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Whole life insurance is a type of permanent life insurance that provides you coverage for your entire life. Your premiums won't change as you get older. Your policy will often have a guaranteed minimum cash value.
We call it “participating insurance” (or “par insurance”) because the policyholder participates in the risk along with the insurance company. As part of this risk-sharing relationship, par policyholders may also share in certain rewards when their policies perform better than originally expected.
As opposed to a non-par plan, which has guaranteed and fixed benefits, a par plan has non-guaranteed benefits which depend on the profits of the company and therefore future bonuses can never be guaranteed.
You'll typically pay less for life insurance at age 25 than at age 40. Waiting until age 60 may mean an even bigger rate increase and limited policy options.
Combining growth, flexibility and stability, iA Participating Life Insurance (iA PAR) is permanent life insurance that includes basic coverage for which premiums, the initial face amount and the surrender value are fully guaranteed.