Universal Life Insurance

Universal Life Insurance

Live A Secure Life

Universal Life may be the right choice if you’re looking for a flexible solution to safeguard your loved ones while also building tax-deferred financial value. Instead of providing coverage for a limited duration, a universal life policy can provide long-term or everlasting coverages. A universal life policy’s flexibility also extends to the death benefit. You may choose to increase the amount paid out upon your death at some point. Some insurance providers will enable you to do this if you pass a medical exam. Similar to whole life, universal life insurance can provide lifetime protection while also growing cash value and offering tax benefits. UL also allows you to adjust premiums within specified restrictions, which might be less expensive than full coverage. It acts as both a protection policy and an investment vehicle, which is why universal life insurance has a multifaceted focus. When you die, the money in your universal life insurance policy is distributed to the beneficiary(s) of your choosing.

It also has several other advantages;

I) Tax Protection
Tax-free death benefits are available for your beneficiaries, and the policy’s growth is tax-deferred.

II) Cash Value Growth
With a portion of your monthly premiums generating credited interest, you can develop cash value (“living benefits”) in your universal life policy.

III) Flexibility
Once you meet the minimum requirement, you can increase or decrease the value of your coverage to suit your needs.

Trust Ismart For Smart Insurance Decisions

iSmart Insurance has been offering help to choose the right universal insurance coverage for the people of Alberta for more than years. Our team of seasoned brokers understands that we are servicing not only servicing our clients but securing the future of their loved ones. We attempt to provide maximum protection with every universal life insurance quotation while staying within your budget. When you engage with iSmart Insurance for your universal life insurance policy, you’re working with a staff that believes in quality. We aren’t pleased until we know that all of your needs have been addressed and that you are confident in your finances and the people to whom you entrust them.

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Like other types of life insurance, Universal life insurance is designed to give financial assistance in the case of your death. It provides benefits to your loved ones to help pay for burial expenses, schooling, housing, and day-to-day expenses. Universal life insurance, unlike other policies, allows you to build money through customized investment choices.


When it comes to the investing aspect of your policy, you have the option to make a partial withdrawal if necessary. After you take money out of your insurance investments, you reduce the amount left to your loved ones when you die away. There are usually minimum and maximum amounts you can withdraw from your investments. This should be specified in your Insurance and is based on your salary and coverage level.

Surrendering your universal life insurance policy means canceling it. There won’t be any cancellation options available after a certain period has passed (usually within the first ten years). Your subscription can be canceled early at the cost of an early termination penalty. The savings part of your account will be given to you. It’s crucial to remember that the cash amount you receive when you close your policy may be subject to taxes.

Absolutely. Many Canadians prefer to pay more than the statutory premium to increase the value of their investments. When your policy expires, or you opt to withdraw for personal reasons, the more money you have in your account. The extra funds are added to your expanding investments, resulting in a tax-deferred wealth building.

How Can We Help?

Let us help you get the best coverage.