It’s permanent life insurance with an account inside the policy. Your premiums go into the account, the cost of insurance and fees come out each month, and the rest is invested in options you choose. You can adjust what you pay, within limits, and your coverage lasts as long as the account can cover the monthly cost.
What is universal life insurance?
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More about universal life insurance
Permanent life insurance with flexible premiums and an investment account inside the policy.
More questions about universal life insurance
- How does the investment component of universal life insurance work?
- Can I withdraw money from my universal life insurance policy?
- Can universal life insurance be converted to whole life insurance?
- What happens when a universal life insurance policy matures?
- Are indexed universal life insurance (IUL) or variable universal life insurance (VUL) policies available in Canada?
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