Universal life insurance rates for women differ from those of men because females tend to live much longer. According to Statistics Canada, women actually live 4.7 years longer than men, which is why universal life rates are less for females than they are for males.
Universal Life policies separate the investment component from the insurance element of a Permanent life insurance policy. They have flexible premiums and can have a level or an increasing death benefit.
Universal life policies can also come with an increasing cost of insurance structure, where the cost of insurance starts off lower and increases as the insured gets older. A level cost of insurance structure on the other hand, sees the insurance premiums start off higher, but then never increase as the insured gets older.
Level cost universal life policies have been going up significantly in recent months, as a result of historically low interest rate, which puts into question the profitability of these plans. As a result, many companies have exited the level cost universal life market, including Standard Life, Transamerica Life, and Assumption Life.
For more details on universal life insurance options for women, please contact us at 1-866-899-4849 or visit our Universal Life Quote Page.
