Permanent Life Insurance

Secure your assets and loved ones with suitable Life Insurance coverage. Our network of top Life Insurance providers in Canada empowers you to find the best rates for permanent life insurance.

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4.8 Stars
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Our Reviews

Excellent4.8 Based on 380 reviews from ★★★★★ Spoke with Artmiz. Very knowledgeable and very professional. Answered all my questions.Would highly recommend her to family and friends...actually, I already did and my friend was very pleased with the service she receivedPam SinghPam Singh ★★★★★ My dealings with both Adam and Theresa were handled in a professional prompt manner giving me confidence in Alliance. I hope never to have the need to use my coverage, but I would hope that the experience would be as good.Eklove ShatnerEklove Shatner ★★★★★ Ummi was most helpful and informativewhen I purchased Trip Cancellation andInterruption coverage on September 19!Stephen J. RushfordStephen J. Rushford ★★★★★ Amazing service! Nice to talk with a real person and not just online. Great at changing my insurance with no issues.Joanne HuntJoanne Hunt ★★★★★ Artmiz was capable, responsive and punctual. A good experience!Geoff StilesGeoff Stiles ★★★★★ Once again Ummi has provided an economical rate and stress free service for my snowbird health insurance. Strongly recommend for price and revive many thanksElizabeth BastableElizabeth Bastable ★★★★★ Theresa helped me get medical insurance for my upcoming trips. She explained everything in detail making it an easy for me to make the decision!christine Foxchristine Fox ★★★★★ Theresa Hauser provided excellent service - clear information and great support regarding travel insurance- both cancellation and interruption.Don WagnerDon Wagner ★★★★★ Theresa was very helpful & answered all my questions. Very efficient & I received all the documents & information within minutes. Thank you TheresaIrene HartlIrene Hartl ★★★★★ Quick and efficient process and very good, pleasant exchange with agent Theresa HeuserRandy KlattRandy Klatt ★★★★★ Theresa is very helpful and efficient. I get all my insurance needs done seamlessly by this company.Maria Cecilia Danganan-LandichoMaria Cecilia Danganan-Landicho ★★★★★ Artmiz Namazi was a very nice person to deal with. She went far and beyond to help me to have the best deal. She understood my problem and made sure I knew it was solved. I will greatly recommend her to anyone searching for emergency travel insurance.Catherine PoplawskiCatherine Poplawski ★★★★★ Theresa Heuser helped me with buying travel insurance today. She was amazing!! The process was fast and painless. I always find buying our travel insurance to be one of the most stressful things in getting ready to travel. Thank you Theresa for making it so easy for me.Pat and Art ThorrougoodPat and Art Thorrougood ★★★★★ Theresa was prompt at replying, answering all my questions and very friendly and pleasant to deal with. She is an asset to your company.Yvonne FjaagesundYvonne Fjaagesund ★★★★★ Great experience. Theresa Heuser And Sabrina Izdiher helped me with everything. Very helpful and awesome customer serviceGurasisGurasis ★★★★★ Great professional quick service!Colleen Van HornColleen Van Horn ★★★★★ It was good, customer service and the client dealing is best and also they get you good deals.Ahtsham SaifAhtsham Saif ★★★★★ Theresa was very clear and helpful with our travel insurance questions.Gabriella KleinGabriella Klein ★★★★★ Theresa was very helpful and professional in all our dealings! Would recommend her highly.Joyce SchaafJoyce Schaaf ★★★★☆ Theresa was very efficient, friendly and patient.Sandra PerrinSandra Perrin ★★★★★ Artmiz Namazi was an excellent person to deal with. She was very knowledgable and gave me excellent advice. Her quick response to my inquiries on line and over the phone were great. She was extremely helpful and friendly and gave 5 star service.The price for the insurance I needed was also excellent. Thanks ArtmizFran SmythFran Smyth ★★★★★ Excellent product at a cheaper price than other providers.Dale CrawfordDale Crawford ★★★★★ Brilliant and professional support given by Artmiz. Very happy with our Travel Insurance Policy. Thank youSabir ParvaizSabir Parvaiz ★★★★★ I am So glad and happy to have the agent name Ummi to assisted me purchase our travel insurance, very pleasant and helpful. Introduced her to my friends, they were happy with the service too. Thanks Ummi. For sure will looking for you at next travel time.Van TranVan Tran ★★★★★ Great people & service.Dave GobellDave Gobell ★★★★★ Great job, knowledgeable, very patient and tried her best to help me. Thanks Ummi for excellent customer serviceRazijaRazija ★★★★★ Artmiz was very pleasant and efficient to deal with. She was prompt in her replies, and in answering any other questions we had. Her travel insurance pricing was the best that we found,Jean BamfordJean Bamford ★★★★★ Artmiz was totally great!! She is so pleasant, efficient and she gave us the best price and advice!! It was a pleasure to work with her.Ian BamfordIan Bamford ★★★★★ Very good. LovelyDonna KeenanDonna Keenan ★★★★★ Our agent Artmiz was very knowledgeable and answered all of our hypothetical travel scenarios with ease. The premium savings were significant because Allianz offers "top-up" products to those of us who have existing coverage, but need more.catherine onishicatherine onishi ★★★★★ Ummi is always helpful and professional. She has been helping our family for all travel insurance over the past years.MargieMargie ★★★★★ Ummi is courteous and professional. Good job!Rod SetoRod Seto ★★★★★ Artmiz was very pleasant and helpful in providing the coverage needed for my trip.John CliffordJohn Clifford ★★★★★ Nice Dealing And Nice Explanation…Harman BasraHarman Basra ★★★★☆ I want to let everyone know that when you buy your insurance from Alliance, buy it from Dornaz. I have had 2 separate policies through her and can't say enough about her thoroughness, knowledge of the product and her customer service. It was pleasure dealing with her.Nola DyckNola Dyck ★★★★★ Great customer serviceJennifer PhillipsJennifer Phillips ★★★★★ I had a very good experience with Dornaz. She was very helpful and got my policy together quickly. I will certainly recommend her to my friends.Steve StaplesSteve Staples ★★★★☆ Thank you Theresa and Adam for your help with our travel insurance plans, for your timely assistance and the savings you were able to find for us.Yogashiatsuyucatan DonypaolaYogashiatsuyucatan Donypaola ★★★★★ Artmiz Namazi provided excellent service. She was very professional and took the time to explain the insurance coverage and answer all my questions. She is a great asset to your company and I will not hesitate to recommend her to my friends and familyChris DingsdaleChris Dingsdale ★★★★★ Artmiz was very helpful, friendly and informative. She really knows her subject and was ready to help in any way.Carolyn CassellsCarolyn Cassells ★★★★★ Theresa Heuser is professional and competent in the insurance process. A pleasure!Ronald BironRonald Biron ★★★★★ What a pleasure dealing with Ummi, who took all the pain out of purchasing Travel Insurance for my wife and I, who are both 80 year old Seniors. Sensitive and yet enquiring, Ummi guided us through the minefield of questions with the competant ease of an expert. Ummi was responsive to any unintended omissions and made sure there were no loose ends that could disqualify any future claim. We go on Holiday knowing that we have been professionally prepared with cover for Medical emergencies, if they should arise.John DawkinsJohn Dawkins ★★★★★ great service by the phone and email.h mh m ★★★★★ We bought Emergency Medical policy for our coming trip from Ummi Hanny. She was such a good help and responsive to all our questions, either by phone or emails. Such an excellent service, above and beyond our expectations!! Thank you!Jacob SteinbergJacob Steinbergjs_loader
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Shopping for Permanent Life Insurance? We Can Help!

We make finding the right insurance coverage fast and simple by connecting you with the best insurance providers in Canada.

Browse options, compare rates, and save more on HealthRates.ca.

Understanding Permanent Life Insurance

Permanent life insurance is essential for Canadians due to its lifelong coverage, cash value accumulation, and tax advantages. Unlike term life insurance, which has a set duration, permanent policies provide protection until the policyholder’s death. Additionally, the cash value component allows tax-deferred growth, offering flexibility and financial resources during one’s lifetime. While initial premiums may be higher, the long-term benefits make permanent life insurance a valuable choice. Consider speaking to an advisor to explore your options further!

Key Benefits

Having a permanent life insurance in Canada offers several key benefits:

Lifelong Coverage:

Unlike term insurance, permanent life insurance provides coverage throughout your entire life. Your beneficiaries are guaranteed a death benefit whenever you pass away, as long as you’ve paid your premiums.

Tax-Free Death Benefit:

The money from the death benefit is tax-free for your loved ones to use as they need.

Cash Value:

Some permanent life insurance plans include a cash value component. This tax-preferred savings portion can grow over time and provide potential borrowing options. Keep in mind that withdrawing funds from the cash value may reduce your policy’s death benefit.

Stable Premiums:

Permanent life insurance premiums typically remain consistent over time, unlike rising term insurance rates.

Different Types of Permanent Life Insurance

In Canada, there are three main types of permanent life insurance:

Whole Life Insurance

This plan provides lifelong coverage without expiration. Your beneficiaries receive a tax-free death benefit when you pass away, as long as you’ve paid your premiums. Whole life insurance also accumulates cash value over time, which you can access or borrow against.

  • Coverage: Whole life insurance provides lifelong coverage. As long as you pay your premiums, your beneficiaries receive a tax-free death benefit when you pass away.
  • Cash Value: Over time, your policy accumulates cash value. This value grows at a guaranteed rate and can be accessed during your lifetime. You can also borrow against it.
  • Premiums: Premiums are typically higher than term life insurance but remain level throughout the policy.
  • Stability: Whole life insurance offers stability and predictability.

Universal Life Insurance

With universal life insurance, you have greater payment flexibility. You can adjust your premiums and death benefit as needed. It also includes an investment component, allowing you to choose from various investment options based on your risk profile.

  • Flexibility: Universal life insurance allows greater flexibility. You can adjust your premiums and death benefit as needed.
  • Investment Component: It includes an investment component where you choose from various investment options. The returns affect your policy’s cash value.
  • Risk and Reward: While it offers potential for higher returns, there’s also more risk due to market fluctuations.
  • Transparency: You can see how your policy’s cash value changes based on investments.

Participating Life Insurance

This type combines lifelong coverage with the opportunity to earn policy dividends. The dividends can be used to increase your cash value or reduce premiums. Participating life insurance offers stability and growth potential.

  • Dividends: Participating life insurance policies participate in the insurer’s profits. You may receive policy dividends.
  • Use of Dividends: Dividends can be used to increase your cash value, reduce premiums, or purchase additional coverage.
  • Steady Growth: It combines lifelong coverage with steady growth potential.
  • Community: Participating policies benefit from the overall performance of the insurer’s portfolio.

Tips for Saving Money on Permanent Life Insurance

At HealthRates.ca, our goal is to help you maximize your savings. The most efficient way to save on life insurance is by comparing rates from different providers, which can be a time-consuming task. Fortunately, HealthRates.ca simplifies this process for you. Using our online quote request feature, we thoroughly evaluate rates from major Canadian insurers, ensuring you effortlessly receive the best options. Below are more straightforward ways to save money on getting permanent life insurance:

Compare Rates:

  • Why: Different insurance providers offer varying premiums for the same coverage. By comparing rates, you can find the most cost-effective option.
  • How: Use online tools or work with an insurance broker to obtain quotes from multiple insurers. Look beyond just the premium—consider the policy features, riders, and financial stability of the company.

Choose Term Policies:

  • Why: Term life insurance provides coverage for a specific period (e.g., 10, 20, or 30 years). It’s generally more affordable than permanent life insurance.
  • How: Assess your needs—such as income replacement, mortgage protection, or education expenses—and opt for term coverage accordingly. Avoid overpaying for unnecessary features.

Pay Annually:

  • Why: Many insurers offer discounts if you pay your premiums annually instead of monthly.
  • How: When selecting a policy, choose the annual payment option. This not only saves you money but also simplifies your budgeting.

Adjust Coverage:

  • Why: As your financial responsibilities change (e.g., paying off debts, children becoming financially independent), you may need less coverage.
  • How: Regularly review your policy. If you no longer require the same level of coverage, consider reducing it. Be cautious not to underinsure, though.

Quit Smoking:

  • Why: Smokers typically pay significantly higher premiums due to health risks associated with smoking.
  • How: If you quit smoking, inform your insurer. After a smoke-free period (usually one year), you may qualify for non-smoker rates.

FAQ’s – Permanent Life Insurance

Find even more valuable answers to the most commonly asked questions about permanent life insurance here:

When considering life insurance, it’s essential to assess your unique circumstances. There are two primary categories: Permanent Life Insurance and Term Life Insurance. Permanent policies guarantee a beneficiary payout upon the insured’s passing, provided premiums are consistently paid. In contrast, term policies pay benefits only if the insured passes away within the agreed-upon policy duration. Factors like financial responsibilities, dependents, and long-term goals influence your decision. For personalized guidance, consult a financial professional.

A beneficiary is the person designated to receive the death benefit from your life insurance policy. You, as the policyholder, specify this individual. You can name multiple beneficiaries, distributing the cash value equally or based on predetermined percentages. This flexibility is useful for scenarios like dividing funds among your children. Additionally, consider appointing a contingent beneficiary in case a primary beneficiary predeceases you. You can even choose a charitable organization as a beneficiary.

As a policyholder, you can typically update your life insurance beneficiaries. Whether due to evolving family dynamics, financial responsibilities, or personal preferences, you have the flexibility to name multiple beneficiaries, allocate percentages, and adapt your choices over time.

The price of life insurance varies based on several factors, including age, health, coverage amount, and policy type. Generally, Term Life Insurance is more affordable, providing coverage for a specified period. In contrast, Permanent Life Insurance tends to be costlier due to its lifelong coverage and cash value accumulation. Younger, healthier individuals often secure lower premiums. To determine the cost, consider your financial situation, coverage needs, and long-term goals. Consulting with insurance providers, using online calculators, and seeking quotes can help assess potential expenses related to life insurance.

Life insurance premiums depend on factors like age, health status, coverage amount, and the chosen policy type. Typically, younger and healthier individuals secure lower premiums. Meanwhile, Permanent Life Insurance, which offers lifelong coverage and cash value accumulation, tends to have higher costs.

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