Universal Life Insurance

No, these types are specific to the American market. Canadian life insurance companies do not offer IUL or VUL policies.

Universal Life Insurance provides lifelong coverage without a maturity date. The policy remains active as long as premiums are paid.

Conversion options vary by policy and insurer. Some policies may allow changes within the same product family, while others do not. Whether conversion is available depends on the terms of the individual contract and should be confirmed with the insurer.

Universal life insurance generally offers flexibility in premium payments and policy structure, while whole life insurance typically has more fixed features defined by the policy contract. The exact differences depend on the insurer and the specific policy design.

Certain universal life insurance policies may allow access to policy values through withdrawals or policy loans, depending on the contract. Accessing policy values can affect coverage and may have tax consequences, so it should be reviewed carefully based on the specific policy terms.

Some universal life insurance policies allow policyholders to allocate funds to internal investment options offered by the insurer. The availability, structure, and performance of these options depend on the specific policy and insurer, and values are not guaranteed.

Universal life insurance is a type of permanent life insurance that combines life insurance coverage with flexible premium and death benefit options. Depending on the policy design, part of the premium may be allocated to policy costs and part may be allocated to an internal account, subject to the terms of the contract.