Rates are going up September 23rd!
If you are thinking about getting life insurance you should know that Manulife announced a major rates increase (of up to 50% on certain policies) for permanent level cost (universal) life insurance effective Sept 23rd, just weeks from now. Other carriers will surely follow.
This is your opportunity to acquire permanent life insurance at a very reasonable cost, before the rates jump.
Instead of paying for a permanent insurance policy from your cash flow, which you may perceive as a “grudge” purchase, consider transferring some of the taxable assets you already have (stocks, bonds, fixed income) into a tax-exempt insurance asset.
The rates are guaranteed level forever and the policy death benefit will not be effected by market or interest rates.
All applications and conversions received at Manulife’s head office by Sept 22nd will have premiums grandfathered with current low rates.
P.S. Permanent rates will never be this low again. Canada and Japan are the only countries in the world with level guaranteed rates and it’s only a matter of time until this type of insurance coverage will no longer be available in Canada
Also published on Medium.