Explore universal life
For many families, life insurance serves as the very foundation of their financial security. If something happens to one of the family’s breadwinners, life insurance proceeds ensure that immediate expenses—and long-term obligations—can still be met. And these resources can be passed on without the delays of probate and free from the drain of income taxes.
At Sun Life Financial, we offer an array of life insurance options, each tailored to address different preferences and needs. Let’s explore one popular type—universal life insurance.
What is universal life (UL) insurance?
Not only does UL insurance provide a death benefit, it allows you to build a cash value. So while a portion of your premium goes to covering the insurance protection, the balance goes to paying the policy cash value where it earns interest set by the insurance company. UL insurance is also very flexible. Over time, you can vary the amount and/or timing of your payments as well as adjust the death benefit amount within certain limits.
How can it help me address my needs?
Because it can help you build as well as protect your assets, UL can provide insurance coverage plus:
- a tax-advantaged way to build and transfer wealth to the next generation
- flexibility to access cash value to help fund educational costs, mortgage debt, income interruption due to a job change or other unplanned events (although policy loans/withdrawals may affect the death benefit)
- an opportunity to tap into the cash value later for supplemental retirement income
What distinguishes Sun Life’s UL options?
Any life insurance is only as valuable as the strength of the company that stands behind it. Sun Life Financial has a 40-year tradition of meeting its promises to its customers. Learn more about our financial strength.
Sun Life Financial has also pioneered some innovative features that make its UL offerings even more valuable. Check out our universal life options.
Universal life insurance is issued by Sun Life Assurance Company of Canada (Wellesley Hills, MA) and in New York, by Sun Life Insurance and Annuity Company of New York, (New York, NY). Both are members of the Sun Life Financial group of companies. All guarantees are based on the claims-paying ability of the issuing company.
As long as there is enough value in a UL policy to cover the monthly insurance charges, the policy can remain in force. If not, the owner has make additional premium payments as needed. Access to cash values is available through tax-free policy loans or withdrawals. Loans and withdrawals will reduce the policy’s death benefit and cash surrender value and may have tax consequences if the policy should lapse.
NOT FDIC/NCUA INSURED. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY.
SLPC 21087 (10/09) (EXP. 04/11)
