Participating Life Insurance in Nova Scotia

Get The Best Of Both Worlds

Participating life insurance is a lifelong insurance protection for your family with the potential to grow your wealth tax-free.

What Is Participating Life Insurance?

It is lifelong coverage that pays your beneficiary a tax-free payment when you pass. Your policy is guaranteed to grow in cash value as long as you pay your premiums. Cash value is the value of the insurance policy that you can access as cash.

Your payments are pooled in a separate account called the participating account with other policyholders. The funds are professionally managed and may provide you with a dividend.

For Life

Protection with premiums that will not go up.

Guaranteed Value

Cash value that is guaranteed to grow.

Experience Benefits

Potential to receive a dividend.

How Does Participating Life Insurance Work?

With participating life insurance you pay your premiums and they go into an account called the “participating account,” which is professionally managed. Your money can grow in cash value and you can use that money to pay for expenses, taxes, insurance claims, etc. You may also receive a dividend as cash, which can be used to buy more insurance or pay for your existing coverage. When you pass, your beneficiary will receive a tax-free payment.

How Much Does Participating Life Insurance Cost?

Participating life insurance can be more expensive than term and universal life insurance because of the policy’s guarantees. Several variables determine the cost of your policy, here are a few of the main factors:

Age
Generally, the younger you are the cheaper your insurance will be.

Health
Your family history, medical history, and lifestyle can increase your premiums.

Occupation
If you have a dangerous job, your insurance costs may be higher.

Is Participating Life Insurance Right For You?

Fund your kid’s future. You have access to your policy’s cash value to help pay for things like post-secondary education.
Pay for emergency expenses. Navigate unexpected costs like home repairs by accessing your policy’s cash value.
Leave a legacy. Help your family or not-for-profit enjoy what you hve worked so hard to build.