InsuranceINTEL, a sister publication of Insurance Portal, lists 15 universal life insurance products available in the Canadian market.
- Among the insurers that sell this type of product, Manulife offers three: InnoVision; Manulife UL, and Security UL. Other insurers offer two. These include BMO Insurance (Life and Wealth Dimension), iA Financial Group (EquiBuild and Genesis) and Sun Life (SunUniversal Life II and SunUniversal Life Pro).
- The age limit for purchasing a universal life insurance policy varies greatly depending on the cost of insurance option chosen, but is generally 80 or 85.
- Most products are available for a minimum face amount of $25,000 (individual policy). However, the minimum is $50,000 for Security UL (Manulife). For three other products—InnoVision (Manulife) and SunUniversal Life II and SunUniversal Life Pro (Sun Life) —the client must pay at least $100,000 to purchase a policy.