WHOLE LIFE INSURANCE QUOTE AND EXPERT TIPS

Why Choose LSM Insurance For Whole Life Insurance

  • Serving Canadians for over 25 years
  • One of the largest Canadian life insurance brokerages
  • Offering Whole Life insurance solutions across Canada
  • We work with more life insurance companies than the majority of brokers (25+ insurers)

 

LSM Insurance is accredited by:

 

 

 

Get a Whole Life Insurance quote today or ask questions

Whole Life Insurance Quote for Canadians

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Sample Whole Life Insurance Quotes

Female, 51 years old, non-smoker, no serious health pre-conditions, whole life insurance policy for $200,000 coverage

Best quote:
$237 per month

Male, 44 years old, non-smoker, no serious health pre-conditions, whole life insurance policy for $200,000

Best quote:
$204 per month

Female, 35 years old, non-smoker, no serious health pre-conditions, whole life insurance policy for $500,000

Best quote:
$276 per month

What is Whole Life Insurance?

Whole life insurance is a life insurance policy that covers a policyholder as long as he/she lives. In addition to being a life insurance product, it is also a saving product – a whole life insurance policy accumulates value that you can get, either when you terminate (surrender) the policy or if you decide to borrow against the policy value.

Historically, this type of insurance was created to combine a lifelong insurance product with a savings component.

Interested in whole life insurance or have questions? Please complete the form above.

When do you Need Whole Life insurance?

There are numerous cases in which whole life insurance is your best option:

  1. You want to have life-long coverage that does not expire.
  2. You want to have predictable insurance rates – whole life insurance rates will always stay the same.
  3. You want someone to invest and monitor your savings for you.
  4. You are not expecting extraordinary investment profits – whole life insurance’s cash value accumulation will be always lower than high-risk/high-growth investments.

Interested in whole life insurance or have questions? Please complete the form above.

How does Whole Life Insurance compare to other life insurance products?

Here is a brief comparison on how whole life insurance compares to term life insurance and universal life insurance.

  Term Life Insurance Whole Life Insurance Universal Life Insurance
Coverage length Limited (e.g. Term 10 – coverage for 10 years) Life long Life long
Insurance coverage Yes Yes Yes
Cash accumulation No Yes Yes
Can choose amounts going into insurance and cash accumulation No No Yes

Interested in whole life insurance or have questions? Please complete the form above.

What are Whole Life Insurance Rates?

Whole life insurance rates are fixed for life. In the beginning, premiums are higher than term life insurance, but in the later stages of your life, term life insurance rates will be very high because they increase as you age. Whole life insurance rates will stay the same. That is why whole life insurance is a good option if you want to have predictable insurance rates that don’t skyrocket as you age.

Interested in whole life insurance or have questions? Please complete the form above.

How Do Whole Life Insurance Dividends Work?

CAs mentioned earlier, whole life insurance is insurance which provides coverage for the policyholder’s entire lifetime. Whole life policies can be divided into two categories: participating and non-participating. Both policies provide level premiums, lifetime protection and a guaranteed cash value — but participating whole life plans pay an annual dividend. The annual dividend is NOT guaranteed, and in most instances is linked to long-term interest rates as well as the insurance company’s performance. If you have an existing participating whole life policy which was purchased in a high interest environment, it is a good idea to request an updated policy illustration—the projected values may have changed dramatically.

Participating policies: Most participating whole life policies have multiple dividend options. The following is a brief look at four various dividend options:

  1. Dividends on deposit – the annual dividend is kept on account within the policy
  2. Paid-up additions – the annual dividend is used to purchase additional paid-up insurance
  3. Premium reductions – the annual dividend is used to reduce the annual premium
  4. Term option – the annual dividend is used to buy paid-up term insurance

Non-participating policies: By contrast, non-participating whole life policies have no dividends, and the value of these plans are guaranteed. The shorter the policy payment period, the higher the premium. The guaranteed cash surrender value of whole life policies varies by the amount of coverage, length of time paid, and the company issuing the coverage.

Below is an example (the rates and values are as of July 2018) comparing a participating and non-participating whole life policy, using a 30-year-old male non-smoker with $250,000 of whole life coverage paid up in 20 years:

  Non-participating Foresters Whole Life Policy Participating Manulife Life Policy
Annual premium $2,522 $8,028
20-year contribution $50,450 $160,553
Death benefit at year 20 $250,000 $502,107
Death benefit at age 65 $250,000 $783,488
Cash value at age 65 $411,943 $783,488
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