Permanent Life Insurance

Underwriting is generally required for most life and health insurance products, except for Guaranteed Issue products, which do not require underwriting or medical questions.

Most permanent life insurance plans require health questions and medical information. There may be Guaranteed Life Insurance options available, which offer limited coverage (e.g. up to $25,000) without medical questions.

Typically, permanent life insurance premiums do not increase with age, offering financial predictability for policyholders.

The duration for paying premiums varies by policy. Some require payments for life, while others only for a specified period.

No, permanent life insurance policies do not expire and provide coverage for the policyholder's entire life.

Cash can be withdrawn from the policy either by canceling it and receiving the cash value or by withdrawing part of the cash value, which may reduce the death benefit. Both of these options have potential tax consequences to be aware of.

The cash value in a permanent life insurance policy is a savings component that earns interest. Policyholders can borrow or withdraw from this cash value, but it's important to be aware of potential tax implications.

Permanent life insurance offers lifelong coverage, whereas term insurance is limited to a specific duration, like 10, 15, 20, or 30 years. Both provide a death benefit, but term insurance doesn't pay out if the policyholder outlives the term.

Residents of Canada can apply for permanent life insurance starting at age 16, except in Quebec. Minors under 18 can be insured, but the policy owner must be a legal adult, such as a parent purchasing a policy for their child.

In Canada, permanent life insurance provides lifelong coverage. Beneficiaries receive a tax-free payment after the policyholder's death. Certain policies also offer a cash value component, which can accumulate over time.