What is universal life insurance?
Universal life insurance is permanent life insurance coupled with an investment component. With this type of policy, you’re able to see what portion of your premiums are used to cover the cost for your insurance coverage and how much remains to be invested in a tax-deferred investment account that’s included in the policy.
Benefits of universal life insurance
Universal life insurance combines permanent life insurance protection with tax-deferred investment accounts in one plan:
Wealth Dimensions
Our universal life insurance plan for individuals or business owners looking to take full advantage of tax-deferred investment options with tax-deferred accumulation on universal life and are willing to make an initial investment of at least $25,000 when they buy a policy.
Optional riders
Wealth Dimensions offers a wide variety of supplementary life and critical illness insurance coverages (called "riders") such as:
Term Insurance RiderLife insurance coverage for a given number of years (e.g. 10, 15, 20, 25 or 30 years)- Accidental Death RiderLife insurance coverage which pays a benefit if you die because of an accident
- Waiver of PremiumCovers your premium payments or some other specified amount in case you become disabled
- Children's Term Insurance RiderProvides term life insurance for your children
- Critical Illness RiderProvides a lump-sum payment to you if you’re diagnosed with a covered critical illness
- Business Guaranteed Insurability OptionIdeal for business owners who want to lock in their ability to purchase additional life insurance protection in the future
BMO Insurance Health Advocate
With universal life insurance plans from BMO Insurance, you will also have access to the BMO Insurance Health Advocate™ Plan, an industry leading, comprehensive assistance services– at no additional cost. footnote 2
How to apply for universal life insurance
Follow our simple application process to secure universal life insurance.
Consult
Contact your insurance advisor to review goals and set your plan.
Get a quote
Speak to your insurance advisor about coverage that’s right for you.
Apply footnote 3
Complete your application with your advisor to obtain coverage.
Frequently asked questions about universal life insurance
Universal life insurance is a combined insurance/investment solution where your premiums go into the investment accounts you select in your policy. It is flexibly structured to meet a range of insurance/investment scenarios.
Whole life insurance provides life-long protection. You pay a fixed premium that will never increase, with some plans providing a guaranteed cash value.
Consult your Insurance Advisor to determine what’s right for you.
Cash value is the Fund Value less any surrender charges, market value adjustments, early redemption fees and the outstanding balance of all policy loans.
The cash value (or asset pool) in an exempt life insurance policy presents opportunities not found on other investment vehicles. Specifically, a universal life plan has the ability to earn return on the investment component that are not taxed annually.
Cash value can be accessed at any time, along with an administrative charge.
Life insurance can provide your estate with the cash it needs to offset the income tax due on your investment portfolio or for the capital gains tax due on your investment properties.
Yes! Depending on your retirement needs, universal life can be a powerful financial planning tool.
Work with your insurance advisor to review goals, and determine how a universal life plan can work for you.
Insights and Tools
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