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.
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.
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.
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Matt Hands, VP, Insurance and MoneySense
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.
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 agreement upon death.
Find out how much you could save on whole life insurance.
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.
We've comprised a more thorough analysis of how life insurance policy pricing works here.
How whole life insurance quotes are calculated
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.
When it comes to life insurance, males generally pay higher rates due to the statistical risk factors of life expectancy.
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.
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.
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.
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.
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.learn more
What is whole life insurance vs term life
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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.
Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio