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It's taken years of hard work and personal dedication to shape a career, grow a family and nourish the loving environment that encompasses it all. And you've also done everything you can to safeguard your world-like ensuring basic financial protection for your loved ones through your life insurance plan. But, now that you've reached a more financially secure point in your life, it may be time to look beyond the 'fundamentals' of insurance protection to a powerful tool that will complement your overall financial picture and can provide a larger estate for your beneficiaries. That financial planning tool is universal life insurance.
Universal life insurance is one of the two most common types of permanent life insurance; the other is whole life insurance. Both cover you for as long as you live without the need for renewal, provided adequate funds are periodically deposited to the policy or are available within the policy to pay the insurance costs. But, there are significant differences in these two types of permanent coverage and, for people seeking flexibility and a degree of personal control over insurance-based, tax-sheltered investment opportunities, universal life offers advantages that whole life doesn't. Here's why:
Is universal life the right choice for you? That depends. If your financial basics are in order, including whether you have eliminated all nondeductible debt and maximized your RSP contributions (that's because universal life deposits are not deductible like RSP contributions), and you have additional money to invest, universal life can be a good estate-enhancing opportunity for you.
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