Is Your Life Insurance Policy Just a Protection Plan?
The Universal Life Policy
Investment Options Advantage
The first advantage of investing in a UL Policy is that it has investment options that may compound on a tax-deferred basis. This is illustrated by the insurance company for the client to assist in making an informed decision.
The Savings Element of Your Policy
Your Policy is Passed onto your Beneficiaries With NO Taxes!
The third tax advantage is that upon death the total investment and face value of the policy can be passed on to your beneficiaries without any tax whatsoever. Life Insurance is typically exempt from probate in Ontario – that means, at death, it will be paid out quickly to your loved ones. Reminder: if possible, name beneficiaries on your insurance policies.
To be honest, most people don’t fully understand their insurance policies- and that’s okay! They can be complex and confusing. Please reach out anytime…We are here to help guide you.