Universal Life Insurance: A Portrait of Canada's Offering
Universal life insurance has fallen out of favour with some Canadians following tax changes that limit its advantages.
Yet insurers have not abandoned it outright. At least 12 insurers continue to offer at least one product of this type. Manulife even has three variations of universal life insurance. In total, financial advisors can choose from among 17 different products to offer their customers in Canada.
Another advantage is that universal life insurance can be purchased until an advanced age, usually 80 or 85. Some insurers even go as far as age 90 in the case of joint policies.
Half of the insurers allow a minimum insurance amount of $25,000, and most players set an upper limit of $10 million. One insurer even offers coverage up to $50 million. For higher coverage amounts, many insurers are willing to talk with advisors to discuss the terms of coverage.
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