Read the Vistaplan Financial Group blog: Universal Life Insurance, Term Insurance, Disability Insurance, Critical Illness Insurance, Super Visa Insurance.
Posted: 1 Jun '20
Universal life insurance is excellent for physicians that want the added benefit of an investment savings plan along with flexible premiums
on their life insurance. The term universal is meant to define the increased amount of possibilities that you can discover with your life
insurance plan. Here is how a universal life insurance plan can benefit you over other plans. Contact us to learn
The two following measures usually define a universal policy:
With a universal policy, you may also be eligible to change the death benefits as well as the living benefits. You can change the amount of premium that you pay into the policy as time progresses as long as you are paying the minimum amount to keep the policy open. This set up works well for physicians and other professionals because, as you increase the amount of business that you do, you are able to stash away extra funds into your policy for a later emergency or for your loved ones when you are gone.
A universal life insurance policy can help you to put some money aside for your retirement in addition to an RRSP. The cash part of your plan can be drawn on, and while it will be taxed, the amount that you take out will not affect the payout of your death benefit.
Another great feature of universal life insurance is that most banks will take the cash portion of the policy as collateral to lend you money. These are times when a policy can come in handy when something happens that is not covered by your home or business insurance.
You can never have enough protection against the unknowns of the future. Call us to discuss your life insurance options today! It could save your practice, your home, and your family.REQUEST YOUR INSURANCE QUOTE
David is a well-respected insurance advisor with over 30 years of experience helping healthcare professionals, business owners, and their families secure their financial futures. He takes the time to make certain his clients understand the life, disability, and health insurance products they are purchasing, so they can make the right choices for their budgets, plans, and futures. CONNECT WITH ME ON LINKEDIN