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Glossary (U to Z)
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[U]

Universal Life Insurance
Allows you to tailor an insurance policy by choosing features including premium levels, investment risk exposure for the policy's savings component, and insurance coverage options.
   

[W]

Waiver of Premium While Disabled
For an individual disability insurance policy, this feature means that premiums are waived while disability benefits are being paid. The required premium payments made during the elimination period will be refunded. Waiver of premium during disability may also be included with group insurance plans and is an optional feature on many life and critical illness policies.

Withholding Tax
Tax required by Canada Customs and Revenue Agency withheld on the payment of interest or dividends, or on income from a registered plan or tax-exempt insurance policy, in order to reduce the amount of income tax owed at the end of the tax year.

[X]


[Y]


[Z]