Universal Life Insurance
Universal life insurance is permanent life insurance protection with a tax-advantaged investment component. Great-West universal life insurance can help you meet financial responsibilities and opportunities that can develop during your lifetime.
Universal life combines traditional life insurance and a tax-advantaged investment component, consisting of a diversified range of interest options. You select the interest options that match your financial security goals and your risk tolerance. We can help you tailor your life insurance coverage to fit your lifestyle, budget and investment objectives.
- Pay final expenses and any debts you may have
- Help provide your family with the resources to maintain a comfortable standard of living
- Pay any taxes owing on your estate so more of your estate is transferred to your children or grandchildren
- Leave a legacy in your community or to your favourite charity
- Provide your business with the money necessary to fund a buy-sell agreement
- Protect your business against the loss of a key employee
During your lifetime, it can:
- Build tax-advantaged cash value which you can draw upon as needed for personal or business opportunities
- Supplement your retirement income
- Provide funds for long-term care or home care
A universal life policy combines permanent life insurance protection with the opportunity to accumulate tax-advantaged cash value. In fact, it may be the only insurance plan you’ll ever need.
Within limits set out in the contract, you can decide how much or how little you want to pay into the policy. As cash value accumulates, you can withdraw cash from your policy or borrow against it. You can also use the cash value to pay part or all of the cost of your insurance. Any cash value withdrawn from the policy may be subject to tax.
Life insurance costs generally increase as you get older. Universal life insurance allows you to manage this increase with our cost of insurance options.