Now that you know your savings, CPP and pension income may not be enough to fund the retirement of your dreams, you may want to consider a universal life (UL) insurance policy as an additional vehicle to help protect what you have today, while supplementing a more comfortable tomorrow. Talk to your advisor about how a universal life policy can provide you with a potential source of supplemental retirement income. What else can you do?
By overfunding your UL policy, you can provide yourself with Living Benefits. Living Benefits are a tax-free§(4) and surrender charge-free benefit||(5) that you fund yourself through savings within your UL policy and can be accessed if you incur an occupational disability, or a disability caused by one of 26 critical illnesses, including the need for long term care. Living Benefits are ideal in your retirement years since permanent critical illness insurance or disability insurance may be costly and hard to qualify for and may include features you do not need. For more information about ivari’s universal life products and Living Benefits, talk to your advisor today to discuss the full details of these features as outlined in your contract.