What is Universal Life Insurance?

What is Universal Life Insurance? Answer Here ...

Universal life insurance is a type of whole life insurance. Universal life insurance differs from other whole life policies in that it allows the policy owner to vary, within limitations, the amount and timing of premium payments and the death benefit. These changes can be made while the policy is in effect.

Your choices must fall within the company's specified minimum and maximum amounts. These guidelines are set to meet life insurance regulations and maintain healthy relationships between premium, face amount, benefit, and cash value.

Universal Life Insurance Cash Value Options
It is not guaranteed, but it is possible the cash value in a universal life insurance policy could grow faster than is needed to pay the cost of insurance. You can generally choose how that money is used:
Leave it there and accumulate interest. Taxes won't be due until you take it in cash, and future premiums may be reduced.

Take it out in cash. The funds would be treated as taxable income and lower the policy's cash value.

Universal Life Insurance Death Benefit Choices
Option A (or Option 1): Level death benefit is equal to the universal policy's face amount.

Option B (or Option 2): Increasing death benefit is equal to the universal policy's face amount plus the policy's account value. Premiums will be higher for an Option B plan.

In Canada, every citizen and permanent resident are eligible for health insurance. The health insurance system is geared up to look after the people's needs rather than their capacity to pay for it. This is achieved through Medicare, a system that is aimed to provide every resident with access to reasonable care from doctors and hospitals.
]
What is Universal Life Insurance? this is big question .

There is no single national plan in Canada; instead, the health care program comprises of provincial and territorial insurance plans, all of which comes with certain common features and standards. The provinces and territories manage the public health care system which is supported through taxes.

Public health insurance

All citizens and permanent residents of Canada are eligible to apply for health insurance. Individuals with this coverage are not required to pay for most of their care services. Their premiums are paid through taxes. If any need arises, they only have to show their card to the hospital or medical clinic.

In Canada, there are differences in medical care provided in different provinces and territories. Hence, it is important to check your coverage when you travel outside your province or territory; there may be a need to buy private health insurance.

What is Universal Life Insurance?

This makes it important to apply for health insurance card from your provincial or territorial government soon after arriving in Canada. You can apply for this type of insurance using an application form available at a doctor's office, a pharmacy, a hospital or an immigrant-servicing organization. The form can also be downloaded online from your territory's health ministry website.
Now ,Do you know What is Universal Life Insurance?