A father pours his daughter a glass of water at the kitchen table.

What is it?

Combining traditional life insurance with a tax-advantaged investment component, universal life insurance allows you to personalize your coverage based on your lifestyle and financial goals. It offers you the flexibility to adjust your premium payments within certain limits so you can match your changing needs and situation.

How does it work?

Universal life insurance is all about flexibility. The money you pay goes into a policy fund that’s used to pay for the cost of your insurance coverage. The remaining balance is invested on a tax-advantaged basis. You choose from a variety of investment account options based on your objectives and tolerance for risk.

The growth of your investment account depends on how well your investments perform and the size of your premium payments. The money in the account can be used to help make future premium payments or provide a source of future savings. That money can be borrowed against, withdrawn or left to the loved ones you designate as beneficiaries. If you borrow or withdraw money from your policy, it will reduce the policy’s cash value and how much money your beneficiary will receive when you die.

How will it benefit me?

Flexible coverage for life

Universal life insurance provides coverage for life with the flexibility to match your changing needs and situation. This way you can help ensure your family maintains a comfortable lifestyle with the securities you provide them.

The power to choose

You have the ability to choose where your money is invested to reflect your risk profile and objectives.

Set your own schedule

You can pay your premiums on a set schedule or make ad-hoc payments within certain limits based on your available budget. You can also adjust your premium payments later without impacting your coverage provided your policy has enough money in your investment account to cover the cost of your insurance.

Build wealth

Accumulate tax-advantaged cash value that you can use to help you achieve your goals like supplementing your retirement income, helping to pay for your children’s education or to help fund starting your own business.

Leave a legacy

Leave a legacy in your community by donating to your favourite charity.

Which one of our life insurance products is best suited for you?

Term life insurance Participating life insurance Universal life insurance
Coverage length 10- and 20-year terms are renewable to a policy anniversary closest to the age of 85.1 Lifelong2 Lifelong2
Cost Initially the lowest cost for insurance but increases at each automatic renewal. You choose: it can go up each year, remain the same until you die or you can pay for a set period of time.3 You choose: it can remain the same until you die or you can pay for a set period of time.3
You can borrow against or withdraw money from your policy4
Options to increase coverage
Tax-free death benefit to my beneficiaries
Term life insurance
Coverage length 10- and 20-year terms are renewable to a policy anniversary closest to the age of 85.1
Cost Initially the lowest cost for insurance but increases at each automatic renewal.
You can borrow against or withdraw money from your policy4
Options to increase coverage
Tax-free death benefit to my beneficiaries
Participating life insurance
Coverage length Lifelong2
Cost You choose: it can go up each year, remain the same until you die or you can pay for a set period of time.3
You can borrow against or withdraw money from your policy4
Options to increase coverage
Tax-free death benefit to my beneficiaries
Universal life insurance
Coverage length Lifelong2
Cost You choose: it can remain the same until you die or you can pay for a set period of time.3
You can borrow against or withdraw money from your policy4
Options to increase coverage
Tax-free death benefit to my beneficiaries

1So long as you're still paying your premiums. Conversion options are available under certain terms and conditions; age limits apply. 2So long as you're still paying your premiums. 3Additional payments are subject to underwriting and to tax limits. Insurance contact requirements apply. 4Any unpaid loans or withdrawn money from your policy will reduce both its cash value and the amount of money your beneficiaries receive when you die.

Talk to an expert

Not feeling confident in your finances? You can talk to one of our financial security advisors who will work with you to craft a financial plan tailored to your needs.

Contact an advisor