Permanent Life Insurance

Enables you to protect the financial security of your family while growing your wealth.
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What is permanent life insurance?

It is lifelong coverage that provides a one-time, tax-free, cash benefit to your chosen beneficiaries when you die. It is coverage that never expires, and pays a benefit regardless of at what age you die.

Permanent life is more than just insurance, as it can enable you to build value within the policy, which you can access for cash during your lifetime through a loan or withdrawal (each with respective tax implications).

Permanent insurance costs are usually guaranteed not to increase from the time you first buy the policy, and some permanent insurance plans let you pay for a limited time and then never again. Universal life and Participating life (aka Whole life) are forms of permanent life insurance that you may want to consider.

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Lifetime Coverage

Ensure the people you love are financially protected for life. Your protection does not end after a certain period.

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Tax-Advantaged Investing

A portion of your premium purchases your insurance, while the rest is invested.

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Access to Funds

Access funds in your policy during your lifetime to fund, an education, a home, a business, or supplement your income in retirement or during a time of illness.

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Estate Planning

The unique features of participating life insurance make it an ideal tool for protecting your assets and passing them on to your chosen beneficiary(ies).

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What kinds of permanent life insurance are available?

Participating life and Universal life both offer lifetime coverage and the opportunity for tax-advantaged cash growth, but are structured differently.

Participating life insurance

  • Lifetime coverage
  • May pay a yearly dividend
  • Fixed payments
  • Investments managed by insurance company.
Learn more about Participating Life

Universal life insurance

  • Lifetime coverage
  • Lower cost than Participating
  • Flexible payments
  • Investments chosen by policy owner.
Learn more about Universal Life

How much does life insurance cost?

There are a number of factors that determine the cost of your policy, including:

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Generally, insurance cost less for younger age groups, and more for older age groups.

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Women live longer than men on average, so insurance may cost less than for males.

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Your unique health history, family history, chronic diseases and lifestyle can impact costs.

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High-risk occupations can increase cost. Conversely, low-risk occupations can reduce cost.

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How much insurance coverage do you need?

This will depend on your unique personal circumstances. Best practices are to ensure your debts are covered, as well as the financial security of your dependents.

Here are a few things to consider:

  • Your income
  • Your assets & net worth
  • Your expenses and family needs
  • Your debt
  • Other insurance you may have

A professional advisor can assist you with calculating your insurance needs.

How do the types of permanent life compare?

An advisor can assist you in determining which is the most appropriate tool given your unique personal circumstances. Here is a few ways in which they compare:

Participating life insurance
Universal life insurance
Common features
  • Investment component is managed by the insurance company
  • Earn dividends within your policy
  • Fixed premiums
  • Investment component is managed by the policyholder
  • Cost effective
  • Flexible premiums
  • Lifetime insurance coverage
  • Tax advantaged investment growth within the policy
  • Can borrow against cash value within the policy
  • Guaranteed benefit payable regardless of age at time of death

Types of permanent life insurance

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