What is permanent insurance?
Definition
Educational information only. Last reviewed August 25, 2026.
How it works in Canada
Whole life and universal life are the two main Canadian categories. Permanent coverage costs more than term at the same age because it is priced to pay a claim eventually rather than only during a limited period.
Example
A business owner facing tax on private company shares at death may hold permanent coverage because the liability does not expire.
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Written and reviewed by CanadaGFI.ca Editorial Team
Licensed insurance and financial professionals contributing to CanadaGFI.ca
Published and last reviewed August 25, 2026. Read our editorial policy and disclosures.
This page is educational information about Canadian financial concepts. It is not personalized financial, tax, insurance or legal advice, and it does not consider your individual circumstances. Product availability, eligibility, pricing and tax treatment depend on the provider, your situation and current Canadian rules. Speak with a professional licensed in your province before acting.
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