Universal Life Insurance

Universal life insurance is one of the most flexible types of permanent life insurance for Canadian residents. While providing lifetime protection like whole life insurance, universal life insurance offers key financial planning features such as opportunities for tax deferred savings growth.

Universal life insurance policies are a form of permanent life insurance with flexible premiums. Unlike term life, Universal life policies can accumulate interest-bearing funds like a savings account. Also, policyholders can adjust their premiums and possibly their death benefit, and those paying extra toward their premium receive interest on that excess.

When do you need universal life insurance?

There are numerous cases in which universal life insurance is your best option:

You want to have life long coverage that does not expire.
You want flexibility in monthly contributions and the ability to choose level or increasing death benefit options.
You want a combination of insurance and investment product.
You want to decide how your investment component is invested. This policy will let you choose managed funds or index-based investments.

How does Universal Life Insurance compare to other life insurance products?

	Term Life Insurance	Whole Life Insurance	Universal Life Insurance
Coverage Length	Limited	Life Long	Life Long
Cash Value Accumulation	No	Yes	Yes
Investment component	No	No	Yes
Cost	Lowest	Highest	Medium

To know more differences between term life and whole life insurance, see Frequently asked questions.

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Term Life Insurance

Provides a death benefit that pays the beneficiaries throughout a specified period

Simplified Life Insurance is a type of No Medical Life Insurance that comes without medical exams.

Whole life insurance is a life insurance policy that covers a policyholder

Critical illness insurance is a type of policy that pays you a lump sum should you be diagnosed with illnesses.

While providing lifetime protection like whole life insurance, it offers key financial

Disability insurance is designed to replace your income if you become disabled and are unable to earn an income.

Our mission

At GSA Financial Services.com, we are committed to helping you with your needs of life insurance, disability insurance, as well as critical illness insurance, online via our website, phone call and email.

Assuris

If you are a Canadian citizen or resident and you purchased a policy from a member life and health insurance company, you are automatically protected by Assuris