Two men sit side by side, both holding coffee mugs and looking down at laptop computers.

What is it?

Participating life insurance offers insurance protection with the potential to grow money tax-free within legislative limits inside your policy over time (called cash value). The insurance is in effect for your entire life, as long as you pay the premiums when they’re due. The amount of coverage and annual cost are guaranteed for life and you are eligible to receive dividends, which can be used to buy more coverage, reduce your annual premium payments, earn interest inside the policy or be taken out as cash. Any cash values withdrawn from the policy may be subject to tax.

How does it work?

When you purchase participating life insurance, the premiums you pay – along with the premiums of other Great-West Life policyowners – go into an account called the participating account. Great-West Life manages this account, investing in assets to help increase its value and use it to pay death benefits and any dividends. If the participating account performs better than expected, dividends may be awarded to policyowners and can be used however you see fit.

How will it benefit me?

Coverage for life

As long as you pay the required premiums you will always be insured.

Build wealth

Accumulate tax-advantaged cash value that you can use to help you achieve your goals like supplementing your retirement income, helping to pay for your children’s education or to help fund starting your own business.

Pay less tax and leave more for the people you care about

Money from your insurance can go to beneficiaries tax-free when you die. This money can grow over time tax-free within legislative limits, allowing you to leave a larger legacy for family, friends or your favourite charity.

Which one of our life insurance products is best suited for you?

Term life insurance Participating life insurance Universal life insurance
Coverage length 10- and 20-year terms are renewable to a policy anniversary closest to the age of 85.1 Lifelong2 Lifelong2
Cost Initially the lowest cost for insurance but increases at each automatic renewal. You choose: it can go up each year, remain the same until you die or you can pay for a set period of time.3 You choose: it can remain the same until you die or you can pay for a set period of time.3
You can borrow against or withdraw money from your policy4
Options to increase coverage
Tax-free death benefit to my beneficiaries
Term life insurance
Coverage length 10- and 20-year terms are renewable to a policy anniversary closest to the age of 85.1
Cost Initially the lowest cost for insurance but increases at each automatic renewal.
You can borrow against or withdraw money from your policy4
Options to increase coverage
Tax-free death benefit to my beneficiaries
Participating life insurance
Coverage length Lifelong2
Cost You choose: it can go up each year, remain the same until you die or you can pay for a set period of time.3
You can borrow against or withdraw money from your policy4
Options to increase coverage
Tax-free death benefit to my beneficiaries
Universal life insurance
Coverage length Lifelong2
Cost You choose: it can remain the same until you die or you can pay for a set period of time.3
You can borrow against or withdraw money from your policy4
Options to increase coverage
Tax-free death benefit to my beneficiaries

1So long as you're still paying your premiums. Conversion options are available under certain terms and conditions; age limits apply. 2So long as you're still paying your premiums. 3Additional payments are subject to underwriting and to tax limits. Insurance contact requirements apply. 4Any unpaid loans or withdrawn money from your policy will reduce both its cash value and the amount of money your beneficiaries receive when you die.

Talk to an expert

Not feeling confident in your finances? You can talk to one of our financial security advisors who will work with you to craft a financial plan tailored to your needs.

Contact an advisor