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Universal Life Insurance in Canada

Universal Life Insurance

When it comes to securing your financial future, choosing the right life insurance policy is a crucial step. Universal life insurance offers a unique blend of lifelong coverage and investment opportunities, making it a versatile and beneficial choice for many individuals and families.

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Ready to secure your financial future with the best universal life insurance policies? Contact Real Financial to get your personalized universal life insurance quote today.

Universal Life Insurance

What Is Universal Life Insurance In Canada?

Universal life insurance is a type of permanent life insurance available in Canada that combines a death benefit with a savings component. It allows policyholders to accrue cash value over time, which can be invested in various options offered by the insurer. This flexibility makes universal life insurance a popular choice for individuals seeking long-term financial planning tools. Unlike other types of life insurance, universal life insurance provides both protection and the opportunity for investment growth, making it a dual-purpose product that maximizes financial benefits for the policyholder.

Why You Should Have Universal Life Insurance?

Term life insurance is crucial for anyone looking to provide financial security to their loved ones. It helps cover:

  • Income Replacement: Ensuring your family can maintain their standard of living. This means securing regular monthly expenses like bills, groceries, and other essential costs.
  • Debt and Loans: Paying off mortgages, car loans, and other debts. Alleviate the financial burden of personal or shared debt obligations from your loved ones.
  • Education Costs: Funding your children’s education and future needs. Ensure that funds are available for college tuition, extracurricular activities, and other academic expenses.
  • Final Expenses: Covering funeral costs and other end-of-life expenses. Funeral costs can be unexpectedly high, and a term life insurance policy helps avoid financial strain during an already challenging time.
Why Choose Real Financial for Your Term Life Insurance?

We’ve Got You Covered Term Life Insurance Solutions 

Real Financial offers comprehensive Term Life insurance plans tailored to meet your needs. Here’s why you should consider us:

Expert Guidance:

Our team of experts will help you find the best term life insurance policies tailored to your needs. Our advisors take the time to understand your personal situation and offer recommendations that provide maximum benefit.

Competitive Quotes:

Get affordable term life insurance quotes that fit your budget and coverage requirements. We work to provide you with the best possible rates from a variety of providers.

Reputable Providers:

We work with top-rated insurance providers to ensure you get reliable protection. Quality is important to us, and we partner with insurers known for their financial strength and customer service.

Customer-Centric Approach:

Our priority is understanding your unique needs and providing personalized solutions. We believe in a hands-on approach and are available to answer any questions you may have.

Benefits of Getting

Term Life Insurance

At Real Financial, we go beyond simply providing an insurance policy.

Flexibility:

Choose a term that aligns with your financial goals and future plans. Whether it’s a 10, 20, or 30-year term, you can select coverage that fits your timeline.

Fixed Premiums:

Enjoy fixed premiums throughout your chosen term, offering financial predictability. Monthly payments will remain constant for the duration of the policy term.

Simplicity:

Easy to understand and manage, with straightforward monthly premiums and coverage. There are no complex investment components or savings plans to consider.

Still Any Queries?

Let’s Get In Touch

Emmylou Reyes

Independent Insurance Advisor

  • emmylou.reyes@realfinancial.ca
  • (204) 813-6088
  • Unit 4 - 1680 Ellice Ave, Winnipeg, MB, R3H 0Z2
FAQ's

Term Life Insurance Policy FAQ’s

What is the difference between term life insurance and whole life insurance?

Term life insurance provides coverage for a specific period, while whole life insurance offers lifelong coverage and includes a savings component. Whole life insurance also tends to have higher premiums but can be beneficial for those interested in long-term financial planning.

How much term life insurance do I need?

The amount varies based on your financial situation, dependents, and future goals. A general rule of thumb is to have a policy that is at least 10-15 times your annual income. Our experts can help you determine the right coverage amount based on your unique circumstances.

Can I change my term life insurance policy?

Yes, many policies offer flexibility, including convertibility to whole life insurance without a medical exam. Some policies may also allow you to renew coverage for additional terms or adjust the coverage amount as your needs change.

Is a medical exam required for term life insurance?

Not always. Some term life insurance policies may require a medical exam as part of the underwriting process, while others offer “no-exam” policies for those who prefer a quicker and simpler application process. Our advisors can help you choose the option that best fits your needs and health profile.

What happens if I outlive my term life insurance policy?

If you outlive your term life insurance policy, the coverage will expire, and you will no longer have protection. At that time, you can choose to renew the policy for a new term, convert it to a permanent policy if your policy allows, or forgo further coverage if you feel it is no longer necessary.

Can I increase my coverage after purchasing a term life insurance policy?

Yes, some term life insurance policies allow you to increase your coverage amount, although this may require additional underwriting, including a medical exam. Check your policy terms or consult with one of our experts to understand your options.

Are term life insurance premiums tax-deductible?

Generally, term life insurance premiums are not tax-deductible for individuals. However, for business owners, premiums paid on policies that insure key employees may be deductible as a business expense. It’s advisable to consult with a tax professional for specific guidance related to your situation.

What happens if I miss a premium payment?

Most term life insurance policies have a grace period (typically 30 days) during which you can make a late payment without losing coverage. If you fail to pay within the grace period, your policy may lapse, and you would no longer be covered. It’s essential to stay on top of your premium payments to maintain continuous protection.

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