Universal life insurance is a type of life insurance that offers policies to individuals and families who want to protect their loved ones in the event of their death.
Universal life insurance can be divided into two main types: term and permanent. Term universal life insurance provides coverage for a set period of time, such as 10 years or 20 years. Permanent universal life insurance policies provide coverage for the lifetime of the policyholder. You can also get the best universal life insurance in Canada via AplusWealth Inc.
Universal life insurance can be an affordable option for those who want to protect themselves and their loved ones.
Universal life insurance can also provide income protection in case of the policyholder's death, allowing the beneficiaries to continue receiving benefits even if they are not able to work due to illness or injury.
Whole life policies offer a guaranteed death benefit, which means the policy will pay out a specific amount of money to the beneficiary if you die while the policy is in effect.
Universal term policies offer a set expiration date, but do not provide a guaranteed death benefit. Instead, they typically have cash surrender values that can be used to purchase other types of coverage if needed. There are also hybrid products available that combine features from both types of universal life insurance.