Whole Life Insurance in Canada


Whole Life Insurance provides peace of mind by delivering permanent coverage at a guaranteed rate. However, there are many variables to examine before purchasing a whole life insurance policy. The following 5 tips can assist in the process.

  1. Whole life policies are generally much more expensive in nature and you want to make sure that you want coverage for life and that you’re able to afford the premium. If you cancel the policy in the early years, you’ll be losing the bulk of your contribution.
  2. Determine if you want a participating or non-participating policy. Participating whole life policies are generally higher in cost but provide an annual dividend which can translate into an increasing cash value and death benefit. This allows your policy to stay in line with inflation.
  3. Determine if the policy has a quick-pay option. Many whole life policies allow you the option of paying up the policy in 10, 15 or 20 years. You generally pay a higher premium for this option, since your premium period is condensed to a shorter time frame.
  4. Determine what riders or benefits are available as add-ons to the policy. Many whole life policies allow you to add a disability waiver, accidental benefit or a variety of other riders and/or benefits which can enhance the policy’s overall value. But be careful of the cost of these riders.
  5. Work with an independent broker who can provide you with unbiased independent advice and select the best whole life plan for your situation.

Be sure to read our Whole Life Insurance Tips!

  1. How do Whole Life Insurance Dividends Work?
    Whole life insurance provides coverage for the policyholder’s lifetime. The policies can be divided in two categories: participating and non-participating.


Also check out what policies Canadian life insurance companies have to offer:


Apply now for whole life insurance.


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  1. Steve 04/29/2013 at 3:45 pm

    I read in the Globe and Mail that Whole Life rates are on the rise. How does this impact my existing policy?

  2. LSM Insurance 04/29/2013 at 3:51 pm

    Hi Steve,

    Your guaranteed policy premiums and values will not be impacted.

    Historically low interest rates has caused many insurance companies to lower their dividend scales.

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