Permanent life insurance covers you for your whole life, as long as premiums are paid, and pays a tax-free lump sum to the people you name whenever you die. On most plans, part of each premium pays for the coverage and the rest builds cash value you can borrow against or withdraw. You choose whether to pay for a set number of years or for life.
How does permanent life insurance work in Canada?
Reviewed by Garrett Agencies Ltd., October 2026. How we write
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More about permanent life insurance
Life insurance that lasts your whole life, with options that build cash value.
More questions about permanent life insurance
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