Universal Life Insurance
Life has a way of delivering the unexpected. Universal life insurance helps ensure you are prepared for whatever may come your way.
No matter your age, your life is an investment. Through education, the collecting of assets, financial accumulation, employment, and building a family you love. All the elements of your life are worth protecting, and that’s precisely what Ron Johnston Insurance helps you do.
Universal life insurance offers a two-prong approach to insurance both as a protection policy and a form of investment. The policy works as you pay your premium toward coverage and money over the necessary amount to keep your policy active goes toward investments selected by you. As you grow your wealth, you can borrow, build, and save, accumulating wealth without tax (unless you withdraw outside of agreed limitations).
When you pass on, the money in your universal life insurance policy goes to the beneficiary/beneficiaries of your choice.
Why Choose Life Insurance with Ron Johnston?
For more than four decades, Ron Johnston Insurance has served the people of Ontario in a broad range of life insurance services.
Being a local business, our team of experienced brokers know we aren’t just serving clients, but friends and neighbours. We strive to provide the greatest level of protection on all policies while meeting your budget needs with every universal life insurance quote.
When you work with Ron Johnston Insurance for your universal insurance policy, you work with a team who believes in:
- Above and Beyond – Our brokers work around the clock to find the best deals for our clients. We aren’t satisfied until we know all your needs have been met, and you have peace of mind about your finances and the people you leave them to.
- Express Claims – We offer express claims on our universal life insurance for accessibility and convenience.
- Customer Satisfaction – Your satisfaction is important to us. Our business is protecting your loved ones from financial hardship in the event of your death, and helping you accumulate wealth during your life. If you aren’t satisfied, we aren’t doing our job right.
What Does Universal Life Insurance Cover?
Universal life insurance, like other life insurance policies, is there to provide financial relief in the event of your passing. It offers benefits to your loved ones to pay for funeral costs, education, housing, and daily living. Unlike other policies, universal life policy allows you to accumulate wealth through bespoke investment opportunities.
The coverage provided to you through the investment side of your policy allows you to make a partial withdrawal when necessary. Removing money from your insurance investments reduces the amount left to your loved ones when you pass. Generally, there is a minimum and maximum on how much you can withdraw. This should be outlined in your policy and depends on income and coverage amount.
While withdrawals are taxed, the wealth you accumulate in your insurance investments are not.
To determine the amount of coverage you require, consider things like:
- Current savings
- Current debt
- Income amount
- Additional insurance policies
- Daily living needs of loved ones
- Funeral costs
Universal life insurance is a permanent insurance policy. Unlike term insurance, universal insurance may have a higher premium, but a larger payment due to the accumulation of finances over the years.
Investments through your universal life insurance plan are safe, long-term options. You can change your investment choices throughout your policy as needed by working with your broker.
Frequently Asked Questions About Universal Life Insurance
At Ron Johnston Insurance, we know that no two Canadian families are exactly alike, and therefore, your insurance needs may differ from your friend or neighbours. Working closely with one of our experienced universal insurance brokers we can design a bespoke policy addressing all your concerns and meeting your budget.
To help our clients better understand the fine print involved in a universal life insurance quote, we are sharing some of our most frequently asked questions.
Are you interested in learning more about Ron Johnston Insurance and our universal life insurance policies? We invite you to contact us today and speak with one of our experienced brokers. Call 1-705-325-6200 for a universal insurance quote.
