It’s possible to use universal life insurance to save!

schedule
1 min.

Universal life insurance may be the ideal option for you if you have maximized your RRSP and TFSA contributions and want to leave something to your heirs

What is universal life insurance?

Want to combine your savings and insurance? Universal life insurance is an innovative financial tool that combines two elements of sound financial planning, life insurance coverage and a tax-free savings account, in the same contract. It’s very useful as it allows you to leave more to your heirs or to protect the value of your business, if applicable. It’s also a good savings solution if you have already contributed the maximum to your RRSP and TFSA.

How does it work?

With universal life insurance, you have the option of paying more than your insurance premiums. The excess, the savings portion of your contract, is invested in the investment options you have chosen and the investment income earned grows tax-free. The income earned and additional bonuses are reinvested in the investment options you have chosen. You can make withdrawals at any time1.

Key advantages include:

  • Flexible coverage that allows you to save for your projects or pay your insurance premium
  • Non-taxable death benefits for the beneficiary
  • Access to the money in the accumulation fund1
  • Includes disability coverage

Learn more about the various universal life insurance options available at iA Financial Group and contact a financial advisor, who will assist you, in consideration of your reality and your needs.

1 Transaction fees may apply. There may be tax implications.

handshake

Find an advisor

Contact a financial advisor near you. Our advisor profiles will help you make an informed choice and find someone who inspires you.

Advantages of working with an advisorarrow_forward>

Find an advisor

construction-outlined

Advice Zone and economic news

Whatever product you’re interested in, the following tools will give you an idea of how much to invest, which you can then discuss with your advisor.

Financial compassarrow_forward

Retirement Calculatorarrow_forward

RESP Calculatorarrow_forward

TFSA Calculatorarrow_forward

RRSP Calculatorarrow_forward

RRSP Loan Calculatorarrow_forward

Discover Economic Newsarrow_forward