Canada Life Permanent Life Insurance

With time, certain events may change the course of your life, but your policy coverage won’t. Build your wealth while providing financial security for your dear ones.

Permanent Life Insurance

Protection for life

With time, certain events may change the course of your life, but your policy coverage won’t. Build your wealth while providing financial security for your dear ones.

It’s your choice and life

Have comfort knowing you’re safeguarding the things that matter the most to you.

A brighter and secure future for your children

Help pay for your child’s school or college.

Retirement income

Live the life you’ve dreamt of with Permanent Life Insurance.

What is Permanent Life Insurance?

A lifelong insurance policy coverage that is guaranteed to protect your loved ones once you are gone. With time, you can build wealth and access the case during your life to take care of any expenses with specific tax implications.

You can get access to the money in your insurance policy through a withdrawal or a loan. When you pass away, the individuals you have nominated will stand to receive a tax-free benefit.

Various types of Permanent Life Insurance are available?

There are two types: Participating and Universal Life Insurance. Both these policies offer lifetime coverage and the chance to grow your wealth.

Participating Life Insurance

  • Cash values are guaranteed

  • Insurance pay-out is guaranteed

  • Dividends may be paid annually

  • The premiums remain the same

Universal Insurance

  • Cash values on specific policies are guaranteed

  • The choice to select your investment options

  • Less costly than Participating Life Insurance

  • Flexible premium payment options

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Difference between Universal and Participating Life Insurance?

Universal and Participating Life Insurance are the two forms of Permanent Life Insurance policies. Below-mentioned is a comparison of the two:

Participating Life Insurance Universal Life Insurance Common features
Guaranteed money grows inside your policy Choose your investment options and control your risk profile Lifetime insurance coverage
Conservative asset management Cost-effective Premium options guaranteed
Policy owner dividends Flexible payment options Pay-out is guaranteed

How much insurance coverage do you need?

Preferably, you want to ensure your debts are paid off, so you don’t leave any significant expenses for your dear ones to struggle to pay it off.

Below-mentioned is a few things to consider:

  • Your income and net worth

  • Needs of your family

  • Outstanding debts

  • Other insurance policies you have

How much does it cost?

Permanent Life Insurance is costlier than term Life Insurance. The price of thepolicy varies and is based on a few factors, including:

  • Age:If you are a young individual, Permanent Life Insurance is cheaper.

  • Health:The cost of the policy can increase based on your family’s medical history, lifestyle, and chronic diseases.

  • Gender:The insurance cost for women is much cheaper as they live longer than men on average.

  • Occupation:The term Life Insurance cost can be high if your job is risky.


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