Guaranteed 15-Pay Whole Life Coverage

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Guaranteed 15 pay whole life coverage provides lifetime protection and a policy that is paid up at the end of 15 years with the policy in-force.

Many insurance companies in Canada have either raised their rates or removed their limited-pay whole life policies from their insurance line-up due to interest rates.

The following lists the top five companies in Canada that can provide $250,000 of 15-pay whole life coverage for a 50-year-old male non-smoker.

Great-West Life Group Benefits

Great West Life provides group benefit solutions to small, mid-size, and large Canadian companies. Their group benefit plans include the following components:

1. Health and Dental Coverage

Health and Dental Benefits are the primary features of any group benefit plan. These benefits help plan members bridge the gap between provincial health insurance plans and the coverage employees and their families need.

2. Life and Accidental Death and Dismemberment Insurance

Group Life Insurance can provide employees with cost-effective Life Insurance protection and Accidental Death and Dismemberment coverage to help assist with additional funds should the insured or their family fall victim to an accidental death or a tragic accident.

Which Canadian Insurance Company Has the Best Whole Life Insurance?

Before you can understand who provides the best Whole Life Insurance Plan in Canada, it's important to comprehend that Whole Life Policies come in the following two forms:

Participating whole life policies offer guaranteed premiums and cash values as well as dividends, which are non-guaranteed and are based in part on the insurance company's performance. Participating whole life dividends are largely linked to long-term interest rates.

The other type of whole life policy is Non-participating whole life insurance. These policies are fully guaranteed and offer guaranteed premiums that can provide lifetime protection. These policies also have guaranteed cash values and can be paid up in a limited number of years, depending on the plan. The best non-participating limited pay whole life policies in Canada for a 45-year-old, male non-smoker are as follows:

Manulife Group Benefits

Manulife Financial is one of the leading group benefit providers in Canada. Their group life policies offer retiring members a group conversion option that allows them to convert their group life insurance to an individual policy without having to provide evidence of insurability or undergo a medical exam.

However, the insured must complete the conversion within thirty-one days of the policy's termination. The insured member can then covert the expired plan up to a maximum of 200,000 or another maximum amount under their group life policy. The insured can choose one of the following three Manulife Group Benefit policies:

Standard Life Group Benefits

Standard Life's group benefit policies provide health and dental care, drug plan solutions, travel assistance, life insurance, accidental death and dismemberment insurance, multi-national pooling, flex solutions, and solutions for small businesses.

A key component of any group benefit package is the health care component of the plan. According to a recent article in the National Post, the provinces are edging ever closer to spending 50% of their annual budget on healthcare costs, and in 2010, Canada spent more on public healthcare bills than the entire GDP of the Ukraine.

BMO Life Insurance Company

Founded in 1817 as the Bank of Montreal, the group provides a broad range of retail banking, wealth management, and investment solutions to more than 7 million clients across Canada.

BMO Life Insurance Company of Canada offers a full line-up of term life insurance policies, non-participating whole life policies, and universal life policies. They also offer a full range of critical illness insurance solutions, including critical illness term 10, term 20, term to 75, and term 100 plans. BMO is one of only three companies in Canada to offer a Term 20 Critical Illness plan, along with Manulife Financial and AXA Assurance. These policies are available with a return-of-premium either upon death or upon the expiry date of the policy.

Equitable Life Announces Improvements to Equiliving Critical Illness Product

Equitable Life has announced improvements to their Equiliving Critical Illness Policy as of July 25.

Now, policyholders will enjoy an increase of 15% to the payout of the Early Detection Benefit to a new maximum of $50,000. They will also receive a simplified return-of-premium on Surrender Riders. In addition, the return-of-premium on death rider is now an optional part of the plan, allowing insured individuals greater flexibility in creating a plan that fits their current circumstances.

An added bonus gives policyholders the ability to protect their families like never before. Equiliving Critical Illness Policies are now available to children between the ages of 30 days and 17 years and now covers five childhood illnesses.

For information on the Equiliving Critical Illness Policy and other Living Benefits insurance policies in Canada, please call us 1-866-899-4849 or visit our Critical Illness Insurance Quote Page.

Canada Protection Plan Offers a Wide Variety of ‘No Medical’ Life Insurance Plans, But Often With a Waiting Period.

Canada Protection Plan's non-medical life insurance policies are underwritten by Unity Life. They are one of the leading providers of non-medical life insurance in Canada. They come in both the term life and permanent life insurance varieties.

All of their policies are simplified issue plans, meaning that the insured does not have to complete any medical tests, but they do have to answer a series of health questions. The more health questions they're able to answer “no” to, the lower the premium and the more likely the death benefit is going to be available on an immediate basis, rather than a deferred basis with a two-year waiting period.

Why Are Whole Life Insurance Rates and Universal Life Rates Increasing in Canada?

Manulife Financial was the first major insurance company to raise its Universal Life Level Cost of Insurance rates. This has been followed by a slew of increases among other insurance carriers in Canada.

Canada Life, RBC, BMO, and Industrial Alliance have all raised their Universal Life Level Cost of Insurance rates. Many companies have also raised their Term 100 and 20-Pay policy rates, including recent increases by Empire Life. Some companies have even removed Term 100 policies from their product lineup, as well as certain participating whole life policies.

Manulife Financial’s Insurance Solutions

Manulife Financial has been providing Canadians with life insurance solutions for over 100 years.

They are one of Canada's leading life insurance providers and have an AM Best rating of A+.

Their term life insurance lineup includes Term 10 and Term 20 policies, which are both competitively priced and guaranteed renewable and convertible.

Manulife also offers Whole Life insurance policies. Their flagship Whole Life plan is Performax Gold, which provides guaranteed cash values and flexible dividend options.

Their Universal Life insurance policies include the following: