Universal Life Insurance 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.
- Flexible Deposits-Vary the amount and frequency of deposits to suit your needs; if necessary, you can skip deposits 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 savings within your FlexLife plan, within legislated limits. Deposits are not tax deductible, but interest earnings can enjoy tax-deferred growth.
- 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 rider can also be added to protect your spouse and children.
- Flexible Investments-You can choose a FlexLife plan that offers a Daily Interest Account (DIA) with a competitive interest rate (5.0% until December 31, 2008), or one that offers DIA as well as 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 Financial Representative about additional benefits that can enhance this plan: Child Protector Benefit, Guaranteed Purchase Option, Waiver of Deduction, Applicant Insurance and our Accidental Death Benefit.
Our unique difference
We offer insurance protection with 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 Financial Representative about how FlexLife™ can protect your family or business, and how FaithLife Financial can support you throughout your lifetime.