Coverage that lasts as long as you do.
Whole life insurance is a type of permanent life insurance. As long as premiums are paid, it provides a guaranteed death benefit for your entire life — no matter when you pass away. Each policy also builds a cash value that grows on a tax-advantaged basis, which you can access later in life.
Benefits of whole life insurance
- Lifelong coverage that never needs to be renewed.
- Guaranteed premiums that will not increase as you get older.
- Cash value that grows over time and can be borrowed against.
- Estate planning — leave a tax-free legacy or cover final expenses and taxes on your estate.
Is whole life insurance right for you?
Whole life insurance suits people who want permanent protection, have long-term estate planning goals, or want to leave an inheritance for their children and grandchildren. If you mainly need coverage for a specific period, such as while paying off a mortgage, term life insurance may be more cost-effective. For more flexibility in premiums and investments, consider universal life insurance.
Our Brampton advisers will explain the features, benefits and costs of each option and recommend the plan that best fits your goals.