What is participating life insurance?

Participating life insurance provides a combination of permanent life insurance (whole life insurance) protection and an opportunity for tax-preferred cash value growth. The base insurance protection is guaranteed for life, as long as you pay the premiums when they are due.

The policy is also eligible to receive dividends, which you can use to buy additional coverage or reduce your annual premium; they can also be left on deposit to earn interest or taken in cash.

Is participating life insurance right for you?

Participating life insurance is an excellent solution for people who are:

  • Looking for lifetime protection combined with the opportunity for significant savings
  • Interested in innovative ways to save for retirement or to more effectively meet their estate planning needs
  • Wanting to increase their death benefit over time to keep pace with inflation

An advisor can provide you with the most accurate life insurance quote and find you the best coverage for your needs.

Types of participating life insurance:

  • Sun Par Protector

    • Sun Par Protector provides permanent life insurance protection combined with long-term cash value and death benefit growth
    • In addition to guaranteed cash values, benefits include the ability to take policy loans or make cash withdrawals
  • Sun Par Accumulator

    • Sun Par Accumulator also provides permanent life insurance protection but with a focus on higher cash values over the short-term in exchange for modest long-term growth
    • Here again, in addition to guaranteed cash values, benefits include the ability to take policy loans or make cash withdrawals

Get participating life insurance

Step 1: Find an advisor

An advisor can help you determine the right life insurance for your needs. Talk to your advisor or find one near you to help answer your questions – there is no cost to talk to an advisor.

Step 2: Meet with your advisor

To get the most out of the meeting with your advisor, take some time beforehand to think carefully about what you want to achieve. And because your advisor will need a lot of information to help recommend the policy that's right for you, get together some basic information about your income, assets and liabilities.

Step 3: Apply for coverage

Your advisor will handle the paperwork for you. You'll need to submit an application for a policy that will be evaluated by the insurance company. Depending on your age and the type and amount of coverage you want, you will need to answer a medical questionnaire. You may also be asked to provide additional medical or financial information.