The Standard Life Assurance Co. of Canada today announced the addition of a whole life insurance product to its portfolio of wealth management solutions. The new whole life product is available immediately through independent financial advisors across Canada.

Standard Life’s whole life product offers premiums and values that remain unchanged for the duration of the contract. It is targeted to individuals approaching retirement and looking for tax-efficient ways to maximize wealth transfer between generations. It can also fit the needs of younger individuals looking to ensure that their families are financially protected.

As well, Standard Life says the new product provides an alternative to existing Standard Life term insurance policyholders who want to convert their temporary insurance to a permanent form of life insurance coverage.

“We are committed to the needs of the pre- and post-retirement market by providing consumers with competitive products for protecting their assets and enabling them to efficiently transfer wealth to their heirs,” says Denis Berthiaume, senior vp, retail markets of Standard Life. “Our strategy is to continually provide advisors with products that meet the evolving needs of consumers as they progress through various stages of their financial lives.”