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Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
62% - Often

Variable Universal Life Insurance

Synonyms:flexible coverage, modifiable, resilient
Acronyms &
Filed Under: estate-management, insurance, taxation
Tags: insurance, life insurance

Definition of variable universal life insurance (VULI)

variable universal life insurance (VULI)
1. A flexible life insurance policy with policyholder adjustable premiums that allows the insured to use aggressive investment options while still providing a tax-efficient vehicle for transferring wealth to beneficiaries after the insured person's death.

Related Terms and Acronyms:

  • beneficiary   An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.
  • foreign variable universal life insurance (FVUL)
  • premium   A payment made to an insurance company for insurance coverage.
  • private placement variable universal life insurance (PPVUL)
  • universal life insurance   A form of life insurance that offers flexible investment options and tax efficiency for estate management.
  • variable life insurance (VLI)   Life insurance that provides the policyholder the option to place some of his or her premiums into the insurer's investment portfolio, providing beneficiaries with a variable death benefit.

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