Universal Life – flexible coverage for a changing life

UCH Financial Insurance is an independent broker of Life Insurance in Ontario.

Our Insurance Partners

Quick Quote or Detailed Analysis

Know how much of a policy and coverage you need? Great, go right to our quote page.

Don’t know what amount or type of policy coverage to get? We got you, use our handy Life Calculator tool to see what a financial planner would recommend to you.

What is Universal Life?

Like all permanent life insurance policies, universal life (or UL) policies require a premium payment, usually made monthly or annually, which covers the cost of insurance. Cost of insurance varies based on many factors, such as the age of the life insured when the policy is issued, gender, smoking status, medical rating, and coverage amount.
However, UL is different from other types of life insurance in that it has two elements: the insurance component and the investment component. Unlike other types of insurances, such as whole life permanent insurance, UL allows you to “overpay” and turn your policy into an investment vehicle. More on this below!
If you have any questions please feel free to contact us today.

How Universal Life Works

UL allows for policyowners to “overpay” or “overfund” the policy, essentially using it as an investment vehicle. Any deposits into the policy above the regular premium amount are invested according to the policyowner’s instructions. Depending on their risk tolerance, they may choose to invest in conservative, balanced, or aggressive investment options. As long as required premiums are paid, policyowners have the freedom and flexibility to adjust their payments based on their needs and income consistency. Any extra payments are added to the death benefit, and will be paid out tax-free to the policyowner’s named beneficiaries. Or the policyowner may decide to withdraw these extra funds at some point – they may qualify as taxable income if that is the case.

Is Universal Life Right for You?

Universal life may be the right option for you if…

  • Your income is cyclical – UL allows for more flexible premium payment options throughout the life of the policy
  • You’ve maxed out your TFSA and RRSP contributions, and still have more to invest
  • You want an active role in managing the investment options within your policy
  • You’re looking for customizable, flexible coverage that can grow with you

Benefits of Universal Life Insurance

  • Coverage is permanent, as long as required premiums are paid
  • UL policy premiums tend to be lower than for other types of life insurance premiums
  • Cash value can grow tax-free within the policy, subject to government limits
  • You may be able to increase, decrease, or possibly even stop premium payments
  • Policies can be customized with respect to payment options and frequency, coverage amount and type, payout options, riders, and other benefits

Types of Universal Life Coverage

Minimum Funded Life Pay

  • You pay only required premiums, and premiums are payable for the life of the insurance policy
  • Most suitable for people looking for simple, permanent coverage, with the lowest initial premium

Minimum Funded Limited Pay

  • You pay only required premiums, and premiums are only payable for a specific period, most commonly 10 or 20 years
  • Most suitable for people looking for simple, permanent coverage, with a limited premium payment period

Overfunded Universal Life

  • You pay required premiums, and also make additional deposits to use the policy as an investment vehicle
  • A great solution for people who have run out of TFSA or RRSP contribution room, or for corporations

Why are people flocking to online insurance?

Choice, flexibility, and convenience. Gone are the days where one insurance company has the best of everything. Let us take care of your due diligence and find the right coverage with the right company.

Save Valuable Time

Let us search every major company in Ontario, so you don’t have to. Throw in our interactive, digital-only process, and you have more time on your hands to do you.

Best Rate

We work with over 20 insurance companies in Ontario, to ensure that you are getting the best rate on your insurance, with NO compromises. We hope you like to save money!


We pride ourselves on being industry leaders in cyber security. We know how important your information is, and we do everything to protect it.

Unbiased Advice

You’re not alone if you feel someone has tried to sell you insurance. We don’t need to sell because we have no ties to any company. We just want to make you happy.

In 2016, 20.3 billion in insurance premiums were paid to 91 providers. With 91 providers trying to win your business, it can be painstakingly difficult to sort through them all and find the best company. Let us make this as easy as possible for you!

Insurance On Your Terms


Expert Advice

As licensed, independent insurance brokers, we are free to choose from dozens of insurance companies. We evaluate their plans and processes, and then make the best recommendations for your needs. We can explain in plain terms all the details about whole life, term life, universal life, cash value, dividends, investment methods, tax considerations, estate planning, and so much more.

Licensed Brokers

  • Knowledgeable – Our team is made up of licensed insurance advisors that keep up-to-date with the insurance world.
  • Technology Driven – We have the tools in place to make sure your plan is foolproof. Take our insurance coverage calculator tool, for example. 
  • Confidential – All conversations with our team are strictly confidential.
  • Service For Life – Finding a policy is the first step. We want to have a lifetime relationship with you and your family to provide much needed protection.


In Canada, Life and Health Insurance rates are standard across the board, so our quote would be the same as theirs. With no financial downside to working with us, it’s hard to turn down free advice.

We provide end-to-end service, and will be with you through all life’s events. With licenced brokers and a service team, we have you covered.

Yes. Please call us if you’d like to consolidate your insurance plans with us, and receive our unbiased advice.

The best way to get information is by calling us or using our life chat feature. Please refer to our Resources and Blog areas of the site, for a ton of information on different insurances.