Jasmin, 28, a single professional in Halifax, is planning to buy her first home and wants to protect her future mortgage. Additionally, she's interested in accumulating some savings within her insurance policy for potential future needs. Which policy type would effectively address both her immediate protection and long-term savings goals?

Question: Jasmin, 28, a single professional in Halifax, is planning to buy her first home and wants to protect her future mortgage. Additionally, she's interested in accumulating some savings within her insurance policy for potential future needs. Which policy type would effectively address both her immediate protection and long-term savings goals?

Answer options: ✅ Universal Life insurance, offering flexible premiums and a cash value component.

• Term-10 renewable and convertible insurance, providing low-cost coverage for 10 years.
• Term-To-100 (T100) insurance, offering a guaranteed level premium for life.
• Decreasing Term insurance, aligning with her declining mortgage balance over time.

Correct answer: Universal Life insurance, offering flexible premiums and a cash value component.

Explanation: Universal Life provides both death benefit protection and a savings component (cash value) that grows on a tax-deferred basis, aligning with Jasmin's desire for both mortgage protection and wealth accumulation, as per the characteristics of UL policies.