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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.

It’s lifelong coverage that pays whomever you choose a tax-free payment when you die. 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 insurance payout is reduced when you access your cash value.  

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

Participating life insurance can be more expensive than term and universal life insurance because of the policy’s guarantees. 

There are several variables that determine the cost of your policy. Here are a few of the main factors: 

Make a bigger impact with your charitable giving using Canada Life My Par Gift participating life insurance.

Guaranteed growth

When your policy’s cash value grows, the new total is automatically guaranteed and is protected from declines, unless you use it for some other purpose. The only way it can be reduced is if you use the cash value.

Flexible access

You can access your policy’s cash value in several ways: Borrow from your policy, use it as collateral for a third-party loan or withdraw cash value. This may affect your coverage, and you may have to pay taxes.

If the participating account performs better than expected, we may distribute dividends from these earnings. You can use dividends in one of several ways:  

  • Increase your coverage, which may increase the policy’s cash value
  • Decrease or stop your payments
  • Take your dividends as cash

Notify us of a death and/or make a claim on a wealth or life insurance policy bought through an advisor.

Canada Life and design and Canada Life My Par Gift are trademarks of The Canada Life Assurance Company. 

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