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Vistaplan Blog

Read the Vistaplan Financial Group blog: Universal Life Insurance, Term Insurance, Disability Insurance, Critical Illness Insurance, Super Visa Insurance.

Posted: 1 Jan

How to Understand Universal Life Insurance Policies


Universal life insurance is a permanent type of life insurance that is intended to help you support your children, spouse, or other dependents financially in the event of your untimely passing. What makes universal life insurance policies different than other types of life insurance plans is that they are tax sheltered. This allows you to easily build wealth over time and leave a lasting legacy for your beneficiaries. Here's what you need to know about universal life insurance and how this affordable type of coverage should be included in your estate planning.

Universal Life Coverage Options

Universal life insurance policies typically carry level premiums to the age of 100. There are several types of death benefit provided by universal life policies, but the most common options are level face and face plus. With the level face death benefit option, the benefit remains the same for the duration of the policy. The face plus death benefit includes the amount of coverage you've purchased as well as the value of your investment account.

Reasons to Consider Purchasing a Universal Life Policy

Consider purchasing universal life insurance if you:

  • Are the primary income provider for your family and want to ensure their future financial needs are met in the event of your sudden death
  • Want to shield your loved ones from your debts
  • Want to leave an inheritance to your children or grandchildren

Most universal life policies allow you to customize your coverage to suit your family's needs. You can also choose from two payment structures: a level payment structure, which allows for a slow, steady growth of your investment account value; and a yearly increasing payment structure, which allows you to grow your investment faster.

Universal life policies play an important role in creating a solid estate plan. Contact us today to discuss whether a universal life insurance plan is the right choice for you and your family.

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About the Author - David Motkoski

David Motkoski—At the Helm of Vistaplan Financial Group

The team at Vistaplan is led by David Motkoski, a well-respected insurance adviser to hundreds of business and individual clients. David has 30+ years of experience in this industry helping clients understand their life and disability insurance, office overhead, critical illness, long term care, and accident insurance. David’s focus has been medical doctors, dentists and business owners who are concerned with having the right coverage to provide for their family or business and protecting their income

David is an independent broker offering policies with Manulife, ivari and RBC to name a few. Vistaplan Financial Group has clients dating back to 1983 and they stay loyal with David because of the strong relationships he builds.