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The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

As a business owner you have options: your life insurance policy can be personally or corporately owned.

There are tax advantages to a business-owned policy. It provides a one-time, tax-free payout for your business if you, your business partner or key employees die.

Life insurance isn’t just a way to help protect your business, it also helps diversify your assets. You also may be able to access the policy’s value.

There are two main types of life insurance for business owners: term life insurance and permanent life insurance.

Depending on your coverage needs, term life insurance and permanent life insurance can be important parts of your business plan now and in the future.

Comparison between term and permanent life insurance
Types of insurance
Term life insurance
Permanent life insurance

When do you need it?

Temporary protection

Long-term protection

Needs it can meet

  • Protect your new business from the death of a key person
  • Loan coverage
  • Additional cash flow
  • Fund a buyout agreement
  • Business has funds not needed for daily operations
  • Succession planning   

How long does it last?

Specific period

Lifetime protection

Cost

Typically the most affordable type of insurance 

Usually more expensive than term life insurance

Benefits

  • Your beneficiary may receive a tax-free, one-time payment when you die
  • Your beneficiary may receive a tax-free, one-time payment when you die
  • Build wealth inside your policy, within limits, you can access while you’re alive 
Savings component

No

Yes

Learn more about insurance

View term life insurance
View permanent life insurance

Life insurance can be so much more than protection. Here are some ways that life insurance can help:   

Life insurance can be key to help keeping your business running smoothly, whether you’ve just started out or you’re looking for long-term protection.

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