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Discussion on article: THE BENEFITS OF UNIVERSAL LIFE INSURANCE

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THE BENEFITS OF UNIVERSAL LIFE INSURANCE
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Universal life insurance plans have distinct benefits, which set them apart from term, permanent and other life insurance plans. Universal life insurance includes, not only the traditional insurance protection that is provided by all life insurance plans, but also unique, tax-advantaged investment opportunities.

For example, when you make a premium payment, the money is deposited into the tax-deferred investment fund or funds you choose. Cost of insurance, administration charges and any charges for policy riders and/or additional benefits that you have selected will be deducted from your account. The balance in the fund continues to earn tax-sheltered interest.
With flexible death benefits and a full range of accumulation options, universal life plans can be customized to suit your long-term financial goals and can be easily modified to meet changing needs.

• Tax-advantaged growth to maximize your capital. Interest growth earned within a universal life policy is tax-sheltered to a maximum determined under the Income Tax Act. At Universal policies are test on an annual basis and, if necessary, make required adjustments to ensure that they retain their tax-exempt status. With special account arrangement that work in conjunction with this processing to provide you with optimum tax treatment.

• Creditor protection. Universal life policies may be protected from the claims of creditors of the owner. This protection is available if a certain family relationship exists between the life insured and beneficiary (and in Quebec, between the policyowner and the beneficiary), or if a beneficiary designation is irrevocable.

• Probate bypass and tax-free benefits. The proceeds from universal life policies can be paid directly to the named beneficiary tax free, bypassing the estate and the delays and expenses surrounding probate (probate is not applicable in Quebec).

• Flexible protection. Unlike other forms of life insurance, you'll have the flexibility to fund their insurance needs by changing your death benefit option, increasing or decreasing your premiums, paying at unscheduled dates, stopping and restarting payments, or paying premiums with the accumulated tax-advantaged fund value from their policy.

• Accessible cash values. You can withdraw a portion of the cash values that have built up within your policy at any time. Convenient withdrawal and loan methods are available, subject to current tax laws and policy surrender fees. Contact your financial advisor for more information on creative ways of accessing your funds.

article.php?id=60

bally minhas
Member since: Nov 03

Posts: 161
Location: MISSISSAUGA
Post ID: #PID

Posted on: 09-06-04 14:23:19

Article is located here: http://www.canadiandesi.com/article.php?SID=7&AID=60" rel="nofollow">LINK

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trying to find real persons

rajniminhas
Member since: Sep 04

Posts: 80
Location: Mississauga
Post ID: #PID

Posted on: 02-09-04 16:10:31

One must not give a one sided view merely to promote higher commission to the agents. Universal policy takes more from clients and binds them to it since their saving component is now with insurance co. the client looses it if he stops payment .
Just look at it... nothing for first 4-5 years of policy.. by then u have paid so much that u can not go out...s o u HAVE to continue filling coffers of company and the agent.. your so called advisor!?

term... LOW PAYMENTS.... U CAN STOP ANYTIME... only draw back is that u pay according to your current age now if u want a new policy... by the way u do it in Universal too.. if u break it.

Another point in favor of Term Insurane ... One really does not need Insurance for more than Few Years .. speacially not more than 30 years for which a single policy with fixed premium is available.

ccherryl
Member since: Jun 04

Posts: 290
Location:
Post ID: #PID

Posted on: 02-09-04 17:42:16

I agree with rajminhas, agenst defintely get a higher commision on Universal than term and even if it means paying the premium depending on the age it still works out better

reachash
Member since: Dec 03

Posts: 397
Location: Mississauga
Post ID: #PID

Posted on: 02-09-04 22:42:01

Universal Life Insurance Policy is a rip off.

Term life is most advisable, as explained by rajniminhas. There is no further reasons needed.

Go for term policy !!!!!!

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Let's help each other to grow & prosper in Canada

Ottawa_Nerd
Member since: Jan 04

Posts: 1754
Location: Ottawa (Now in Bangalore)
Post ID: #PID

Posted on: 02-09-04 22:46:42

Off topic !
Rajni are you a lawyer by any chance ? If so why dont you create (umm ask the Mods to create ) and manage a section of this forum exclusively devoted to Legal issues, but NOT RELATED TO IMMIGRATION (thats Mr. Masood's domain) !

It would really benefit many desis in Canada !

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"Aur Vaise Bhi, Sharafat ki jab kapde utarti hai, sabse zyaada mazaa shareefon ko hi aati hai"....(From The Dirty Picture)

Warning !! SCAM ALERT !!
http://www.canadiandesi.ca/read.php?TID=4169 & http://www.canadiandesi.ca/read.php?TID=1379
This is a Useful Health related Tip
http://www.canadiandesi.ca/read.php?TID=3865
Please visit
http://www.cmje.org/religious-texts/quran/verses/009-qmt.php for some interesting Information ! (Especially 009.005 )

rajniminhas
Member since: Sep 04

Posts: 80
Location: Mississauga
Post ID: #PID

Posted on: 08-09-04 19:42:09

Well are you playing a joke .
If u r serious, then more discussion is needed. i am not sure if u got my message sent yesterday.

Ottawa_Nerd
Member since: Jan 04

Posts: 1754
Location: Ottawa (Now in Bangalore)
Post ID: #PID

Posted on: 08-09-04 20:01:30

& You should have checked my Response that I gave you. I dont "kidd" in such matters (esp. when it comes to Legal matters). If you are indeed a lawyer then you can advise Desi's here on a separate section of this forum.

Contributors: bally minhas(2) rajniminhas(2) Ottawa_Nerd(2) VJ(1) bighead(1) ccherryl(1) reachash(1)

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Discussion on article: THE BENEFITS OF UNIVERSAL LIFE INSURANCE

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