You may be interested in universal life insurance if you are:
Your ability to get up and work everyday IS your biggest asset protect yourself and your family by ensuring you have the best coverage for your needs today !
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Universal life insurance is an all-in-one way to get the protection you need and build your savings.
The policy combines permanent life insurance protection for lifelong peace of mind with a broad range of investment account options for tax-preferred savings growth.
You choose a guaranteed death benefit for your beneficiaries and the payments you make above the cost of insurance can grow in a tax-preferred savings account. Or you can use them to increase the amount of your death benefit.
Your daily expenses do not get put on hold, protect yourself and save yourself from worrying by ensuring you have the proper coverage for yourself and your love ones today !
The Four Main Parts of Universal Life Insurance
Mortality cost – Unlike whole life policies, universal policies in Canada disclose the “mortality charges”. This is the portion of your premium that covers the “pure” cost of your death benefit. We recommend you choose a universal life insurance policy where your mortality cost does not increase as you get older, instead, keep the mortality cost of your policy the same (or level) throughout your life time.
Administration cost – Policies for universal life insurance in Canada not only disclose your mortality cost, but also disclose what your annual administration charges will be (the cost of administering your policy plus the premium taxes), which is usually in the range of $100 – $125 per year. Universal life insurance policies usually guarantee that your administration charges will not change for the life of your policy.
Savings or investment – Once the mortality costs (cost of insurance) and the administration charges have been deducted from your universal life insurance premium, the remainder of your premium (also referred to as the “cash value”) is placed into an investment savings vehicle where it can grow and earn interest (referred to as the “return on savings”) over the life of your policy. The “cash value” portion of your universal life insurance premium may also be referred to as the “cash surrender value” or “fund value”.
Return on savings and investment – Any interest that your “cash value” earns over the life of your Canadian universal life policy is credited back to the cash value portion annually and invested…so essentially, your money is compounding or earning money. Some companies will even provide a minimum return on investment. Newer universal life policies now disclose how your interest is calculated and invested. They even provide a list of investment options (similar to mutual funds) so you have control over your investment. Needless to say this “return on savings” portion of the universal life policy has become quite popular in the past few years. While they may not earn as high a return as mutual funds, the funds will grow “tax-free”, similar to an RRSP and the funds are “creditor proof”. Also, unlike an RRSP, you will have some options for using this money on a “tax-favoured” basis.
Talk to us today and see how inexpensive Universal Life Insurance can be for yourself, and your family’s needs !
Citadel Financial Wealth Group believes in supporting our community and the people that need our support. That is why once your policy closes, we will donate to a charity or foundation on behalf of your choice!
If you do not have a charity or foundation you would like to donate to you can choose any one of the foundations we support!
We also plant a tree in your name or any name you choose to give us as we have a unique partnership with FORESTFARMER that allows us to help in keeping our air fresh for a long time to come.
When your policy closes, Citadel Financial Wealth Group gives back to the community, so let’s make a difference together!
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Our clients always come first. Our goal is to help you get the best advice and insurance solutions for your needs. Citadel Financial Wealth Group was formed to help you achieve and protect your financial success, so allow us to help you today. Speak to one of our insurance agents today!