Skip to main content

How Canada Life is supporting you during COVID-19. Learn more

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. Learn more

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. Learn more

Your web browser is out-of-date. For the best experience, please update to a modern browser like Chrome, Edge, Safari or Mozilla Firefox.

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

It’s guaranteed lifelong coverage that protects the people you care about. But it’s more than just insurance. Over time your policy can build value you can access for cash during your life, with certain tax implications.  

You can access money in your policy through a loan or a withdrawal. And when you die, the people you’ve chosen receive a tax-free payment, similar to term life insurance.  

Universal and participating life insurance are the 2 forms of permanent protection. Here’s how they compare: 

Participating life insurance

Universal life insurance

Common features

  • Guaranteed money grows inside your policy
  • Conservative asset management
  • Policyowner dividends
  • Manage your risk profile and choose investment options
  • Cost effective
  • Payment flexibility
  • Lifetime insurance coverage
  • Guaranteed premium options
  • Guaranteed payout

Generally, permanent insurance costs more than term insurance, but there are a lot of factors that determine the cost of your policy, including:

With over 170 years of experience, we have a long history of financial strength and stability. Work with one of our advisors to make a plan that works for you.

Find an advisor

Already have an advisor? Get in touch.