Participating life insurance provides a combination of permanent life insurance (whole life insurance) protection and an opportunity for tax-preferred cash value growth. The base insurance protection is guaranteed for life, as long as you pay the premiums on time.
The policy is also eligible to receive dividend payments, which you can use to buy additional coverage or reduce your annual premium. You can also leave them on deposit to earn interest or take them in cash. Dividends are not guaranteed.
Participating life insurance is an excellent solution if you are:
To get the most out of the meeting with your advisor, take some time beforehand to think carefully about what you want to achieve. And because your advisor will need a lot of information to help recommend the policy that's right for you, get together some basic information about your income, assets and liabilities.
Your advisor will handle the paperwork for you. You'll need to submit an application for a policy that will be evaluated by the insurance company. Depending on your age and the type and amount of coverage you want, you will need to answer a medical questionnaire. We may also ask you for additional medical or financial information.
Protect your savings with critical illness insurance
A serious illness can put your finances as well as your health at risk. Critical illness insurance can help offset the cost of a major illness.