What is universal life insurance?
Definition
Educational information only. Last reviewed August 25, 2026.
How it works in Canada
Insurance charges are deducted from the account value. Flexibility places monitoring responsibility on the owner: if deposits are too low or credited returns fall short, the policy may require additional funding or lapse.
Example
An owner who reduces deposits during a difficult business year should request an in-force illustration to confirm the policy can still be sustained.
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Written and reviewed by CanadaGFI.ca Editorial Team
Licensed insurance and financial professionals contributing to CanadaGFI.ca
Published and last reviewed August 25, 2026. Read our editorial policy and disclosures.
This page is educational information about Canadian financial concepts. It is not personalized financial, tax, insurance or legal advice, and it does not consider your individual circumstances. Product availability, eligibility, pricing and tax treatment depend on the provider, your situation and current Canadian rules. Speak with a professional licensed in your province before acting.
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