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Find the best whole life insurance quotes in Canada

Shop the Canadian whole life insurance market with us today – your best rate is only a few steps away.

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How to get whole life insurance with

  1. Tell us a bit about yourself

    Life insurance is specific to you, so we'll need a few details to customize your policy.

  2. Speak with an insurance broker

    We'll show you quotes from multiple providers, so a broker will be in touch to help you choose.

  3. Finalize your policy selection

    You may need a medical exam to finalize your policy, but you'll be guided through the process.

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What is whole life insurance?

Whole life is a type of permanent life insurance, meaning it lasts for the duration of your life – as long as you continue paying your premiums on time. So when you pass away, your beneficiaries will receive a death benefit from your insurer. Because the policy is virtually guaranteed to pay out eventually, whole life insurance premiums are more expensive than the premiums for term life insurance. And aside from the payout, there are other advantages, including the accumulation of a cash value within your policy.

Whole life insurance is one of the most popular types of life insurance coverage in Canada, perhaps being a 'standard' permanent life insurance plan. These plans never expire, so it's a great option for people who want to maintain their life insurance coverage during their old age.

Whether or not whole life insurance is the right option for you depends on a few factors, though – so learn more about whole life policies with us below, and compare your own personalized life insurance quotes once you're ready.

Is whole life insurance worth it?

The premiums on a whole life policy are generally much more expensive than that of a term life policy. But while most people won't need coverage for their entire lifetime, a whole life plan can be worth it, depending on the needs of your specific situation – here are three examples of when permanent life insurance coverage could be a good idea.

  • Trust fund

    If you want to build a trust fund for future generations, a whole life policy can be just what you need.

  • Estate planning

    A whole life policy is one tax-advantaged way to leave your beneficiaries with a large sum of money.

  • Business operations

    As a business co-owner, whole life insurance can provide the funds needed for a buyout upon death.

The benefits of whole life insurance

Aside from covering you for your entire life, whole life insurance has a number of other key features that set it apart from other products – here are three advantages to choosing a whole life policy.

The premiums in whole life insurance stay level for the entire duration of the policy. This means that they generally start at a higher rate than term life policies, but will eventually be lower in later stages of life – because term premiums increase each time you renew your policy. Some whole life policies will allow you to pay premiums, sometimes increased, for a set period of years or up to a certain age, with no more payments required after that.

Compare whole life insurance quotes from Canada's top providers.

In just a few steps, you can request customized permanent life insurance quotes from Canada's top life insurers – it's easy to find your best rate today.

How much does whole life insurance cost?

While the cost of whole life insurance will differ depending on the policyholder's individualized profile, here are a few sample quotes we pulled in April 2024. For a more thorough analysis of pricing, read our page on how life insurance policy pricing works.

  • $1,453/year

    Whole life policy with $150,000 coverage

    for a 40-year-old, non-smoking male

  • $3,025/year

    Whole life policy with $500,000 coverage

    for a 35-year-old, non-smoking female

  • $4,416/year

    Whole life policy with $300,000 coverage

    for a 50-year-old, non-smoking male

How whole life insurance quotes are calculated

  1. Age

    The older you are, the more expensive your whole life premiums will be. But keep in mind that locking in a low rate early can also mean you're making more payments during your lifetime.

  2. Gender

    When it comes to buying life insurance, males generally pay higher rates. This is due to the statistical risk factors of life expectancy.

  3. Health

    Life insurance companies like to see low-risk policyholders, so pre-existing conditions, smoking, substance abuse, and a complicated family medical history will lead to higher whole life insurance rates.

  1. Payment period

    Not all whole life policies require premiums to be paid until death. If you choose to accelerate your payment plan (e.g. pay off in 10 years), expect your rate to be much higher.

  2. Coverage amount

    While the death benefit on a whole policy isn't fixed, selecting a higher face value or a higher guaranteed return rate will lead to more expensive premiums.

  3. Dividends

    Participating policies pay out dividends – so insurance rates are typically higher for these plans. But dividends can also be credited as part of your premium, lowering your out-of-pocket cost.

Term life insurance vs. whole life insurance

*To learn more, check out our blog on the difference between whole life insurance and term life.

Whole life insurance vs. universal life insurance

There are three main differences between whole and universal life insurance policies: premiums, benefits, and investments. Click on each feature below to learn what differentiates these two types of life policies.

Whole life insurance premiums stay the same for the entire duration of the policy, whereas universal premiums can be negotiated higher or lower, depending on the company and your policy.

The Canadian whole life insurance market

According to the Canadian Life & Health Insurance Association, 12% of the value of in-force policies came from individual whole life plans in 2022. On the other hand, individual term life insurance policies took up 40% of the market while group term life policies took up 35% (totalling 75% for all term products). Universal life insurance policies amounted to 13% of the market share.


individual whole life market share in in 2022


indiviudal and group term life market share in 2022

Whole life insurance sales in 2023

According to LIMRA's Canadian Life Insurance Sales Survey, the new annualized premium for life insurance within the country increased by 4% in 2023 to $1.86 billion – this number was the highest sales recorded in the Canadian market (since the survey was first established in 1993).

Whole life insurance took up 68% of the new annualized premium market share. At a record $1.27 billion, premiums saw an immense growth of 10% while policy count increased by 4% year-over-year. In comparison, term life new annualized premium market share amounted to 19% while universal life amounted to 13%.

learn more about the survey

Ready to speak to a broker about whole life insurance?

Request personalized whole life insurance quotes from Canada's top providers – find your most affordable option with us today.

Additional whole life insurance resources

While a whole life policy can seem like a daunting purchase, it doesn't have to be – taking the time to learn all about the product will help you understand the ins and outs of your coverage. For more resources on whole life insurance, be sure to read our blog posts below.

Frequently asked whole life insurance questions

Do I need whole life insurance?

Does whole life insurance expire?

What are the best whole life insurance companies?

Which is better: term life or whole life insurance?

Can I cash in my whole life insurance policy?

Is a whole life insurance policy a good investment?

Does whole life insurance have a cash value?

What is final expense whole life insurance?

Can I borrow against a whole life insurance policy?