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Whole Life Insurance Policies in Canada: A Comparative Analysis
Whole life insurance options can be
overwhelming—we break it down for you.
by David Goehring
Whole Life insurance policies can be broken down into two types:
Non-participating Fully guaranteed contracts and the plans do not participate in the companies profits.
Participating Whole Life Policies Offer policy guarantees, but in addition, allow the applicant to participate in the profits of the insurance company.
Whole Life policies They've gained a resurgence in popularity in Canada over recent years, as consumers are becoming more concerned with market volatility.
The following is an analysis of the top or the analysis of 4 of the leading Whole Life insurance carriers in participating insurance carriers in Canada:
Eg., 50-year-old male, non-smoker @ $500.00/month with a paid-up additional dividend option.
| Company | Plan/Initial Coverage | Death Benefits/age 75 | Cash Value/age 75 | |
| Canada Life | Wealth Achiever | $153,990.00 | $355,847.00 | $202,658.00 |
| Assumption Life | Par Plus | $170,208.00 | $346,041.00 | $155,138.00 |
| Manulife | Performax | $149,860.00 | $457,744.00 | $285,036.00 |
| Empire Life | Optimax | $175,800.00 | $373,937.00 | $213,968.00 |
Each of the above plans assumes its respective insurance company's current dividend rate. These dividend rates are not guaranteed and fluctuate.
For more information on Whole Life participating policies in Canada, please contact us at 1-866-899-4849, or visit our Whole Life Insurance Instant Quote Page.
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