05/07/2026
Did you know permanent life insurance can help you protect the people you love?
Watch this short video to see how permanent life insurance works.
For informational purposes only.
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Transcript: What is permanent life insurance? Simply put, all life insurance is designed to provide your loved ones with financial security when you die. One of the most common types of life insurance is called permanent life insurance. It’s called “permanent,” because it covers you for as long as you live. How does permanent life insurance work? It provides coverage for your entire life. With most permanent plans, your premiums (monthly or annual payments) remain the same, regardless of any changes to your health as you age. And, your beneficiaries will get a tax-free death benefit after you die. The death benefit refers to the amount of money your beneficiaries get when you die. You can name your family or anyone you want as your beneficiaries. Beneficiaries are the people or person you want to financially protect. The exact amount of money they get after you die depends on: how much life insurance coverage you buy, and the type of policy you have. They can then use that money as they wish. For example, they can use it to cover the cost of: debts, mortgage or rent, child care, tuition, living essentials, and more. Most permanent insurance policies also include a feature called cash value. Cash value is a savings component that can grow over time. You can borrow against it or use it as collateral for a loan. You may also withdraw your cash value, but this may reduce your policy’s death benefit. There can also be tax consequences to accessing your policy cash value. What’s the advantage of permanent life insurance? As you age, or if your health deteriorates, purchasing a new insurance plan becomes much more costly. But with most permanent insurance, the premium stays the same for the life of your policy. Plus, when you buy a permanent life insurance policy, the benefit is guaranteed for the rest of your life. Permanent life insurance can provide you with the security of knowing your loved ones will have lasting, stable protection. It can offer peace of mind early, leaving you free to enjoy your life now. For more tips and tools, visit sunlife.ca.
