Pitfalls to Look Out for When Buying a Life Insurance Policy: Why Universal Life is a Good Idea if You want FlexibilityDon't buy a policy does not suit your family's needs! The wrong policy can cost you thousands and leave your family strangled for cash.
Whole Life or Universal Life?Universal life was created to deal with some of the shortcomings of traditional whole life insurance, which provides insurance for the insured’s lifetime.
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Posted by Chantal Marr.
Chantal Marr is a member of the Independent Financial Brokers of Canada.
Much of her success stems from her ability to listen to her clients' needs.
Read Chantal's background.
I’m looking for a life insurance policy that works best for me.
A Universal Life policy may be a good fit. But life insurance and especially Universal Life insurance can be very complex. I would recommend you first speak to qualified independent broker before making any decisions.
You can feel free to contact me at lorne@lsminsurance or 905 248 4849 to discuss things further. Regards … Lorne
i already have a universal life insurance, and am paying much but my husband doesn’t have and maybe if we take one for him it will be too much for us. so is there any joint for me and my husband or family insurance as i have two kids ages 13 and 9
Thanks for the note. I will send you a separate email shortly. Regards … LSM Insurance
Hi, i’ve been a Universal Life policy holder since 2002, but right now we’re having a financial problem, and in need of extra money, so me and my wife decided to cancel our policy,..since i already have one from my work.
Is there a charge for canceling that and how can we withdraw the rest of our funds.
Thanks so much!!
Thanks for the note. There is no charge to cancel a Universal Life policy. But many plans have a surrender penalty on the existing accumulation if you cancel the policy in the first 7 to 10 years.
i.e if $6000 is in your accumulation fund you may only receive $3500 on surrender. Your broker or the insurance company will be able to give you teh exact figures.
If a policy is canceled, how long until the attached cash account is returned to the client?
Hi! Ive been a Universal Life Solutions policy holder since …. and as of now, im having a little financial problem. Is it possible for me to avail of a policy loan for this plan? Also, my beneficiaries are not living in Canada. If something happens to me, can they claim the insurance amount.
Thanks for the note. You should be able to take a policy loan and your beneficaries can claim on the policy but keep in mind the policy will be paid out in Canadian dollars
If a client decides to cancel their policy, how long until they receive their cash value?
Most surrender or loan requests are processed within 3 to 7 business days depending on the company.
Surrender? That makes it sound like I don’t get it all back. If it’s my money, and I’ve been putting it in the cash account since the plan started, why is there a ‘surrender’ amount to get my own money back?
Also, why do you call it a “loan” when again, it’s my money? It sounds like I would be charged interest to borrow my own money…that can’t be right, can it?
The surrender amount of cash value in your policy. You would get whatever this value is.
I would suggest you contact your broker or the insurance carrier for more details on what that value would be. Yes any policy loan would produce an interest but this amount depending on the policy can be favourable and some instances can be deductible.
Hi, I am a 46 yr old man with nothing to leave behind for my final expenses. I need affordable insurance but don’t know what type suits my needs best. Please advise.
Thanks for the note Tye. We will send you an email shortly – the premiums will depend on your smoking status, type of plan and the amount of coverage.
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