1-888-601-9980
- Non-participating whole life insurance provides lifelong coverage, guaranteed premiums, and a guaranteed death benefit without dividend payments
- The best non-participating life insurance companies include BMO, Empire Life, Assumption Life, UV Insurance, Wawanesa, and iA Financial
- The premiums of non-participating whole life insurance policies depend on factors such as age, health, smoking status, coverage amount, and premium payment period
The best non-participating whole life insurance companies in Canada include Wawanesa, iA Financial, BMO, Empire Life, Assumption Life, and UV Insurance. These insurers offer non-participating whole life insurance options designed for people who want predictable long-term coverage without relying on dividends. When choosing a non-participating whole life insurance plan, you should consider the insurer’s product features, premium payment periods, guaranteed cash values, coverage limits, and optional benefits.
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
What is non-participating whole life insurance?
Non-participating whole life insurance is a type of permanent life insurance that provides lifelong coverage with guaranteed premiums and a guaranteed death benefit, provided you meet the policy terms.
For example, suppose a 35-year-old Canadian buys a non-participating whole life insurance policy with a $100,000 death benefit and guaranteed monthly premiums of $70. If the policy remains in force, the premiums stay at the contractually guaranteed amount, and the insurer pays the $100,000 death benefit to the beneficiaries when the insured dies. If the policy includes cash value, that value grows according to the contract’s guarantees.
What are the best non-participating whole life insurance companies in Canada?
Wawanesa, iA Financial, BMO, Empire Life, Assumption Life, and UV Insurance are some of the best non-participating whole life insurance companies. T100 is generally treated as permanent, often as non-par whole life, but without the potential for cash value growth.
BMO
BMO Insurance is one of the best options for non-participating whole life insurance in Canada, offering two plans: Estate Protector and Wealth Accelerator.
- Two non-participating plan options: Estate Protector focuses on long-term cash value accumulation and estate planning, and Wealth Accelerator is designed for higher cash values in the early policy years and greater liquidity
- Annual performance bonus: BMO declared a 6.00% performance bonus for 2026, up from 5.75% in the previous period. The bonus is used to purchase paid-up additions, which can increase the policy’s cash value and death benefit. Please note that the bonus interest rate resets periodically, is not guaranteed and fluctuates based on BMO’s designated asset portfolio
- Flexible premium payment options: Policyholders can choose 10-pay, 20-pay, or pay-to-age-100 options
- Additional benefits and riders: BMO offers optional benefits such as total disability waiver of premium, accidental death benefit, term insurance, critical illness coverage, and children’s term insurance
- Living benefits: BMO includes access to Health Advocate and Empathy (bereavement/estate settlement platform), which are great value-adds
- Premium flexibility: BMO offers a premium switch option after the policy has been in force for at least two years, allowing policyholders to move to a longer payment period and reduce their regular premium commitment
- Best for: Individuals seeking potential for additional cash value and death benefit growth through performance bonuses
The cost of BMO’s non-par plan for a 30-year-old male non-smoker seeking $100,000 in coverage (life-pay) is $117.00 per month and $110.00 for a female non-smoker.
Empire Life
Empire Life offers two non-participating whole life insurance plans: Solution 100 and Term to 100.
- Plan options: Both Solution 100 and Term to 100 provide guaranteed lifetime coverage and level premiums, while Solution 100 also builds guaranteed cash surrender value starting in policy year 10
- Flexible premium payment options: Solution 100 has guaranteed level premiums payable to age 100. Term to 100 offers two payment options: Life Pay and 20 Pay
- Optional coverage and riders: Empire Life non-participating whole life insurance plan lets you customize the coverage with optional riders, including critical illness insurance through CI Protect and other available Solution plans
- Living benefit: Offers 50% of the death benefit, up to $50,000, if the insured is diagnosed with a terminal illness with a life expectancy of less than a year
- Best for: Business owners preparing for estate expenses, key-person protection, buy-sell arrangements, and legacy planning
Empire Life’s non-par plan costs $61.92 per month for a 30-year-old male non-smoker seeking $100,000 in coverage and $54.72 for a female non-smoker.
Assumption Life
Assumption Life is a strong option for non-participating whole life insurance in Canada, particularly for older applicants, as both its non-participating whole life and simplified issue Platinum Protection Plan accept applicants aged 18 to 80. The life-pay option of the Platinum Protection Plan accepts applicants up to 85 years of age.
- Issue ages up to 80: Assumption Life’s standout feature is its broad issue-age range. Those aged 76 to 80 can obtain coverage starting at $5,000 for a non-participating whole life plan and $10,000 for the Platinum Protection Plan
- Flexible premium payment options: You can choose between lifetime premium payments and a 20-year payment option, allowing you to align premiums with your financial goals and retirement plans
- High coverage limits: The plan offers coverage from $10,000 to $10 million for applicants aged 18 to 75, while the Platinum Protection Plan offers $250,000 for ages 18 to 70 and $125,000 for ages 71 to 75
- Built-in benefits: The plan includes an extreme disability benefit and a transportation benefit. If the insured becomes terminally ill or permanently bedridden or dependent, they may receive an advance of up to 50% of the policy’s sum insured. The policy reimburses eligible medical transportation expenses of up to $2,000 when the insured needs specialized medical care located more than 200 km away within Canada
- Optional riders: Additional coverage options include accidental death, child insurance, critical illness, disability income, and waiver of premium benefits
- Best for: Older Canadians, particularly applicants aged 76 to 80, seeking permanent life insurance
The cost of Assumption Life’s non-participating plan for a 30-year-old male non-smoker seeking $100,000 in coverage is $68.85 per month and $62.64 for a female non-smoker.
UV Insurance
UV Insurance offers non-participating whole life insurance with guaranteed premiums, lifelong coverage, and guaranteed surrender value.
- Plan options: UV Insurance offers whole life insurance with coverage that includes a pay-to-age-100 structure
- Payment release feature: UV Insurance offers a payment release feature that may allow policyholders to stop paying premiums when eligible
- Estate planning benefits: The guaranteed death benefit can help beneficiaries cover funeral expenses, outstanding debts, and taxes or receive a financial legacy
- Mutual insurance structure: UV Insurance is a Quebec-based mutual insurer with more than a century of experience, offering permanent insurance products through its advisor network
- Best for: Those seeking a mutual insurer with a long history in the Canadian market and permanent coverage with premiums payable up to age 100
UV Insurance’s non-participating whole life insurance for a 30-year-old male non-smoker seeking $100,000 in coverage is $70.74 per month and $63.90 for a female non-smoker.
Wawanesa
Wawanesa Life offers non-participating permanent coverage through its Lifetime Term to Age 100 plan. It provides lifelong protection with level premiums payable until age 100, without cash value accumulation.
- Plan options: Wawanesa’s Term to Age 100 option is its non-participating permanent coverage plan. The plan provides a guaranteed death benefit to beneficiaries as long as the policy remains in force
- High coverage limits: You can choose coverage amounts from $10,000 to $20 million
- Premium payment options: Wawanesa’s Term to Age 100 plan requires premiums to be paid until age 100, after which coverage continues for life without further premium payments
- Optional riders: Optional riders such as accidental death, child protection, child critical illness, disability waiver of premium, and mortgage protection benefits
- Age Last pricing: Wawanesa uses an Age Last pricing approach, calculating premiums based on the applicant’s actual age rather than rounding up to the nearest age. This may benefit those who are approaching their next birthday
- Best for: Those who want predictable premiums until age 100 and do not need cash value accumulation or participating policy dividends
The cost of Wawanesa’s term-to-age-100 whole life insurance for a 30-year-old male non-smoker seeking $100,000 in coverage is $52.65 per month and $46.71 for a female non-smoker.
iA Financial
iA Financial Group offers non-participating whole life insurance through its iA Whole Life plan, with guaranteed premiums, a guaranteed death benefit, and guaranteed cash surrender values.
- Plan options: iA offers non-participating plan benefits through its flagship product: iA Whole Life. The plan offers coverage from $10,000 to $10 million, making it suitable for different permanent insurance needs, including estate planning and family financial protection
- Flexible premium payment options: Policyholders can choose L10 (10 years), L20 (20 years), L65 (until age 65), or L100 (until age 100)
- Joint coverage options: iA Whole Life offers individual coverage, joint first-to-die, and joint last-to-die structures, providing flexibility for couples and families who want to insure one or two individuals under a policy
- Optional riders: iA’s non-participating whole life insurance can be customized with additional benefits, including critical illness, child coverage, accidental death, disability protection, supplementary income, guaranteed insurability, and waiver of premium benefits
- Best for: Those who want non-participating whole life insurance with multiple premium payment periods
The cost of iA’s term-to-age-100 whole life insurance for a 30-year-old male non-smoker seeking $100,000 in coverage is $61.56 per month and $55.62 for a female non-smoker.
Comparing the best non-participating whole life insurance companies in Canada
| Features | BMO | Empire Life | Assumption Life | UV Insurance | Wawanesa | iA Financial |
| PolicyAdvisor Ratings | 5/5 | 5/5 | 4.5/5 | 4.5/5 | 4.5/5 | 4.5/5 |
| Cost for a 30-year-old male non-smoker($100,000 in coverage) | $117.00/month | $61.92/month | $68.85/month | $70.74/month | $52.65/month | $61.56/month |
| Plan options | Estate Protector and Wealth Accelerator | Solution 100 and Term to 100 | Two non-participating plans | One non-participating plan | Term to Age 100 | iA Whole Life |
| Premium payment options |
|
|
|
|
|
|
| Other features | Premium switch flexibility | Living benefits | Living benefits | Mutual insurance structure | Age-based pricing | Joint coverage options |
| LICAT Ratio | 134% | 159% | 167% | 172% | 167% | 134% |
Sample premiums reflect illustrative 2026 monthly quotes for a 30-year-old male non-smoker seeking $100,000 in whole life coverage for life pay. Actual premiums vary by age, sex, smoking status, health, coverage amount, product, and underwriting. Minimum coverage and available benefits vary by product and eligibility.
Our methodology for ranking the best non-participating whole life insurance
We evaluated non-participating whole life insurance companies based on features such as strong long-term coverage, flexible payment structures, and policy features. Our ratings consider plan options (35%), premium payment options (20%), additional policy features (20%), pricing (15%), and financial strength (10%). We assessed the range of non-participating whole life plans, available premium payment periods, guaranteed cash value and death benefit features, and other benefits that distinguish each insurer.
| Evaluation criteria | What we assessed | Weightage |
| Plan options | Number and variety of non-participating whole life plans, including differences in coverage structures, guaranteed benefits, and cash value features | 35% |
| Premium payment options | Availability of different premium payment periods, such as 10-pay, 20-pay, pay-to-age-65, and pay-to-age-100 options | 20% |
| Additional features | Benefits such as performance bonuses, premium flexibility, living benefits, optional riders, and other plan-specific features | 20% |
| Premiums | Monthly premiums for comparable $100,000 non-participating whole life coverage for a 30-year-old male non-smoker | 15% |
| LICAT Ratio | LICAT ratio as an indicator of the insurer’s financial strength | 10% |
How we further assessed the ratings:
BMO Insurance and Empire Life both received 5/5 ratings for their range of non-participating whole life plans, flexible premium payment options, and additional policy features. BMO stood out for its two plan options, performance bonus of 6.00%, and premium switch feature, while Empire Life offers two plans with distinct payment structures and living benefits.
Assumption Life, UV Insurance, Wawanesa, and iA Financial each received 4.5/5 ratings. Assumption Life scored well for its higher issue age and built-in benefits, while UV Insurance stood out for its financial strength and mutual insurance structure. Wawanesa received the highest pricing score, supported by its competitive premiums and Age Last pricing approach. iA Financial scored strongly for its range of premium payment periods and joint coverage options.
PolicyAdvisor ratings for the best non-participating whole life insurance companies:
| Features | Plan options (35%) | Premium payment options (20%) | Other features (20%) | Pricing (15%) | LICAT Ratio (10%) | Final ratings |
| BMO | 5/5 | 5/5 | 5/5 | 4/5 | 4/5 | 5/5 |
| Empire Life | 5/5 | 4/5 | 5/5 | 4.5/5 | 4.5/5 | 5/5 |
| Assumption Life | 5/5 | 4/5 | 4.5/5 | 4.5/5 | 4.5/5 | 4.5/5 |
| UV Insurance | 4/5 | 3.5/5 | 4.5/5 | 4.5/5 | 5/5 | 4.5/5 |
| Wawanesa | 4/5 | 3.5/5 | 4.5/5 | 5/5 | 4.5/5 | 4.5/5 |
| iA Financial | 4/5 | 5/5 | 4.5/5 | 4.5/5 | 4/5 | 4.5/5 |
How much does non-participating whole life insurance cost?
Get instant quotes from Canada's top life insurance providers and find the perfect coverage for your family.
Powered by
Benefits of non-participating whole life insurance
The key benefits of a non-participating whole life insurance plan include:
- Guaranteed premiums: Premiums are set when the policy is issued and remain unchanged as long as the policy terms are met. The premiums are lower when compared to par plans
- Lifetime coverage: The policy provides coverage for the insured’s entire lifetime, provided premiums are paid as required
- Predictable cash value growth: Policies that include cash value build it according to a guaranteed schedule, allowing policyholders to know how much value they can accumulate over time
- Lesser market risk: Unlike participating whole life insurance, non-participating policies do not depend on insurer performance or dividend declarations to deliver their contractual benefits. Hence, there is a lesser market risk associated with non-participating plans
- Estate planning support: The guaranteed death benefit can help beneficiaries cover final expenses, outstanding debts, taxes, or other financial obligations
What affects non-participating whole life insurance premiums?
The premiums for non-participating whole life insurance plans are determined by personal factors such as age, gender, health status, and policy factors such as policy type, premium-payment period, riders, and more.
Personal factors:
- Age: Younger applicants generally pay lower premiums because they are statistically less likely to make a claim in the near term. Buying coverage earlier can also reduce the total cost of maintaining a policy
- Gender: Insurers generally use gender-based mortality assumptions when pricing life insurance. Women may pay lower premiums than men of the same age and health profile because of differences in average life expectancy
- Health and medical history: Your current health, pre-existing conditions, family medical history, and lifestyle habits can affect your eligibility and premium. Some insurers may charge higher premiums or apply underwriting restrictions based on your risk profile
- Smoking status: Smokers generally pay higher premiums than non-smokers because of their higher mortality risk
Policy factors:
- Coverage amount: A higher death benefit usually means a higher premium because the insurer takes on a larger financial obligation
- Premium payment period: Policies with shorter payment periods, such as 10-pay or 20-pay, generally have higher premiums than plans where payments continue until age 100 or for life
- Product type: Traditional non-par whole life includes guaranteed cash values, making it cost slightly more than pure Term to 100 (T100)
- Policy features and riders: Optional benefits, such as critical illness insurance coverage, accidental death benefits, disability protection, or guaranteed insurability, can increase the overall premium
How to choose the best non-participating whole life insurance policy?
You can consider the following factors to buy the best non-participating whole life insurance policy:
- Determine how much coverage you need: Estimate the amount your beneficiaries may need for final expenses, outstanding debts, estate taxes, or income replacement. Choose a death benefit that meets these needs without compromising on your budget
- Compare premium payment periods: Insurers offer different payment structures, including 10-pay, 20-pay, pay-to-age-65, and pay-to-age-100 options. Shorter-term premium payments require higher payments, so choose the one that matches your needs
- Review available policy features and riders: Look at additional benefits such as critical illness coverage, accidental death benefits, disability protection, waiver of premium, and guaranteed insurability
- Underwriting Basis: Pointing out whether a carrier uses Age Nearest vs. Age Last Birthday (e.g., Wawanesa’s age-last pricing) can save buyers significant money if they are within six months of their next birthday
- Compare premiums across insurers: Get quotes for the same coverage amount and comparable payment periods. A lower monthly premium does not necessarily mean a better policy, particularly if the coverage structure or included benefits differ
- Consider the insurer’s financial strength: Review the insurer’s LICAT ratio and other available financial strength information. This can help you assess the insurer’s capital position and ability to meet its long-term obligations
Can I get tax benefits with non-participating whole life insurance?
Yes, non-participating whole life insurance in Canada can offer tax advantages. The tax treatment depends on how the policy is structured and how you access its cash value.
- Tax-deferred cash value growth: The cash value in a non-participating policy grows on a tax-deferred basis as long as it is under the limits set by the CRA
- Tax-free death benefit: The death benefit is generally paid to beneficiaries tax-free when the insured person dies
- Tax-advantaged access to cash value: You may be able to access the policy’s cash value through a policy loan or withdrawal. However, withdrawals and policy surrenders can trigger taxable income if the amount received exceeds the policy’s adjusted cost basis (ACB)
What is the difference between non-participating and participating whole life insurance?
Non-participating and participating whole life insurance both provide permanent coverage with guaranteed premiums and death benefits. The key difference is that non-participating policies do not pay dividends, while participating policies may pay dividends based on the insurer’s financial performance. Non-participating plans generally offer a more straightforward policy structure, while participating plans provide the potential for additional cash value and death benefit growth through dividends. Non-participating coverage may also cost less, making it suitable for those who prioritize guaranteed benefits over potential dividend growth.
Our advisor’s take on the best non-participating whole life insurance
At PolicyAdvisor, we recently helped a 40-year-old married professional with two children who wanted lifelong life insurance coverage to protect his family’s financial security and support future estate planning needs. He prioritized predictable premiums, guaranteed policy benefits, and a defined premium payment period. He preferred a policy with guaranteed cash value accumulation rather than one that relied on non-guaranteed bonuses or dividends for additional growth.
Client profile:
- Age: 40-year-old non-smoking male
- Family: Married with two children
- Coverage goal: Lifelong protection to provide financial support to his family and cover future estate expenses
Why we recommended Empire Life:
- Guaranteed lifetime coverage and premiums: Empire Life’s Solution 100 offers guaranteed lifetime coverage with level premiums payable until age 100. This suited his preference for predictable long-term costs and a guaranteed death benefit for his family
- Guaranteed cash value accumulation: Unlike policies that rely on non-guaranteed performance bonuses or dividends for additional growth, Solution 100 builds guaranteed cash surrender value starting in policy year 10. This provides greater certainty about the policy’s accumulated value over time
- Flexible coverage options: Empire Life offers Solution 100 and Term to 100, allowing him to consider different permanent coverage structures based on his financial priorities. Solution 100 builds guaranteed cash value, while Term to 100 focuses on lifelong protection
- Living benefit protection: Empire Life provides an advance of 50% of the death benefit, up to $50,000, if the insured is diagnosed with a terminal illness with a life expectancy of less than one year. This can help cover medical expenses, care costs, or other financial needs during a difficult period
- Additional coverage options: He could explore optional benefits, including critical illness coverage through CI Protect and other available riders, to extend financial protection for his family
How to buy non-participating whole life insurance
To buy a non-participating whole life insurance policy with PolicyAdvisor, here are the steps you need to follow:
- Decide how much coverage you need
- Get in touch with our licensed advisors who will help you compare quotes from 30+ insurers
- Review plans from top life insurance companies and compare the features to get the best-suited policy
- Our advisors will help you complete the application process
- Complete the payment and get the policy details
Schedule a call now to get the best non-participating whole life insurance policy in Canada!
Frequently asked questions
Is non-participating whole life insurance worth it?
Yes, non-participating whole life insurance is worth considering if you want lifelong coverage, guaranteed premiums, and a guaranteed death benefit without relying on dividends. It can also suit people who prefer predictable policy values and long-term financial planning.
Which is the best non-participating whole life insurance company in Canada?
Some of the best non-participating whole life insurance companies in Canada include BMO, Empire Life, Assumption Life, UV Insurance, Wawanesa, and iA Financial. The right insurer choice depends on your coverage needs and preferred policy features.
Does non-participating whole life insurance build cash value?
Many non-participating whole life policies build guaranteed cash value over time. However, this depends on the plan. For example, Wawanesa’s Term to Age 100 provides lifelong coverage but does not accumulate cash value.
Can I borrow money from my non-participating whole life insurance policy?
Yes, you may be able to access accumulated cash value through a policy loan, depending on the insurer and policy terms. The amount available and any interest charged will vary. Loans and withdrawals may also have tax consequences if the value exceeds the ACB.
Is non-participating whole life insurance cheaper than participating whole life insurance?
Non-participating whole life insurance costs less than participating whole life insurance because it does not include the potential for dividend payments. However, the exact premiums vary by insurer, age, health, coverage amount, and payment period.
Can I cancel my non-participating whole life insurance policy?
Yes, you can generally cancel a policy by surrendering it to the insurer. If your plan has accumulated cash value, you may receive its cash surrender value, less any applicable charges or outstanding policy loans. Policies without cash value generally do not provide a surrender payout.
Is the death benefit from non-participating whole life insurance taxable in Canada?
The death benefit is generally paid to beneficiaries tax-free in Canada. However, accessing cash value through withdrawals or surrendering the policy may trigger taxable income, depending on the policy’s adjusted cost basis and other circumstances.
Non-participating whole life insurance in Canada offers lifelong coverage, guaranteed premiums, and a guaranteed death benefit without relying on dividends. The top providers include BMO Insurance, Empire Life, Assumption Life, UV Insurance, Wawanesa, and iA Financial. Compare their plans, premium payment options, cash value guarantees, policy features, and costs to find coverage that fits your long-term financial needs.
