Archive for the Sun Life ULI Category

Do you know the types of Life Insurance?

When comparing life Insurance  rates, look for the following features and talk with your life insurance agent about the flexibility of these features, as well as how useful they will be to you and your family, given your specific needs, wants, and life situation.

• The ability to increase your death benefits
• The interest rate your savings component – cash value account – will earn
• The ability to alter your policy premium payments

Some universal life insurance policies allow you to increase your death benefits as long as you pass a medical exam. Plus, once you have purchased your universal life insurance policy and have started accumulating money in your cash value account, you may be able to change your policy premium payments.

Do you know the types of Life Insurance?

There are four types of Life Insurance which have different features;

  1. Whole Life Insurance
  2. Term Life Insurance
  3. Universal Life Insurance
  4. Variable Universal Life Insurance

Whole Life Insurance having following features;

  • Death benefits
  • Accessibility of money
  • Guaranteed cash value
  • Tax advantages

Term Life Insurance having following features;

  • Death benefit
  • Designed for low cast
  • Tax advantages

Universal Life Insurance having following features;

  • Death benefits
  • Accessibility of money
  • Guaranteed cash value
  • Tax advantages
  • Flexible payments

Variable Universal Life Insurance having following features;

  • Death benefits
  • Accessibility of money
  • Market participation
  • Tax advantages
  • Flexible payment

It is possible for life insurance policy payouts to be made in order to help supplement retirement benefits; however, it should be carefully considered throughout the design and funding of the policy itself.

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot and civil commotion.

Life-based contracts tend to fall into two major categories:

  • Protection policies – designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
  • Investment policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US) are Whole Life, Universal life and Variable Universal life

Sun Universal Life

 Sun Universal Life types

The value may rise or fall, it is all depending on the value of the investments.Daily interest of this plan is related to the performance of the underlying index or managed funds. It doesn’t mean that  you’ve bought units or interest in the index or fund with this Investment of these accounts.

Universal life insurance plan provides coverage for the person, as long as premiums are paid by that person. You can also called it an investment component. In this plan beneficiaries either receive the full value or receive full value plus the cash value of the investment account.

Consider SunUniversalLife - Investment account options
These options include:

  • guaranteed accounts of the clients
  • Clients accounts based on the performance of stock and bond market indices
  • managed funds of the clients

SunSpectrum Universal Life – Investment account options

Combination of the options offered

  • Floating interest
  • Guaranteed interest
  • Portfolio-managed
  • Mutual fund-managed
  • Indexed
  • Daily interest
  • Managed
  • FPX index

Mutual fund-managed further have options :

  • CI Signature Income & Growth
  • CI Value Trust Corporate Class
  • CI Global
  • Fidelity North Star
  • Fidelity Growth America
  • Fidelity True North
  • Mackenzie Cundill Cdn Balanced
  • Mackenzie Cundill Value

Industrial alliance also has Guaranteed Interest and index account options available as :

Universal Life Policies – Guaranteed Interest Accounts

Genesis guaranteed interest accounts enable holders of universal life insurance policies to receive a guaranteed rate of interest for a fixed period (1 to 5 and 10 years). They also meet the requirement of the investors seeking capital protection and a stable return. During periods of financial market turbulence, the amount invested remains intact and  also continues to generate interest.