PERMANENT LIFE INSURANCE

The cost of permanent life insurance varies from one person to the next, as it is determined by several factors:

• The amount of coverage required
• The age, gender and health condition of the insured person
• The length of payment

Permanent life insurance gives you financial coverage for life, and includes the following features:

• Death benefit: A sum of money to be paid to your beneficiaries upon your death
• Fixed premiums: Payments that do not change for the duration of the chosen term
• Surrender value: Funds you can access during your lifetime
• Lifetime coverage: There is no age limit. As long as you keep paying your premiums, you’re covered

• Any individual or company can purchase permanent life insurance
• The insured must be 70 years old or under at the time of enrolment
• Minors can also be insured, but a parent or legal guardian must sign the policy

Converting your term life insurance into permanent life insurance may be a good idea if:

• You need lifetime coverage
• You want to access a cash surrender value
• You prefer fixed payments
• You want to secure your family’s financial future in the event of your death

You can use the cash surrender value of your life insurance to:

• Pay your premiums
• Add a source of liquidity to your retirement
• Receive financial compensation in the event of a reduction in insurance coverage or the cancellation of your policy

Even if you are single and have no dependents, permanent life insurance can be useful for:

• Covering funeral expenses
• Making a donation to charity
• Ensuring the continuity of your business

To determine the permanent life insurance coverage you need, consider the following factors:

• Your income
• Your debts
• Your future expenses
• Your savings

Your financial security advisor is your ideal ally to help you determine the permanent life insurance best suited to your situation and guide you through the purchasing process. Contact your advisor today!