Find the best whole life insurance quotes in Canada
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What is whole life insurance?
Whole life insurance 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. When you pass away, your beneficiaries will receive a death benefit from your insurer. These plans never expire, so they're a great option for people who want to maintain life insurance coverage into old age.
Because the policy is virtually guaranteed to pay out eventually, whole life insurance premiums are more expensive than the premiums for term life insurance. Aside from the payout, it offers other advantages, including the accumulation of cash value within your policy.
Is whole life insurance worth it?
A whole life plan can be worth it, depending on your specific goals with the policy. If you want to start estate planning, build a trust fund or leave a large sum of money to your loved ones, permanent life insurance may be a good option.
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, permanent life insurance can provide the funds needed for a buyout upon death.
What are the benefits of whole life insurance?
Beyond lifelong coverage, whole life insurance offers several benefits, including steady premiums, a fixed investment component, and a cash value:
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How much does whole life insurance cost?
A whole life insurance policy is generally much more expensive than that of a term life policy. However, the actual cost you’ll pay depends on your personal profile, including your age, health status, lifestyle and coverage details. Here are a few sample quotes we pulled in October 2026:
- $232/month
Whole life policy with $500,000 coverage
for a 30-year-old, non-smoking female
- $384/month
Whole life policy with $500,000 coverage
for a 37-year-old, non-smoking male
- $1,054/month
Whole life policy with $1,000,000 coverage
for a 48-year-old, non-smoking female
How are whole life insurance premiums calculated?
Whole life insurance premiums are calculated based on the risk you bring as a policyholder. Risk factors insurers consider include your age, gender and health status. Generally, the more risk you bring, the higher the cost. Here are a few main factors insurance companies look at to help determine your rate:
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.
Gender
When it comes to buying life insurance, males generally pay higher rates. This is due to the statistical risk factors of life expectancy.
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 policy rates.
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.
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.
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.
What’s the difference between whole life and term life insurance?
The main differences between whole life and term life insurance are the coverage period, premium cost, death benefit payout and cash value. Below, we cover several differences between the two so you can choose the one that best suits your needs.
|
Feature |
Term life insurance |
Whole life insurance |
|---|---|---|
|
Coverage period |
Term life insurance only covers you during the fixed term you choose – be it five years, 10 years, or 30. |
Whole life insurance covers you for an entire lifetime – from the policy start date until the day you pass. |
|
Coverage needs |
Term policies are well-suited if you only need financial protection for a specific period (e.g. mortgage debt). |
Whole life insurance is recommended if you have a lifetime need for coverage (e.g. estate planning). |
|
Death benefit |
Your death benefit is the set amount purchased – it'll also only be paid out if you pass away during the term. |
Your death benefit is usually also fixed to a certain amount, but it can change in some cases – it's also guaranteed to pay out after you pass. |
|
Cash value |
Term life insurance policies don't accumulate in cash value, so you won't be growing a reserve. |
Whole life plans can accumulate in cash value, so you can access funds during your lifetime. |
|
Withdrawals |
You can't withdraw from a term life insurance policy during your lifetime. |
With whole life insurance, you're generally able to withdraw or borrow against your cash value reserve. |
|
Cost |
Term life is generally much more affordable than whole life – that's because you might not need a payout. |
Whole life insurance policies are eventually paid out, so expect to pay much more for this coverage. |
What's the difference between whole life insurance and universal life insurance?
The main differences between whole and universal life insurance policies are their premiums, benefits, and investments: