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Everything You Need to Know About Permanent Life Insurance

Tout savoir sur l'assurance vie permanente

Want to protect your loved ones in the event of your death while making a low-risk financial investment? Permanent life insurance is the product for you!

In this article:

What is permanent life insurance?

Permanent life (whole life) insurance is an insurance product that provides insurance coverage throughout the entire life of the insured person. That means it only expires when the person dies or if it is terminated. In addition to its duration, it is characterized by its cash value, making it an attractive, low-risk investment vehicle. Every time you pay your premium, a percentage of the amount is invested in a tax-deferred savings account, at a rate determined by your insurer. That’s what constitutes the cash value.

What are the types of permanent life insurance?

There are two types of permanent life insurance: whole life and universal life. Permanent life insurance, whether whole or universal, is suitable for those who wish to pay the costs associated with death (funeral expenses, taxes), or who wish to leave an inheritance. Both have the same characteristics, the difference being that universal life insurance can also be used as an investment tool, and therefore meet the needs of those who have maxed out their RRSP and TFSA contribution limits and want to invest additional amounts tax-free.

What are the benefits of permanent life insurance?

Although slightly more expensive than term life insurance (see our article Term life or permanent life insurance?), permanent life insurance is a more economical choice in the long term. It is primarily for people who want to be insured for life. It also offers an impressive list of additional features that may be of interest, such as participating or non-participating.

Here are some examples of fictitious cases to illustrate what permanent life insurance is all about:

  • Andréanne and Julie, a young couple in their 30s and the mothers of two children, want to leave their children an inheritance that will be tax-free at the time of death. They also want to be able to use the cash value if they need it.
  • Julien, retired and recently widowed, wants to plan for his funeral expenses in advance so that his heirs are not left with that responsibility.
  • Eric, a single parent, owns a secondary residence that could be sold upon his death and wants to make sure his children have enough money to pay the estate taxes.

Do you still have questions about the personal insurance solutions offered by Matcha Insurance? Our financial security advisors are just a phone call away to answer all your questions and to reassure you.

Contact us now by calling at 1 844 532-3228 or Book An Appointment.

Permanent life insurance as an investment tool

Participating whole life insurance includes an investment component that is entirely managed by the insurer. The money that is invested can be used in a variety of ways (to get cash, let the money grow and add to the premium upon death, reduce the premium, etc.). It’s important to understand that because of the investment portion, it’s a more expensive product. The basic insurance amount is generally guaranteed, however, and a cash value may also be included.

In addition, you can draw funds from the value of your insurance without necessarily having to terminate your policy. You can simply choose from one of the following three options:

  • Insurance policy loan;
  • Reduced paid-up insurance;
  • Extended term insurance.

A policy loan (or advance) is where you borrow money using your insurance (its cash value) as collateral. But because it’s a loan, you will eventually have to repay the amounts you borrowed plus interest. If you die before paying off the loan, the insurer will subtract the amounts owed plus accrued interest from the amount of insurance payable to your estate. Note that this option is also valid with other financial institutions using your insurance as collateral.

Reduced paid-up insurance can be negotiated when you assign the cash value to your insurer. This allows you to obtain an amount of life insurance that is lower than the amount specified in the original policy. However, you will never pay premiums again and you will be covered for life.

Extended term insurance involves assigning the cash value to your insurer. In exchange, however, you no longer pay premiums but continue to remain insured for a certain number of years.

Want to learn more about this product or find out if it’s right for you? Matcha Insurance advisors are here to help. Call us today at 1 844 532-3228 or make an appointment.

On the same subject

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.
Abraham Daoud Junior Diabaté 
FINANCIAL SECURITY ADVISOR

Abraham is a versatile professional with strong language skills in French, English and Portuguese. He also boasts an extensive background in finance, insurance sales, and technical banking support.

With six years of experience in customer service and sales to his name, he is a master at managing multiple client files simultaneously and draws on an in-depth knowledge of financial products and banking services. His expertise also extends to the areas of compliance, anti-money laundering, and credit and investment product management. His ability to work in fast-paced, stressful environments and his finely honed communication skills only strengthen Abraham’s reputation as an accomplished professional. He has achieved notable success in his career, hitting sales targets and earning official recognition from company leadership for his contributions.

As a Matcha Insurance financial services advisor, Abraham is now on a mission to get you the very best insurance coverage, wherever you are, whatever your needs, whatever your financial capacity—and whatever it takes.

Ginette St-Laurent
Ginette St-Laurent
FINANCIAL SECURITY
ADVISOR

Known for her natural ability to advise, Ginette is highly valued by her clients.

Ginette holds an AMF accreditation in personal insurance and is a member of the CSF. She is a seasoned financial security advisor with extensive industry experience. Ginette’s expertise lies in providing financial services and advice.

During her career, she has worked at reputed financial institutions such as Industriel Alliance and National Bank, where she served as a financial security advisor. Through this experience, Ginette developed a thorough understanding of people’s personal financial needs.

As a financial services advisor for Matcha Insurance, now her mission is to make every effort possible to find you the best insurance coverage, wherever you are, based on your needs and financial means.

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.
Marc Moisan
FINANCIAL SECURITY ADVISOR

Marc works with you, providing smart, conscientious, expert advice based on tons of experience.

Marc is coming on 20 years’ experience in property and casualty insurance as well as financial services. He’s a proud alumnus of Cégep de Jonquière and the Université du Québec à Chicoutimi.

And as a former personal insurance broker and financial services representative with the likes of Industrial Alliance, Infoprimes, and Bélair Direct, he knows it all, and that means solutions that are incredibly well suited to your needs.

Today as a Matcha Insurance financial services advisor, he’s on a mission to get you the very best insurance coverage, wherever you are, whatever your needs, whatever your financial capacity—and whatever it takes.

Fatimata Dia
FINANCIAL SECURITY ADVISOR

When Fatima is on your case, you notice the difference. She’s right there—patient, attentive, meticulous—with insurance solutions that do exactly what you need them do.

Her ACS in customer service and degree in management inform 15+ years’ experience in client services. Before joining the Matcha Insurance team, her career included a multi-year position as financial security advisor with IA Financial Group.

That experience left her with the expertise both to help you understand your financial situation and to come up with insurance solutions personalized to your specific needs.

Now that she’s a Matcha Insurance financial services advisor, she’ll make sure you get the best insurance coverage based on your needs and financial capacity.

Laurent Goyette - Conseillers
Laurent Goyette
FINANCIAL SECURITY ADVISOR

Laurent’s proactive approach to finding the best insurance solution for each client and his sympathetic ear make him a trusted advisor.

Young and vibrant, Laurent has a mission to develop relationships of trust with his clients in the search for the best insurance of persons on the market.

Laurent listens to everyone’s needs and expectations and takes the time to explain all the intricacies of insurance policies in order to educate each of his clients about insurance.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Sylvie Chartrand - Conseillère
Sylvie Chartrand
DIRECTOR OF OPERATIONS FINANCIAL SECURITY ADVISOR

With her expertise in improving administrative processes, Sylvie is a master of the art of mobilizing and engaging

Sylvie has a bachelor’s degree in business administration and accounting (B.A.A.) from the Université du Québec en Outaouais and has been a Financial Security Advisor licensed with the Chambre de la sécurité financière since 1994.

Financial security advice, business process coordination or administrative and financial management, Sylvie is able to skillfully combine all the ingredients needed to lead the firm’s operations. With more than 25 years’ experience in the financial services industry, on both the insurer and the distributor sides, she has strong expertise in accounting and compensation, as well as in improving internal processes and implementing innovative IT solutions.

Karl Lenz Gravenhorst - Conseillers
Karl Lenz Gravenhorst
FINANCIAL SECURITY ADVISOR

With an ongoing commitment to protect the future of my clients through life’s uncertainties, I promise to guide and inform you with full transparency so that you are able to make the right decisions.

I am Karl Lenz Gravenhorst, a financial security advisor for Matcha Insurance, a Quebec-based financial services firm. As a financial security advisor since 2014, I have more than six years’ experience in the banking and financial services industries. I belong to that young generation of professionals who have developed a passion for working with people and an aptitude for clearly explaining at-times complex concepts.

My mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

Driss Labad - Conseillers
Driss Labad
Financial Security Advisor

With an ability to break things down in an easy-to-understand manner, Driss can clearly explain life and health insurance products and discuss their pros and cons.

With a master’s degree in computer science from the Université du Québec à Montréal and a bachelor’s degree in science, Driss has more than 15 years’ experience in the financial services industry. Before joining the Matcha Insurance team, he held various positions in the life and health insurance industry, particularly with Industrial Alliance and InfoPrimes as a financial advisor. Decoding an insurance policy and reading between the lines holds no secret for him. The more specific your needs, the more effective he can be.

Today, as a financial advisor for Matcha Insurance, his mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

Anita Mpola Mbele - Conseillers
Anita
Mpola Mbele
Financial Security Advisor

Thanks to her keen analytical and synthesis skills, she will easily guide you through your process.

Anita Mpola Mbele is known for her thoroughness and professionalism. She quickly identifies her clients’ needs and supports them throughout their process.

She has worked as a financial security advisor since 2015 and has over five years of experience in managing the financial health of individuals, including roles at Industrial Alliance and Desjardins Financial Security. In addition, Anita has experience with life insurance products and in personal finance. She will be happy to help you and propose solutions that meet your needs.

Today, as a financial services advisor for Matcha Insurance, her mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Roberto Sepulveda - Conseillers
Roberto Sepulveda
Financial Security Advisor

Known for his analytical mind and ability to synthesize information, he will assess your needs in a thorough and capable manner

With a Master’s degree in Civil Engineering from the École de Technologie Supérieure de Montréal, Roberto has over 8 years of experience in financial services. Before joining Matcha Insurance, Roberto held a number of management positions across Canada, including at Desjardins Financial Security, London Life and United Chartering in Vancouver.

Drawing from his experience in life insurance, disability and critical illness files, and wealth transfer and investment portfolio maximization, he has the skills required to provide the best solutions to his clients. He pays close attention to his clients’ needs to design strategies that will meet their objectives.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Mickaël Miller - Conseillers
Mickaël Miller
Financial Security Advisor

Mickaël's thoroughness, his ability to listen and his drive make him a versatile advisor and unifier

With strong listening and analytical skills, Mickaël knows how to identify and understand his clients’ needs. His humour and drive also allow him to find new ways to take the analysis of his files to the next level.

A financial security advisor since 2015, Mickaël has over four years of experience in managing the financial health of individuals, including roles at RBC Insurance and Combined Insurance.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Michael Stearns - Conseillers
Michael Stearns
FINANCIAL SECURITY ADVISOR

Known for his analytical skills and his judicious guidance and advice, Michael consistently rises to the challenge.

With a bachelor’s degree in business administration from the University of New Brunswick – Fredericton and a Certificate in Personal Finance from the Institute of Canadian Bankers in Montreal, Michael has more than 15 years’ experience in the financial services industry. Before joining the Matcha Insurance team, he held several positions where he was involved in managing the financial health of individuals and businesses, particularly for National Bank Insurance and Freedom 55 Financial. Perfectly bilingual, Michael is also a mutual fund representative.

Today, as a financial advisor for Matcha Insurance, his mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

How do I file a complaint?

  • In case of dissatisfaction, start by getting in touch with our Director of operations, Mrs Sylvie Chartrand:
    Mrs Sylvie Chartrand
    Director of operations:
    sylvie.chartrand@matchaassurance.ca
    Telephone: 1-844-532-3228
  • If you are not satisfied with her response, you can contact our Complaints officer to make a formal complaint:
    Mr. Jean-Benoît Forgues
    Assistant Vice President, Legal Affairs and Compliance
    1705-625, Avenue President-Kennedy
    Montreal (Québec) H3A 1K2
    Email: jean-benoit.forgues@humania.ca
    Telephone: 1-800-363-1334 ext. 263
    or from Montreal: 514-485-1334, ext. 307
    Fax: 1-844-773-4999

The complaint must be filed in writing. If you need help filing your complaint, you may call Ms. Marie-Kim Larouche, Legal advisor, at 1-800-363-1334 ext. 479.

Any complaint made in writing to our Complaints officer will be recorded in Matcha Insurance’s complaints registry if it includes at least one of the following:

  • A reproach against Matcha Insurance;
  • The identification of real or potential harm that a consumer has sustained or may sustain; or
  • A request for remedial action.

A complaint file is opened for each complaint. The file includes all of the documents required to assess your complaint.