Permanent life insurance gives you lifelong coverage, which never expires, no matter your age or health. Your beneficiaries will get a tax-free payment (the death benefit) after you die, provided you’ve paid your premiums (the monthly or annual cost you pay in exchange for having insurance). They can use this money any way they want.
Many permanent insurance policies include a feature called cash value. It’s like equity in your home: It can grow over time. You can borrow from it as a loan or withdraw from it. But this will usually reduce your death benefit and there may be tax implications.
There are 3 types of permanent insurance: whole life insurance, universal life insurance and participating life insurance. Speak to an advisor to find out which one is right for you.
There’s no cost to talk to a Sun Life advisor – in person, virtually or by phone.
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Why work with an advisor?
You get the advice that's right for you
Whether you want to build your savings or help protect your loved ones, you need advice that’s right for you. A Sun Life advisor can help you make well-informed financial decisions.
You get personalized service
A Sun Life advisor will take the time to listen and learn about your financial goals and what's important to you. They can help you build a roadmap to reach those goals.
You get support
Life can change and so can your financial situation. A Sun Life advisor is here to coach you and help you stay on track toward your goals.
Sun Life Assurance Company of Canada is the insurer, and is a member of the Sun Life group of companies. Sun Life Assurance Company of Canada is licensed to offer life and health insurance in all jurisdictions in Canada.