the policy may lapse or require more funding. Being that insurance is by its very nature there to provide safety and security universal life is less popular than whole life which provides guarantees.
Insurance Solutions we offer include: Life Insurance | Term Life Insurance | Creditor (Mortgage) Insurance | Life Insurance for New Immigrants | Non-medical Life Insurance | Manulife Vitality | Permanent Life Insurance | Term 100 - Permanent Life Insurance | Universal Life Insurance | Whole Life Insurance | Medical Underwriting | Living Benefits Insurance | Critical Illness Insurance | Disability Insurance | Life Insurance For Business Owners | Corporately Owned Life Insurance
Who needs life insurance?
Ask yourself this question: Would anyone you care about suffer financially in the event of your premature death? If you have dependant children, the answer is yes. If you have a spouse, the answer is probably.
Who does not need life insurance?
If you are single you probably do not need life insurance. Usually the death of a single/childless person does not leave anyone worse off financially. A single person with a mortgage may still NOT need life insurance as their family would still inherit equity in their property. Single people need to prioritize critical illness and disability insurance.
How much life insurance do I need?
The primary purpose of life insurance is to pay off debts (especially a mortgage) and replace income for dependants of the deceased. We do a needs analysis to determine how much money your family would need to maintain their standard of living in the event of your premature demise. A commonly used guideline for someone in their 30s is 20 times after-tax annual earnings.