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 Any cash values withdrawn from the policy may be subject to tax.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.
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.
Rates, values and performance
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.