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Get lifelong coverage with permanent life insurance

A permanent life insurance policy gives you the benefit of flexibility. Some options even provide tax-advantaged savings and investing opportunities that can complement other retirement plans, like RRSPs.

So, how does permanent life insurance compare to a term policy? Here’s the primary difference: while term insurance protects you for a set period – with premiums increasing at every renewal – permanent life insurance offers lifetime coverage, with steady, guaranteed premiums.

What we offer

Our permanent life insurance, solutions are designed with people like you in mind. We know your needs are unique, and we can help you build a personalized plan that grows and adapts, as your life unfolds – and as your needs and financial situation change. If you’re shopping for permanent life insurance in Canada, consider the range of options below.

Whole Life suite

Our Whole Life suite of insurance is for those who want the comfort of lifetime coverage and guaranteed premiums, with built-in savings and the ability to earn dividends. A Whole Life policy covers all your permanent life insurance needs, including funeral and estate-settlement costs, paying off debt, and other final expenses. Features include:

  • Guaranteed cash values, which allow you to access the funds through partial surrenders and policy loans
  • Policy dividends (not guaranteed) that allow you to share profits, based on the participating account performance, and that are payable after the first policy anniversary
  • Automatic premium loans, where accumulated cash values can keep your policy in force if you are unable to pay premiums for a period of time
  • An option to pay premiums for 10 years, 20 years or the life of the policy
  • Children’s coverage, with our Whole Life – Head Start™ policies, to ensure that they’re covered for life
  • Coverage that starts at $25,000 and that’s available to anyone, up to 80 years of age.

A local financial representative can show you how Whole Life insurance works for your situation, and all the benefits offered by this type of permanent life insurance policy.

Universal Life suite

We know that some people want maximum flexibility in their coverage. A Universal Life policy provides you with additional ways to manage your financial portfolio – now and into retirement. It can protect your wealth and allow savings to grow in a tax-deferred environment, in addition to caring for your beneficiaries in the event of your death. These are just a few of the benefits that you’ll enjoy with a Universal Life policy:

  • Coverage that adapts as your life changes
  • Savings growth in tax-advantaged* accounts
  • Multiple investment accounts, all tailored to your risk profile
  • Access to cash accrued within your policy, when you want it

Plus, if you choose this type of permanent life insurance, you could also enjoy “premium holidays” – where you can take occasional breaks from paying premiums, when necessary, if you have enough funds in your policy to cover your monthly insurance charges. For example, there may be times when you need to reduce your expenses to meet unanticipated costs, like car repairs or home renovations.

All plans within the Universal Life suite are designed to address the needs of a specific life stage. Working with a financial representative can help you find the right way forward.

View current interest rates and unit values credited on a newly issued Universal Life policy

*Tax regulations can change at any time.

Infinity Term®

Infinity Term® offers full coverage without a savings component. And its versatility allows you to protect your business, estate or family. Here are some of the benefits you’ll enjoy with Infinity Term® coverage:

  • Level guaranteed premiums that are fully paid up at age 110
  • A full set of riders and benefits to customize your plan
  • Your choice of premium payment options
  • Coverage that starts at $25,000, available to anyone up to 80 years of age for Life-Pay, or to age 70 for 20-Pay
  • Coverage for your child’s entire life, with Infinity Term – Head Start

Contact a local financial representative to find out more about Infinity Term® and how it can meet your needs.

Responsibility® and Responsibility PLUS®

If you're between 40 and 80 – or on a fixed retirement income, and more concerned with permanent life insurance costs – you can still take advantage of affordable coverage. Responsibility® or Responsibility PLUS® can offer the protection you need, with a plan that includes:

  • Up to $25,000 in coverage, with no medical examination or blood test required
  • Up to four times the coverage amount for accidental death
  • Affordable monthly premiums that never increase

You can also use a Responsibility® policy to:

  • Cover your funeral costs, and any outstanding debts or medical bills
  • Provide a financial gift for your loved ones or favourite charity
  • Contribute to an education plan for your children or grandchildren

Contact a local financial representative to discuss the permanent life insurance pros and cons around your situation.

Tools and resources

How much coverage is right for you? Use our life insurance calculator to find out.

Ready to talk about life insurance with your loved ones? Download our Getting Started Guide.

Meeting with a Financial Advisor? Download our Advisor Discussion Guide.

Download a PDF version for more information on how our Whole Life Protector and Whole Life Ascend policies work:

Whole Life ProtectorTM

Whole Life AscendTM

Related Links

Participating Account Management Policy

Policyholder Dividend Policy

Participating Life Insurance Performance

Term Life quote

For a permanent life insurance quote, call 1-855-687-1684
Get a quote

Talk to us today

For personalized solutions that fit your needs and budget, connect with a
Co-operators financial representative near you.