Last updated: July 22, 2022 Show
What is permanent life insurance?Permanent life insurance is a life insurance policy that gives you lifelong coverage, which never expires. There are three types of permanent life insurance policies: whole life insurance, universal life insurance and participating life insurance. All of these permanent policies come with a death benefit – this refers to the tax-free payment your beneficiaries Beneficiaries are the people or person you want to financially protect. You can name your family or anyone you want as your beneficiaries. will get after you die. What are the benefits of permanent life insurance?There are several perks to having a permanent life insurance plan, such as: Tax-free death benefit
Lifelong coverage
Cash value
Premiums that won’t change
Our permanent life insurance productsThere are three types of permanent life insurance plans: whole life insurance, universal life insurance and participating life insurance. Participating life insuranceYou’ll get a policy with a tax-free death benefit. You’ll also have the chance to grow cash value and dividends. Your policy has an opportunity to receive dividends, but please note that dividends are not guaranteed. Our products: Sun Par Protector II Sun Par Accumulator II Sun Par Accelerator How to buy permanent life insuranceGet advice Not sure what type of insurance you need? A Sun Life advisor can help you figure it out and get you a customized quote. Buy onlineLooking for coverage up to $25,000? Then check out Sun Life Go Guaranteed Life Insurance. It’s a permanent life insurance plan you can get without any medical details needed. You won’t need to answer any health questions or take any medical exams. You’re guaranteed to qualify regardless of your current health condition. Get a quote online Frequently Asked QuestionsHow does permanent life insurance work in Canada?Permanent life insurance gives you coverage all throughout your life. Your beneficiaries will get a payment after you die. Some of our permanent life insurance policies can also help you build up a cash value. How old do I have to be to apply for permanent life insurance in Canada?Canadians and those living in Canada can apply for permanent life insurance starting at age 18. Anyone under age 18 can still be named as an “insured person” under a policy. But the policyowner must be a legal adult. For example, a parent can buy a policy for their children. For more detailed information, connect with an advisor. What’s the difference between permanent and term life insurance?The main difference between permanent life insurance and term life insurance is that permanent life insurance offers lifelong insurance coverage whereas term only covers you for a specific number of years (e.g. 10, 15 or 20 years). Both term and permanent life insurance will give your beneficiaries a payment after you die. But with a term policy, your beneficiaries won’t receive any money if you die after your term expires. Also, with a term policy your premiums may increase if you want to renew your term. With most permanent life insurance, however, your premiums are guaranteed to remain the same all throughout your life, regardless of any changes to your health. Learn more about the differences between term and permanent life insurance. How does cash value work in a permanent life insurance policy?Cash value is a savings portion within your policy that earns interest. You can borrow from it or withdraw from it. But please be mindful of what can happen if you withdraw from your cash value. Can you cash out a permanent life insurance policy before you die?You can withdraw your cash value, but this may reduce your policy’s death benefit – which means there will be less money for your beneficiaries after you die. There can also be tax consequences if you access your policy’s cash value. For more detailed information, connect with an advisor. How long does a permanent life insurance policy last?A permanent life insurance policy doesn’t expire and will last your entire life. That’s provided you pay the premiums on time. How long do you have to pay for permanent life insurance?It depends on the type of permanent life insurance policy you get. A permanent life insurance policy is designed to last your entire life, from the time you buy it until you die or stop making payments. Some permanent policies give you the option to pay for life (age 100). And other permanent insurance policies only require you to pay premiums for a specific amount of time. Connect with an advisor to get more detailed information. Will my premiums remain the same as I age if I get permanent life insurance?With most types of permanent life insurance, your premiums are guaranteed to remain the same throughout your life. Will I have to answer questions about my health when I apply for permanent life insurance?Most of our permanent life insurance plans require you to answer health questions and provide medical information. The only exception is if you’re applying online for Sun Life Go Guaranteed Life Insurance, which is no medical life insurance – this means you won’t have to answer any health questions. Please note that this product only offers coverage up to $25,000. If you’re interested in more coverage, you can connect with an advisor to get a quote and apply. Will I have to go through underwriting when I apply for permanent life insurance?Most of our permanent life insurance plans require you to go through insurance underwriting. The only exception is if you’re applying online for Sun Life Go Guaranteed Life Insurance. There’s no underwriting or medical questions asked when applying for this product. Underwriting is the process of assessing the risk you present when you apply for insurance. This risk assessment can affect how much coverage you may get and how much your premiums will cost. Learn more about insurance underwriting and how it works. Get advice Not sure what type of insurance you need? A Sun Life advisor can help you figure it out and get you a customized quote. What type of insurance offers permanent life coverage with premiums that are payable for life?Whole life insurance is the most common type of permanent life insurance, according to the Insurance Information Institute (III). Typically, a whole life policy's premiums and death benefit stay fixed for the duration of the policy. Whole life policies have a guaranteed rate of return, according to Life Happens.
What type of insurance is permanent life?Permanent life insurance refers to coverage that never expires, unlike term life insurance. Most permanent life insurance combines a death benefit with a savings component. Whole life and universal life insurance are two primary types of permanent life insurance.
What are the three types of permanent life insurance?Whole or ordinary life. This is the most common type of permanent insurance policy. ... . Universal or adjustable life. This type of policy offers you more flexibility than whole life insurance. ... . Variable life. ... . Variable-universal life.. What are 4 types of whole life policies?The Four Types of Interest-Sensitive Whole Life. Universal. Universal life insurance often is considered the most flexible of all of the whole life varieties that are available. ... . Current Assumption. ... . Excess Interest. ... . Single Premium.. |