Which Canadian Insurance Company Has the Best Whole Life Insurance?

Protect your whole family
with Whole Life Insurance.
Photo by Derek Bakken

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:

• $250,000 in guaranteed 10-pay coverage from Western Life is $410.65 a month.

The guaranteed cash value at the end of twenty policy years would be $52,750, and the policy would be paid up at the end of ten years.

•  $250,000 of 15-pay coverage with Union of Canada would be $355.88 a month.

The guaranteed cash value at the end of twenty years would be $42,077, and the policy would be guaranteed paid up at the end of fifteen years.

•  $250,000 of 20-pay coverage would be $268.75 a month with Western Life.

Guaranteed cash value would be $63,115, and the policy is guaranteed paid up by the end of twenty years.

For more details on whole life insurance in Canada, please call us at 1-866-899-4849 or visit our Whole Life Insurance Quote Page.

Posted by Chantal Marr.