When you have a family to support, you worry about life’s uncertainties. You keep worrying about the far days of your near and dear ones. But given so many benefits these days, you don’t have to worry about them. You can trust Platinum Mutual LTD with their universal life insurance in Toronto.
Universal life insurance is a permanent policy where your life is insured. If you are the policyholder, you will be covered your entire life with a safety net as long as you keep paying your premiums and fulfill other requirements to maintain the policy coverage.
Universal life policies will combine a savings component along with your lifelong protection, and on your passing away, the beneficiary will receive the benefit of the amount. However, when it comes to life insurance, you must rely on someone trustworthy. Thus, we recommend Platinum Mutual LTD. They even have plans for segregated funds in Toronto and the best resp education plans in Toronto.
However, now it’s time that we talk about the benefits of having universal life insurance.
Benefits of having universal life insurance.
Beyond your lifelong protection, there are a few more benefits that you must be aware of.
Benefit # 1: You can withdraw or borrow money against it.
The premium that you pay is divided into two halves. One-half of it goes to building the cash value of the policyholder, while the other half of it goes towards paying for the death benefit. Likewise, after a certain time, when quite a sum is collected, you will be allowed to either withdraw or borrow the cash value of the policy. The amount that is available will vary from one company to another. Even the rules of when and how you can do this vary from one insurance company to another insurance company. However, the only con of this method is that it may decrease your death benefit and might create a tax implication. In the worst-case scenario, that can happen is that your policy may even lapse.
Benefit # 2: You can get the benefit of flexible premiums
Universal life insurance in Toronto has quite a flexible premium policy, unlike life insurance policy, which has fixed premiums over the life of the policy. However, there is a certain limit in the case of a universal life insurance policy. In the case of a universal life insurance policy, policyholders will be able to make payments more than the COI. The excess premium is certainly added to the cash value and even accumulates the interest. However, as a policyholder, you can skip or even lower the payments without their policy being lapsed, even if there is not enough cash value. But, remember, you ought to maintain a positive cash value.
Benefit # 2: You can adjust the death benefit of the policy.
This is one of the greatest benefits of opting for universal life insurance in Toronto. Having a universal life insurance policy will allow you to extend it to the death benefit. You will also be able to increase the amount that is paid out upon your death to the beneficiary. However, this varies according to companies. Some of the companies do allow it only after you pass a medical test. On the other hand, if you want, you can even reduce the amount of the death benefit in order to reduce the cost of the policy.
So, in moral, you have to remember one thing: increasing the benefit of the policy’s death will increase the amount that you pay as a premium, and if you are decreasing the benefit, you will have to pay less value as your premium.
A quick wrap-up!
We think that due to the flexibility of the cash value, it is always better to choose a universal life insurance policy instead of a life insurance policy. Thus, you can visit Platinum Premium LTD. They even have plans for segregated funds Toronto and the best resp education plans in Toronto. The experts at Platinum Premium LTD will even guide you to change your lifestyle and not go through with your spending. So, visit them now!
