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Permanent life insurance can be found in two forms in Canada, whole life insurance and universal life insurance. These types of insurance are designed to provide financial security in the event of death for your entire life. Unlike term insurance, this type of life insurance does not expire. Fixed premiums are available which allow you to keep your insurance coverage in your senior years for permanent problems like estate planning.

Whole Life is permanent insurance. It has a guaranteed cash value that is managed by the insurance company. Participating policy holders also share in the profits of the insurance company and receive annual dividends. Dividends can then be allocated to paying the policy’s premium or purchasing additional paid-up life insurance.

Universal Life is permanent insurance where premium payments in excess of the current cost of insurance are credited to the cash value of the policy. The policy holder, therefore, manages the funds. These funds are tax deferred and can be used to help pay the premiums as desired by the owner.

Permanent life insurance:

  • Provides for final expenses including funeral costs
  • Provides funding for estate taxes allowing the transfer of real estate assets
  • Provides protection of retirement income
  • Allows the planning of an inheritance
  • Can be used to fund a business succession plan


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Why choose permanent life insurance

Very simply, permanent life insurance should be used when the concern is also permanent. This type of insurance is more expensive in the beginning when compared to term insurance, but can be less expensive in the end because of the large increases in term premiums at each renewal.

A permanent concern may be the desire to pass a family cottage on to the next generation. Another is to ensure your children receive an inheritance regardless of how much of your retirement nest egg you spend during your lifetime.  

Permanent insurance is not designed to expire or be cancelled. Unlike term insurance, it is design to pay out a tax-free benefit to a designated beneficiary as part of a plan.

At Ian C Moyer, we help you choose from the best Canadian life insurance products available, so that you benefit from comprehensive coverage as well as good value premiums. Call us for full details at 1-800-565-5444.

Contact Information


Phone: 1 519 485 5801

Toll Free: 1 800 565 5444

Fax: 1 519 425 1207

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