Permanent Life Insurance in Canada - Affordable Protection

Find the best permanent life insurance options and get the best rates

Why Choose Permanent Life Insurance?

Choosing Permanent Life Insurance guarantees lifelong protection for your loved ones, as coverage never expires.

Benefit from fixed premiums, cash value accumulation, and tax-free death benefits, securing your family’s future without worry.

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Permanent Life Insurance Options

Learn about the key differences between the two popular options whole life and universal life insurance with our simplified breakdown.


Whole Life Insurance

Universal Life Insurance

Premium Flexibility

Premiums are fixed for the life of the policy.

Premiums can be adjusted, within limits.

Death Benefit

Fixed, guaranteed death benefit.

Death benefit may vary based on premiums paid and policy performance.

Cash Value

Builds cash value over time, guaranteed by the insurer.

Offers more flexibility in cash value accumulation, with potential for higher returns.

Investment Options

Limited investment options, managed by the insurer.

Offers a wider range of investment options, including market-linked accounts.

Policy Loans

Allows for policy loans against cash value.

Provides flexibility to borrow against cash value or adjust premiums.

Premium Payments

Typically requires fixed premium payments.

Offers flexibility in premium payments, subject to policy terms.


Generally higher premiums compared to Universal Life.

May offer lower initial premiums, but costs can increase over time.


Offers less flexibility in terms of premium payments and coverage adjustments.

Provides more flexibility in adjusting premiums, coverage, and investment options.

Tax Considerations

Tax-deferred growth on cash value and tax-free death benefit.

Tax-deferred growth on cash value and tax-free death benefit, with additional tax benefits depending on how policy is structured.

Learn More About Whole Life Insurance

Learn More About Universal Life Insurance

Discover the compelling reasons to opt for permanent life insurance:

Frequently Asked Permanent Life Insurance Questions

Permanent life insurance provides coverage for your entire life, unlike term life insurance, which covers you for a specific period. It offers a death benefit to your beneficiaries and accumulates cash value over time, making it a valuable long-term financial tool.
The cash value in a permanent life insurance policy is a savings component that grows over time. It earns interest and can be accessed through loans or withdrawals, providing policyholders with a source of funds for various purposes, such as emergencies or supplemental retirement income.
Policyholders can access the cash value of their permanent life insurance policy through loans or withdrawals. However, withdrawing funds may reduce the policy’s death benefit and could have tax implications, so it’s essential to consider these factors carefully before making any withdrawals.
Premiums for permanent life insurance policies are typically guaranteed to remain the same throughout the policy’s duration. This means that policyholders can budget for consistent premiums, providing financial stability and peace of mind.

Most permanent life insurance policies require applicants to undergo medical underwriting, which involves answering health questions and possibly undergoing a medical exam.

However, there are some options available that do not require a medical exam, providing a convenient application process for those seeking coverage without the hassle of medical underwriting.