本文发表在 rolia.net 枫下论坛About Universal life and Term life.
Sorry, I can not type in Chinese at this moment.
To be honest, I have few knowledge and experience of life insurance before my immigration to Canada. Recently, I begin to search information about life insurance.
When you think about life insurance, the most important thing is to make clear what is exactly you need.
The advantage of Universal life insurance is :
1, Can provide Level cost
2, Provide a contract you can put in investment which is Tax shelter, ( it is important for long term Investment)
3, No more medical exam
4, Credit Protect ( Your investment in Life insurance contract is protected from any credit claim even if you ask for Bankruptcy)
5, Your Benefices ( Probably your kids) could receive your Insurer Sum + Investment , no tax to pay.
Disadvantage of UL
1, Expensive than Term , especially when you are still young.
2, More cost if you have to cancel the contract.
Advantage of Term:
1, Cheap
2, More flex, maybe couple years late, you want to change to UL. There is a little cost for you ( I mean chance cost)
Disadvantage of Term
1, High renew fee ( if contract is renewable, it means no more medical exam,), Premium will rise more than double every ten years.
2, So, probably you have to sign another contract, but, Insurance may not accept you due to your poor medical condition then.
3, No investment possibility.更多精彩文章及讨论，请光临枫下论坛 rolia.net
Sorry, I can not type in Chinese at this moment.
To be honest, I have few knowledge and experience of life insurance before my immigration to Canada. Recently, I begin to search information about life insurance.
When you think about life insurance, the most important thing is to make clear what is exactly you need.
The advantage of Universal life insurance is :
1, Can provide Level cost
2, Provide a contract you can put in investment which is Tax shelter, ( it is important for long term Investment)
3, No more medical exam
4, Credit Protect ( Your investment in Life insurance contract is protected from any credit claim even if you ask for Bankruptcy)
5, Your Benefices ( Probably your kids) could receive your Insurer Sum + Investment , no tax to pay.
Disadvantage of UL
1, Expensive than Term , especially when you are still young.
2, More cost if you have to cancel the contract.
Advantage of Term:
1, Cheap
2, More flex, maybe couple years late, you want to change to UL. There is a little cost for you ( I mean chance cost)
Disadvantage of Term
1, High renew fee ( if contract is renewable, it means no more medical exam,), Premium will rise more than double every ten years.
2, So, probably you have to sign another contract, but, Insurance may not accept you due to your poor medical condition then.
3, No investment possibility.更多精彩文章及讨论，请光临枫下论坛 rolia.net