Are whole and universal life insurance plans good investment tools?
First, we should let you know that insurance isn’t something the OSC has responsibility for. The Financial Services Commission of Ontario (FSCO) is the best place to seek out information on insurance. That said, we try to help with general information as best we can. We also know that insurance plays an important role in many peoples overall financial planning.
Both whole and universal life insurance policies (types of permanent insurance) include savings components that may be used for retirement and estate planning purposes.
With any insurance option, make sure you read and understand the policy and ask questions before making a decision. Learn more about permanent life insurance, and how the investment proceeds or cash value can be used.