Permanent life insurance is more expensive than term coverage because it lasts a lifetime and builds cash value. On average, a healthy person in their 30s might pay around $150–$250 per month for $100,000 of coverage. Costs increase with age, health conditions, and higher coverage amounts.

Permanent life insurance provides lifetime coverage with fixed premiums that never increase. It also includes a cash value component that grows over time, which you can borrow against or use for future needs. Many people choose it for estate planning, leaving an inheritance, or covering final expenses, since it guarantees a payout as long as premiums are paid.

Almost anyone can apply for permanent life insurance, from young adults to seniors. It’s often chosen by people who want lifetime protection, are planning their estate, or want to leave an inheritance. Approval depends on age, health, and the type of permanent policy you apply for, but there are options available for most life stages.

Yes, it can be. Converting lets you keep coverage for life without going through a new medical exam, even if your health has changed. It’s useful if you want to lock in lifetime protection, build cash value, or use insurance for estate planning. Keep in mind, permanent policies cost more, so it’s best for people who want long-term security and can budget for higher premiums.

The cash surrender value in permanent life insurance is the savings component you can access while still alive. It grows tax-deferred and can be borrowed against, used to pay premiums, or withdrawn if you no longer need the coverage. This flexibility makes permanent insurance more than just protection — it can also serve as a financial resource during your lifetime.

Not always. If no one relies on your income, you may not need much coverage. However, permanent life insurance can still be useful to cover final expenses, leave a tax-free gift to family or charity, or lock in coverage while you’re young and healthy. It also builds cash value, which you can access later in life.

The right permanent life insurance depends on your goals. Whole life is best if you want guaranteed lifelong protection with stable premiums and a cash value that grows over time. Universal life offers more flexibility, letting you adjust your premiums and death benefit while also building savings. Your choice depends on whether you value predictability, flexibility, or building long-term wealth.

You should contact a licensed life insurance advisor. At LifeAdvisor.ca, I work with CF Canada Financial and top insurance providers to help you find the right permanent policy for your needs. Simply reach out to me for a free one-on-one conversation, and I’ll walk you through your options and the application process.