Permanent Life Insurance
Permanent life insurance is designed to provide lifelong protection, as long as the required premiums are paid. Unlike term life insurance, which provides coverage for a set number of years, permanent life insurance is built for long-term and life-long protection and can also include financial features such as cash value, tax-advantaged growth, investment options, and planning flexibility that may help support estate planning, wealth transfer, business planning, and future financial flexibility.
Permanent life insurance can provide a tax-free lump-sum death benefit to your chosen beneficiary, helping protect your family, provide financial support for dependants, cover final expenses, preserve wealth, or leave a meaningful legacy.
Key Features & Benefits
Lifetime protection
Permanent life insurance is designed to stay in place for life, giving your loved ones long-term financial protection no matter when death occurs.
Guaranteed death benefit
Most permanent life insurance policies provide a guaranteed death benefit, helping create certainty for family protection, estate planning, or wealth transfer.
Cash value potential
Some permanent life insurance policies can build cash value over time. This cash value may be accessed through policy loans or withdrawals, depending on the policy type and insurer.
Investment options and growth potential
Universal life insurance may offer investment account options within the policy, allowing a portion of the policy value to be allocated toward different investment choices, depending on the product. This can provide the potential for tax-advantaged growth over time while maintaining permanent life insurance protection. Investment values can rise or fall, and returns are not guaranteed, but universal life can offer added flexibility for individuals who want both lifelong coverage and long-term growth potential inside the policy.
Tax-advantaged growth
The cash value inside certain permanent life insurance policies may grow on a tax-advantaged basis, which can make permanent insurance a useful part of a broader long-term financial plan.
Premium certainty
Depending on the policy, premiums may be guaranteed, level, or flexible. This can help provide predictable long-term planning and protection against future changes in health.
Participating policy options
Some permanent life insurance policies may be eligible to receive dividends. Dividends are not guaranteed, but when paid, they may be used to increase coverage, reduce premiums, accumulate inside the policy, or be taken in cash.
Flexible policy structures
Permanent life insurance can include options such as whole life insurance, participating whole life insurance, and universal life insurance. Each type offers different features, levels of flexibility, guarantees, cash value potential, and investment options. Universal life insurance, in particular, may allow policyowners to choose from available investment account options and adjust certain policy features over time, depending on the product and insurer.
Estate and legacy planning
Permanent life insurance is often used to help cover final expenses, taxes, estate costs, charitable giving, business succession needs, or to create an inheritance for family members tax-free.
Business planning uses
Business owners may use permanent life insurance as part of key person protection, buy-sell funding, corporate-owned insurance strategies, or long-term succession planning.
Who Permanent Life Insurance May Be For
Permanent life insurance may be suitable for individuals, families, and business owners who want long-term protection and planning flexibility. It may be a good fit for people who:
- Want life insurance coverage that can last a lifetime
- Have long-term dependants or family protection needs
- Want to leave money to children, grandchildren, or a charity
- Are interested in estate planning or wealth transfer
- Own a business and need long-term protection or succession planning
- Want the potential to build cash value over time
- Have already used term insurance and now want more permanent coverage
Start With a Needs Analysis
To begin the quote process, click the "Get a Quote" button below & complete the short needs analysis form. This helps identify your coverage goals, family responsibilities, estate planning needs, business obligations, budget, and the type of permanent life insurance that may be appropriate for your situation.
Once the form is submitted, your information can be reviewed and used to prepare insurance options that better match your long-term protection and financial planning needs.
Policy features, guarantees, cash values, dividends, investment options, premiums, withdrawals, loans, and eligibility vary by insurer and product. This information is for general educational purposes only and is not intended as financial, legal, tax, or insurance advice.