Combine tax-savvy investments with flexible universal life insurance coverage

Home blog Combine tax-savvy investments with flexible universal life insurance coverage

Combine tax-savvy investments with flexible universal life insurance coverage

The need for peace of mind in an uncertain world resonates universally. And with universal life insurance that peace of mind is combined with tax-effective investment opportunities to maximize your financial well being.

Buying a universal life insurance policy could be the right choice for those making a maximum annual RRSP contribution, want to focus on wealth accumulation, are nearing retirement and want to secure estate preservation.

This type of permanent life insurance offers more flexibility than a whole life insurance policy (insert blog link), with lower, flexible premium options as opposed to the fixed premiums of the whole life insurance policy. And every premium’s penny is deposited into an interest account — where funds accumulate tax-free.

With these flexible options and attractive benefits, buying a universal life insurance policy allows you to adjust coverage based on your changing life circumstances all the while providing appealing tax-free benefits to create a steady stream of investment income, in some cases accessible should the policyholder fall ill.

Depending on the needs of you and your loved ones, a universal life insurance policy can include more than one person and the death benefit can be paid out in two different ways.

So-called “joint-first-to-die” coverage pays out a benefit on the first death of the named people in the policy. This secures replacement income and families can avoid the additional burden of debt during difficult times.

With the “joint-last-to-die” option, the benefit is paid out on the last death, which is often used to provide relief for capital gains taxes or other expenses associated with an estate.

Finding the best universal life insurance in Canada is made easier when you choose CHES Life. Our expert advisers can tailor flexible life insurance options, like universal life insurance, to your specific needs. CHES Life experts have the resources to find a bespoke product to fit your life circumstances at the terms you need.

Contact us to inquire about accessing CHES Life products.

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