Universal Life Insurance
Universal life insurance for clients in BramptonAlso known as adjustable life insurance (as it offers more flexibility regarding premiums when it’s compared to whole life insurance) Universal Life Insurance is a great policy that can secure the family’s future even after you’ve passed away. The major benefit is after you pay the first premium amount, you can reduce the premium amount as per your requirements. You can also increase the face value of your insurance coverage. For further details, get in touch with Harpreet Puri in Brampton. We look forward to hearing from you.
A brief on Universal life insuranceIt is a type of insurance policy where you have the opportunity to change the monthly premium amount and have a control on the frequency as well. This means that you can either pay on a monthly basis or pay a lump sum amount to the specified limit of the policy and don’t pay again. Another major benefit of choosing this policy is that you can use the face value of the plan to pay your insurance premiums gives that you have accumulated cash value to cover the premium amount. This makes this policy an excellent choice if you are going through a financial crisis.The maturity date for universal life insurance policy hits after you turn a certain age and generally this is around when you turn 85 with maturity dates extending up to 120 years. You can choose a plan which you are more comfortable with. Once the policy matures, the beneficiaries will receive the amount and the coverage would come to an end. What are the advantages that you get when choosing this policy?Well, there are many. Have a look:
- Lifetime coverage: It’s a lifetime coverage policy and does not end after a certain period (you don’t have to renew it over and over again)
- Tax-benefits: A percentage of the premium you pay is used to purchase the insurance whilst the rest of the money remains in your policy completely tax-free. Even the death benefit that you or your beneficiary receive is non-taxable.
- Easy access to funds: You will always have access to the funds in your policy which you can use as extra income or after retirement or use it for treatment for any types of illness.
- Estate planning: You can use this type of policy to protect your estate assets so it can be passed to your selected beneficiary after you have passed away.
- Single and joint coverages: You can choose the plan only for yourself or for you and your partner/spouse and/or other family members.
- Flexibility on premiums: You have the option to choose the policy limit and how much you want to pay for monthly premiums