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Compare whole life insurance quotes in Canada

Want to save on life insurance? Compare whole life quotes from over 20 providers across Canada – your lowest rate is only a few steps away.

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How to get whole life insurance with Ratehub.ca

  1. Tell us a bit about yourself

    Start the process by filling out our request form – life insurance is specific to you, so we'll need a few details to customize your policy.

  2. Speak with an insurance broker

    We can connect you with over 20 top providers, so a broker will be in touch to help you choose.

  3. Finalize your policy selection

    Depending on your situation, you might need a doctor's note or medical exam. Don't fret – you'll be guided through the entire process.

What is whole life insurance?

Matt Hands

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 insurance with us below, and compare your own personalized quotes once you're ready.

Does whole life insurance expire?

While term life plans can expire, whole life insurance does not expire, provided you continue making your regular payments on time.

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 coverage could be a good idea.

  • Estate planning

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

  • Trust fund

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

  • Business operations

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

Steady premiums


Fixed investment


Cash value


Can you convert term life insurance to whole life?

In most cases, you'll be able to convert your term life insurance into whole life coverage before the policy expires. Because you won't need to re-qualify, this can be a good option if your health has deteriorated as it can otherwise be difficult to purchase a brand new policy for a good price.

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Term vs. whole life insurance in Canada

Universal vs. whole 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 more.

Premiums


Death benefit


Investments


Want to save on whole life insurance?

In just a few steps, you can view customized whole life rates from Canada's top life insurance providers – bind the policy you need for the lowest rate possible 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 estimated whole life rates for a healthy, 35-year-old living in Canada. To find the best premium you could be paying, be sure to compare customized quotes with us today.

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 life insurance, males generally pay higher rates 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.

Frequently asked questions

What are the best whole life insurance companies?


Which is better: term life or whole life insurance?


Is a whole life insurance policy a good investment?


Can I cash in my whole life insurance policy?


Do I need whole life insurance?


All about your Ratehub.ca whole life insurance quote

Securing your whole life insurance online with us is simple – in just a few steps, you can bind your policy from one of Canada's top providers for the best rate possible. Here are our most frequently asked questions about the process, answered.

Ratehub.ca works with partners to help you compare whole life insurance quotes from over 20 of Canada's top providers. That way, you won't need to visit multiple brokerages or insurers in order to find the cheapest option for your needs – we shorten the process for you in one go. 

Each quote is calculated using the life insurance company's own underwriting process, so you can receive an accurate estimation based on your personalized factors. 

Author Bio

Matt Hands, Business Director of Insurance

Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca’s Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.

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