Permanent life insurance

Your forever policy

Finding your forever policy. Permanent life insurance is more than just insurance (although it is that, too): it’s an asset, an actual thing you own. And when it comes to insurance, ownership has its benefits.

Like any life insurance policy, permanent life insurance will issue a tax-efficient lump sum payout when you pass. More surprising are the many other benefits of permanent life insurance—benefits that have less to do with your future beneficiaries and more to do with you in the present tense.

A living policy

Permanent life insurance offers three key benefits you can use now—and for the rest of your life:

1. You can borrow from your own policy

The cash value within permanent life insurance can help pay for a prolonged parental leave or sabbatical and can even provide a bridge for an early retirement. You don’t need to “apply” to borrow this money—it’s yours. Borrowing from the cash value of your policy has no impact on your credit score. And because it’s a private asset, you decide when (or even whether) to pay it back.

2. It can be used as collateral for a loan

This can be a powerful benefit while you’re building your practice. What’s more, because permanent life insurance is an asset, holding it within your professional corporation can help signal the financial health of your business.

3. It can help incorporated lawyers build wealth

If you’re among the 17,000 Canadian lawyers¹ who’ve incorporated their practice, you can use permanent life insurance as an alternative asset class to help you build wealth tax-efficiently.

An efficient way to leave a legacy

Your inner circle. Research suggests that an individual’s death affects the well-being of, on average, five other people². As a working lawyer, it’s fair to say that your circle of influence is several degrees broader. In addition to its many living benefits, permanent life insurance can help leave a legacy for your family, your business partners, or the charity of your choice.