The cost of Universal Life Insurance in Canada can vary depending on your needs. It is important to know exactly what you are searching for in order to find the coverage that best fits your lifestyle and budget.
Premiums vary depending on your age, occupation, and other personal factors. Generally, the cost of universal life insurance premiums is higher than those of traditional life insurance policies, as you are buying more coverage, features, and the ability to adjust your coverage throughout your lifetime.
Universal life insurance works differently than traditional life insurance in that your coverage amount can adjust over time. You will be able to select a minimum coverage amount as well as a maximum coverage amount for your policy. This way, as your life circumstances change you can adjust your coverage up or down.
It is important to look for a company to provide your universal life insurance that is highly rated. The General Insurance Company of Canada (GICC) has been rated the highest, with financial stability and the ability to pay claims. Looking for a highly rated company will give you peace of mind knowing you are purchasing a quality policy.
Universal Life Insurance policies may also include additional benefits such as living benefits and accelerated death benefit riders. Living benefits can provide an accelerated payment if you become critically ill, while an accelerated death benefit rider will provide a portion of your death benefit proceeds while you are still alive should you become terminally ill.
At the end of the day, the cost of universal life insurance in Canada will depend on the coverage you select and the policies you choose from the insurance company. It is always best to compare different plans and policies to ensure you are getting the best coverage for your lifestyle and budget.
For more information, Working Money Canada's insurance article provides a comprehensive guide to understanding Universal Life Insurance.