Compare whole life insurance quotes in Canada.
Whole life insurance provides permanent coverage that lasts your entire lifetime with guaranteed premiums and cash value growth. Build wealth while protecting your family's future.
Perfect for estate planning, leaving a legacy, tax-advantaged savings, and ensuring lifetime protection. Compare quotes from Canada's leading permanent life insurance providers.
Get whole life insurance quotes from Canada's top permanent life insurers.
Lock in your rate today for lifetime protection and guaranteed cash value growth.
Free • No Obligation • Secure
Join 26,000+ Canadians who saved an average of $450/year
What is Whole Life Insurance?
Whole life insurance is permanent life insurance that covers you for your entire lifetime, as long as premiums are paid. Unlike term life insurance which expires after a set period, whole life provides guaranteed coverage that never expires and never increases in cost.
Whole life insurance includes two key components: a guaranteed death benefit for your beneficiaries and a cash value account that grows tax-deferred over time. You can borrow against or withdraw from this cash value for any purpose during your lifetime.
Key Benefit
Whole life insurance premiums are guaranteed to never increase, and your coverage is guaranteed to never expire. Lock in your rate today for lifetime protection.
Types of Whole Life Insurance
Participating Whole Life
Also called "par whole life," these policies pay annual dividends based on the insurance company's financial performance. Dividends can be taken as cash, used to reduce premiums, purchase additional coverage, or left to accumulate with interest.
- ✓Potential annual dividend payments
- ✓Higher cash value growth potential
- ✓Popular with major Canadian insurers
Non-Participating Whole Life
Non-par whole life policies don't pay dividends but typically have lower premiums. They provide guaranteed cash value growth at a fixed rate. Better for those who want predictable, guaranteed growth without variable dividend performance.
- ✓Lower initial premiums
- ✓Guaranteed cash value growth rate
- ✓No dividend uncertainty
Benefits of Whole Life Insurance
Lifetime Coverage Guaranteed
Coverage never expires as long as premiums are paid. Your family receives the death benefit no matter when you pass away, providing true lifetime protection and peace of mind.
Cash Value Growth
Build tax-deferred cash value that grows guaranteed every year. Access funds through policy loans or withdrawals for emergencies, retirement income, or any financial need.
Estate Planning Tool
Create a guaranteed tax-free inheritance for your heirs. Cover final expenses, estate taxes, and leave a lasting legacy. Death benefits bypass probate and go directly to beneficiaries.
Level Premiums Forever
Your premium is locked in and guaranteed never to increase, no matter your age or health changes. Budget with confidence knowing your cost stays the same for life.
Tax Advantages
Cash value grows tax-deferred, death benefits are tax-free, and policy loans are tax-free. Whole life insurance offers significant tax planning advantages for high-income Canadians.
Guaranteed Protection
Whole life insurance provides guaranteed death benefit amounts, guaranteed premiums, and guaranteed cash value growth. No surprises, only certainty and peace of mind.
Whole Life Insurance FAQs
How much does whole life insurance cost?
Whole life insurance costs significantly more than term life because it provides lifetime coverage and builds cash value. A 35-year-old might pay $200-400/month for $250,000 in coverage. Premiums depend on age, health, coverage amount, and whether you choose participating or non-participating whole life.
How does cash value work in whole life insurance?
Part of your premium goes toward cash value, which grows tax-deferred at a guaranteed rate (plus potential dividends). After several years, you can borrow against it or make withdrawals. Policy loans accrue interest, and outstanding loans reduce the death benefit if not repaid.
Should I buy term or whole life insurance?
Choose term life if you need affordable coverage for a specific period (mortgage, raising children). Choose whole life if you want lifetime protection, estate planning benefits, tax-advantaged savings, or guaranteed coverage that never expires. Many Canadians buy term first and convert to whole life later.
Can I convert term life to whole life insurance?
Many term life policies include conversion options that let you switch to whole life insurance without a medical exam, typically within the first 10-20 years. This is valuable if your health declines or you want permanent coverage. Check your term policy for conversion deadlines and conditions.
Are whole life insurance dividends guaranteed?
No, dividends on participating whole life policies are not guaranteed, though major Canadian insurers have strong dividend payment histories. Dividends depend on the insurer's investment performance, mortality experience, and expenses. Non-participating policies don't pay dividends but have guaranteed cash value growth.
Is whole life insurance a good investment?
Whole life insurance isn't primarily an investment tool—it's insurance with a savings component. Returns are typically lower than stock market investments but offer guaranteed growth, tax advantages, and lifetime protection. Best for those who want guaranteed savings, estate planning benefits, and permanent coverage.
Ready for lifetime protection?
Compare whole life insurance quotes from Canada's leading permanent life insurance providers and secure your family's future.