When should you consider taking out universal life insurance?

When should you consider taking out universal life insurance?

Universal life insurance not only includes the traditional insurance coverage offered under all life insurance plans, but also tax-advantaged investment possibilities.

Before taking out universal life insurance:

• you must have a need for life insurance coverage
• be debt-free, and
• have no more RRSP contribution room.

Generally, universal life insurance is intended for people who:

• want to establish a savings portfolio that accumulates tax-free, or
• want to increase their wealth for their estate
• are looking for flexibility and want to establish their financial security gradually based on their life events, priorities and financial means.

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