Universal life insurance offers numerous benefits for Ottawa policyholders seeking greater flexibility and control over their policies. They include:
Flexible-Premium Payment Options
The policyholder must pay regular premiums when it comes to whole life insurance. However, universal life insurance offers lots of flexibility. You can decide on the amount you make payments and at what time. You may pay premiums to boost the policy’s cash value or opt to skip premium payments if your financial situation is not optimal. You can also make use of your cash balance to cover premiums.
Adaptable Death Benefit
Universal life insurance allows you to increase or reduce the death benefit following your evolving financial requirements. For example, 20 years down the period, you discover that you don’t require the same support as the policy can provide; however, you would like an increase in cash values. You could reduce the benefit amount to increase cash value with universal life insurance.
However, when you discover that you require a greater quantity of coverage, then you may increase the benefit amount. However, you’ll need to undergo a medical exam before completing a health exam.
Cost-Effective Compared to Whole Life Insurance
Universal life insurance usually requires greater involvement from the person buying it than whole life insurance. Also, it offers less guarantee. It is why universal life insurance policies typically cost less than other full life insurance.
Various Investment Options Are Available
Universal life insurance provides policyholders with an array of investment options based on risk tolerance and longer-term financial objectives.
Contact Ottawa Life Insurance at (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca to know more about policies.
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