Permanent Life Insurance
Permanent life insurance protects you for your lifetime. It can build cash surrender values and provide a death benefit. Life insurance proceeds bypass probate and estate taxes if made payable to a named beneficiary and not the estate (this applies outside Quebec).
If the permanent policy has a cash surrender value, you should review the product guide related to your policy. The guide will help you better understand how the assets backing the policy are managed and how these assets are used to accumulate value within the policy.
Participating life insurance, also called whole life insurance, provides permanent life insurance with a tax-advantaged cash value component. In addition, these policies have the potential for earning policyowner dividends. Participating life insurance doesn’t require hands-on management by the policyowner. Instead, Great-West manages the assets backing the cash values and death benefit.
Universal life insurance provides a traditional life insurance component with a tax-advantaged investment component. You select an investment mix that is as individual as you are—taking into account the amount of investment risk you’re comfortable with and your financial goals and circumstances. This type of policy is attractive for people who want to actively manage their life insurance policy.