Whole Life Insurance for Children: A detailed look at Canadian Insurance Companies

Whole Life insurance can provide a valuable option for individuals looking for lifetime protection, fixed premiums and a tax sheltered savings component.

Participating Whole Life policies allow the insured to participate in the profits of the insurance company. By taking out a policy on a child, the insurance can benefit in the following three ways:

1. They lock in at a low cost.

2. The policy can be paid up in a limited number of years.

3. It allows the insured to lock in at their current health status, i.e. parents who have a hereditary disease link within their family, may want to consider a Whole Life policy on a young child, guaranteeing that child’s future insurability.

The following is a list of three of Canada’s leading Whole Life insurance carriers for children
Five-year-old Boy – $100.00/month – 20 pay coverage.
Company Plan
Initial Coverage
Death Benefits/age65
Cash-Value at age65
Assumption Life $68,290 $412,898 $157,253
Empire Life $69,480 $687,868 $348,648
Canada Life $77,362 $668,600 $411,258


(Each of the above plans provides fixed premiums guaranteed to never increase, lifetime protection and the policies are fully paid up at the end of 20 years.)

It should be noted the cash value and death benefits at age 65 are based on the company’s current dividend scales. These values are not guaranteed and can fluctuate up or down.

For more information on whole life insurance for children, please contact us at 1-866-899-4849 or visit our online Whole Life Insurance Instant Quote Page.

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  • anna
    October 27, 2013 at 11:24 am

    A friend of mine bought Whole Life Policies for her children. She was told that it was an RESP. There was even an RESP certificate included. However, we noticed that the Contract Number on the “RESP Certificate” and the Policy Number on the Whole Life Policy werem not the same. Se we are just wondering, how could a Whole Life Policy serve as the child’s RESP?

    • LSM Insurance
      October 27, 2013 at 11:26 am

      A Whole Life policy could build cash values which could be used to help fund a child’s education but this is much different than an RESP which is a straight investment and qualifies for the 20% CESG.

  • Chris
    July 6, 2013 at 7:14 pm

    What is the best plan for my son. he’s 6 yr old good health. My budget is pretty tight $25 a month, want some cash value he can use fown the road.

    • LSM Insurance
      July 7, 2013 at 1:06 pm

      Hi Chris, We are happy to help out. He could get a small Permanent plan – likely a Whole Life plan if you want to build a cash value.

  • Great Mom
    June 18, 2013 at 6:10 pm

    I need a quote on a $100,000 Life Insurance plan for my 19 year old daughter. I want something paid up in 15 or 20 years

    • LSM Insurance
      June 18, 2013 at 6:46 pm

      Thanks for the note. We are happy to help out and will be in touch by email.

  • Howard
    June 1, 2013 at 5:39 pm

    Can I buy life insurance for my son. He was declined becuase of his weight

    • LSM Insurance
      June 1, 2013 at 6:07 pm

      Hello Howard,

      Depending on the age of your child – simplified issue policy options (no medical tests and a short series of health questions) are much more limited for children than adults.

      We could send a preliminary inquiry to a few other carriers. Underwriting guidelines can vary from company to company.

  • Insurance 101
    May 12, 2013 at 6:51 pm

    Buying an insurance on child makes no sense. The parent is not dependent on the child but rather vice versa

    • LSM Insurance
      May 13, 2013 at 8:31 am

      You’re half right – insurance on the parent is more important than insurance on the child. But that does not take away from the fact that insurance on child offers the following benefit 1) allows the child to lock in a low rate. 2) Up grade the coverage without a medical – many plan have a future guaranteed insurability option 3) Plans can be paid up in a limited number of years.

  • Stacey
    May 11, 2013 at 8:04 am

    Hi There,

    My child is a little overweight is the a build question and will a nurse have to weigh him this would be awkward.

    • LSM Insurance
      May 11, 2013 at 9:21 am

      Hi Stacey,

      Thanks for the question. Yes there is a build question but the nurse will not have to weigh him but it is important you are truthful otherwise a future claim could be denied.

  • Yvonne Smith
    May 7, 2013 at 6:46 am

    I just had a third child, how do I add her to the Children’s Term rider on my eisting …. policy number …

    • LSM Insurance
      May 7, 2013 at 7:42 am

      Hi Yvonne, Congratulations many children’s term policies allow you to add up to 8 children under one rider, there would still be a health declaration.

      You existing carrier or broker should be able to get you the necessary paperwork.

  • LSM Insurance
    April 27, 2013 at 9:16 am

    Thanks for the note. You would have to contact your broker or Canada Life directly.

    Depending on the plan this should be able to be added as a rider

  • Dino
    April 27, 2013 at 5:46 am

    How can I add a children’s life rider to my existing life insurance policy and how much does it cost. My wife and I have plans with Canada Life.

  • LSM Insurance
    April 18, 2013 at 9:23 am

    Hi Ian,

    A Universal Life policy at the minimum premium (minimal cash accumulation) will give you more coverage but minimal savings.

    A Whole Life policy – especially a participating policy will give you less initial coverage but the policy will have higher cash values and the death can escalate as you get older.

  • Ian Clarke
    April 18, 2013 at 9:10 am

    I am looking at a plan for my 9 year old son. I am debating on a Universal Life vs Whole Life plan, I have a budget of $25 to $30 a month.

  • LSM Insurance
    March 11, 2011 at 6:44 pm

    Thanks for note. Norma a disability quote will depend on your age, smoking status, occupation and type of plan. We’ll send you a separate email now.

  • Norma
    March 11, 2011 at 6:23 pm

    would like quote on disability insurance