Premium options
Depending of the Whole Life contract, the policy holder may have several options for paying the premiums such as:

• Ongoing premium: you pay a fixed premium for the duration of the contract.
• Single premium: you pay a single lump-sum premium payment that will last for the entire lifetime of the life insured. Your insurance policy will said to be paid-up if no more premiums are needed to keep the policy in force.

Why consider buying Whole Life insurance?

Participating Whole Life insurance delivers everything you expect from traditional Whole Life insurance with permanent protection and access to the cash value in the plan. With participating Whole Life insurance:

• Your premiums, cash values and death benefit are guaranteed.
• Your coverage continues for life regardless of your age or health conditions or of the life insured.
• You have choice of two plan types to meet your short or long-term goals.
• Limited payment: you pay the premiums for a limited time of period (e.g. for 10 or 20 years) or to a specific age (e.g. to age 65 or age 100) after which the policy is deemed to be paid-up and provides a lifelong insurance coverage.
• Your participating Whole Life may result in a policy dividend for cash that you can receive and use them to reduce your premium or increase your death benefit.
• You can buy paid-up additions or one year term insurance with the cash dividend.
• Your policy builds up a cash surrender value over time that you may receive if you cancel or surrender you policy.
• You may be able to obtain a policy loan against the cash surrender value of your policy.
• Optional riders allow you to customize your plan, including critical illness insurance or others riders to meet your needs.
• Compared to more traditional guaranteed investments, the dividend payment rate on participating policies has historically had a lower standard deviation.
• As you, or the life insured, age, the premiums remain the same, so eventually they will be lower than the premiums for the same amount of term insurance in a person of the same age.
• A Whole Life policy may offer you automatic premiums loans, a reduced paid-up additions or an extended term insurance.
• Death benefit can be increased without providing proof of insurability and without paying additional premiums, by using paid-up addition.
• With Whole Life insurance, you get permanent coverage alongside cash values you can use to help with premium payments, retirement income and more.
• Tax-preferred growth of cash value within your policy.

Why Whole Life is important to you?

Whole Life is more suitable than term insurance for addressing risks of unknown or long duration. One of the strongest arguments for Whole Life insurance revolves around managing the income taxes that come due upon death. If you own an asset that you want to leave intact to your children, and that are expected to appreciate significantly prior to death, you may want to consider a Whole Life insurance policy.

Whole Life provides protection at a guaranteed fixed price. Furthermore, if the insurance is acquired when the life insured is young and before any health problems occur, it can be quite affordable.

Participating Whole Life can provide an easy way to increase insurance coverage without increasing premiums, even if the health of the life insured declines. A permanent Whole Life insurance is one of the most tax-efficient ways to build and transfer your estate, and the policy offers tax-advantaged growth that you can access during your lifetime.

How it works?

• Determining your life insurance and savings goals will help you and our advisors choose the best plan type to help you achieve them.
• Talk to our Advisors to analyse your needs and determine a plan that meets your goals.
• Customize your plan to cover other needs (e.g. add a term life to cover short-term needs, add a critical illness if possible, etc.).
• If you started your policy earlier and it builds up a cash value, you can access your cash value to make down payment on a home, pay off a line of credit, student loans, pay for a wedding, etc. The death benefit can be used to replace your income to provide for those who depend on you.
• If you have children and they become adults, you can access cash value to fund a new career, open a business, help your children pay for their education, wedding, etc.
• On retirement, build wealth you can access using the cash value to supplement your retirement income, help pay for your children’s or grandchild’s education or financial needs, or use the policy as collateral for a loan from your financial institution.
• On death, the tax-free death benefit goes to your love ones or to your favourite charity. The tax-free death benefit creates an instant legacy. Your beneficiaries can use the proceeds to cover final expenses and estate taxes and fees, keeping their inheritance intact.
• Protect your children or grandchildren. You can buy a Whole Life policy that provides your children or grandchildren with paid-up, permanent insurance at low children’s rate, plus access to cash values to help fund education, buy a house or start a business.

Life insurance provides an inheritance so you can spend all of your savings.

Want to know more? Contact us and one of our friendly advisors would be happy to speak with you about your needs and walk you through your options.

Advance life insurance planning:

• Preferred estate transfer using Whole Life
• Preferred retirement solution using Whole Life
• Corporation preferred estate transfer using Whole Life

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