WFG Canada Explains Universal Life Insurance
As an insurance and financial services company, WFG Canada sets itself apart by offering products from many different financial service providers across North America. Life insurance is one of the most important financial products in which an individual or family can invest, and WFG can help clients understand their options when it comes to this important purchase.
There are many different types of life insurance policies, both term and permanent. World Financial Group offers a wide variety of life insurance options so associates can find the best solutions for their clients. Universal life insurance is usually one of the first options families consider as they get their financial houses in order, and rightfully so.
Understanding Universal Life Insurance
Universal life insurance falls into the permanent category. Permanent life insurance policies do not “expire” until the policyholder dies. Term life insurance policies, on the other hand, are less expensive but have an expiration date, after which they have no cash value. Universal life insurance actually combines an affordable term life insurance plan with a savings portion that is invested and continues accruing value. As the policyholder’s life circumstances change, the death benefit, premiums and savings portion can be changed if necessary, and the accumulated interest on the savings can even be used to pay the premiums, if need be.
The Benefits of Universal Life Insurance
Every WFG Canada client is different, so universal life insurance may not be the best option for everyone. For many people, however, it is an ideal way to build a flexible yet structured financial future. In fact, this type of policy was invented to provide a more flexible option than whole life insurance. Unlike whole life insurance, universal life insurance provides the option to move funds between the savings and insurance portions of the policy. When the policyholder’s circumstances change, the variable premiums can be adjusted, because the policy is broken up into insurance and savings portions that can be altered individually when necessary. Funds from a low-performing savings component can be used to pay the premiums, for example. The rate of the cash value in the investment component is also variable, so it is adjusted monthly, altering the growth of the investment to take advantage of positive shifts in the market.
Whether it’s universal or whole, life insurance is one of the most important products WFG Canada offers, because it helps to shield against the financial burden that often comes with the death of a loved one.
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WFG Canada is hosting its The Power of One tour beginning in May. As part of that tour, the company has teamed up with the Toronto Entrepreneurs Conference for the May 7 stop in the city. The Toronto Entrepreneur’s Conference will be hosted at the International Centre in Mississauga, Ontario.
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