What steps do you take when you inherit old universal life policies?

Universal life insurance (UL) plans can be the most difficult plans to illustrate, primarily due to the vast amount of complex options for clients. Richard Parkinson explores different options for Forum Magazine.

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As a migraine sufferer with a bad back, she is unable to work and tries to make ends meet on the extremely low fixed income support cheques of the Ontario Disability Support Program. It took her second husband Dan Jardine to insist that the two get life insurance and his help to pay the premiums before she ever considered it as something

Then, in August 2010, four short years after purchasing two $25,000 life insurance policies in each other's name, Dan was the victim of a tragic accident. A laminator by day, he would often help friends with small construction projects that they couldn't do by themselves by night. It was one of those times when he fell off of a friend's roof and fell into a coma. A few days later, Carolyn had to make a heart wrenching decision:

"I had to pull the plug. Dan's body was so badly damaged and, according to the doctors, he wasn't going to come out of it," she says. Because I love Dan to pieces, I mean, I loved him so much, I went through a very hard time where I couldn't even talk or call anybody."

Read the full story here

Carolyn Davis-Jardine

What steps do you take when you inherit old universal life policies?

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