Permanent or Whole Life Insurance
Lifetime insurance protection - guaranteed!
Permanent life insurance is an excellent choice for lifelong coverage.
Key advantages of permanent insurance over term insurance- Permanent insurance costs are usually guaranteed when the policy is first purchased.
- Some permanent insurance plans allow you to pay for a limited number of years, then never again. Imagine …you could buy insurance when you're 40, finish paying the premiums when you're 60, and be fully covered for the rest of your life. In contrast, term insurance is virtually always "pay as you go" and you'll be paying premiums while you have the coverage.
- Permanent life premiums can be guaranteed level for life (they don't increase as you age, even if your health changes), or they can vary depending on the plan you choose.
We offer 4 permanent life insurance options:
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Simple, lower amount of insurance without a medical for final expenses or charitable giving |
Simple, straightforward insurance that lasts a lifetime |
Lifelong insurance without lifelong payments
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Lifelong insurance with investment opportunities. | |
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Who is it for? |
People retired or nearing retirement who do not want to go through a medical but who want a modest amount of life insurance for final expenses People who want to give a substantial charitable gift using insurance. |
People who want guaranteed protection for life, but aren't interested in actively managing their coverage. People nearing retirement who are looking for alternatives to 1. group insurance at work or 2. term insurance because of increasing premium costs. Young people looking for affordable premiums and guaranteed lifetime protection. |
People who want to pay a guaranteed amount of premium for a guaranteed time. People who want to reduce their financial obligations upon retirement. |
People who have maximized their RRSP contributions. Parents and grandparents who want to maximize their estate for their children and grandchildren. Business owners looking for a tax-efficient way to protect the value of their business.
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Renewable |
Age 40-60 |
N/A |
N/A |
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Minimum amount |
$2,000 |
0-45 $25,000 46-50 $25,000 51-75 $10,000 |
$10,000 |
0-15 $25,000 16-80 $50,000 | |
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Guaranteed death benefit |
Death benefit is guaranteed not to change.
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Maximum amount |
$25,000
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Terms available
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Issued to ages 40-80 Simplified issue No conversions Can be converted to Reduced-paid up after 20 years (without Accidental Death Benefit).
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Issues to ages 18-75 (Spousal 0-75) Premiums end at age 100 Paid up at age 100 |
Issued to ages 18-45 (Spousal 0-45) Premiums end at age 65 Coverage ends at age 100 |
Issued to ages 18-80 (Spousal 0-80) |
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Includes
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Death benefit Accidental Death Benefit |
Death benefit Waiver of premium benefit (Disability) Accidental Death Benefit |
Death benefit Waiver of premium benefit (Disability) Accidental Death Benefit |
Joint & Last Survivor Accidental Death Benefit Guaranteed Purchase Options Child Protector Applicant Insurance |
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Options you can choose
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Waiver of premium benefit
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Waiver of premium benefit Guaranteed Purchase Option Accidental Death Benefit Child Protector Benefit Joint and Last Survivor T10 Rider T10 Spousal |
Waiver of premium benefit Guaranteed purchase Accidental Death Benefit Child Protector Benefit T10 Rider T10 Spousal |
T10 Rider T10 Spousal Rider |
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When you take out an insurance policy, you become a FaithLife Financial member with the additional benefit of people who care, information to help throughout life and a means for you to be of help to others. Contact your FaithLife Financial representative.