Universal Life or FlexLife
Protect and build your money with one policy.
This universal life plan combines insurance protection with investment opportunities - and it can be custom designed to accommodate your lifestyle and budget.
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Flexible contributions - Vary the amount and frequency of contributions to suit your needs; if necessary, you can skip contributions as long as there is enough value in the investment account to cover insurance costs and administrative fees. If you've maximized your RRSP contribution, you can build additional savings within your FlexLife plan, within legislated limits. Contributions are not tax deductible, but interest earnings can enjoy tax-deferred growth.
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Flexible coverage - You can change your coverage as your needs change; proof of insurability will be required for an increase in coverage (decreases are not allowed during the first five years). A term insurance rider can also be added to protect your spouse and children.
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Flexible investments - You can choose a FlexLife plan that offers a Daily Intererest Account (DIA) with a competitive interest rate, or one that offers Guaranteed Interest Accounts (GIAs) and a variety of index-linked accounts with the potential for higher returns. FaithLife Financial deducts the cost of insurance and administrative fees, and remaining cash value builds according to your deposit amount and frequency. You may withdraw funds at any time to cover emergencies or major expenses.
Juvenile and adult plans are available. A Joint & Last survivor plan is also available for estate protection needs. Ask your FaithLife Financial Representative about additional benefits that can enhance this plan: Child Protector Benefit, Guaranteed Purchase Option, Waiver of Deduction, Applicant Insurance Benefit and our Accidental Death Benefit.
Benefits of membership
When you purchase an insurance policy you also receive the benefits of membership - people who care, information to help throughout life, and a means for you to be of help to others. Talk to your FaithLife Financial Representative today or contact our Head Office for more information.
