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Best Whole Life Insurance Companies in Canada (2024)

SUMMARY

We’ve used our years of experience and careful research to create our list of the 15 Best Whole Life Insurance Companies in Canada to help you and your family choose the provider that can meet all of your needs. Many of Canada’s leading insurers made the list, but we looked at more than just size and popularity. Read our reviews to find out what we ranked each company as best for.

IN THIS ARTICLE

The best companies for whole life insurance in Canada include Manulife, BMO Insurance, Sun Life, Empire Life, Desjardins, and more. The one you should choose depends on your needs.

Our expert advisors have ranked the top 15 Canadian whole life insurance providers to help you find the perfect match. We’ve ranked them based on the best for performance, the best for added features, the best for children’s policies, and more.

Keep reading to see our ratings and reviews of the best companies for whole life insurance in Canada!

Want to do more research first? Learn the whole life insurance basics.
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WHAT IS
WHOLE LIFE INSURANCE?

Whole life insurance is a type of insurance policy that lasts for your entire life.

Whole life policies provide your beneficiaries with a tax-free death benefit, plus they have a built-in investment component that generates cash value you can use in your lifetime. Some policies also pay dividends.

Most people get whole life insurance to cover long-term needs like paying final expenses or managing future estate taxes.

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The best whole life insurance in Canada 2024

Our team at PolicyAdvisor.com has spent years studying the industry to bring you a list of top companies with the best offerings in different categories.

The following reviews are a must-read for anyone thinking about purchasing whole life insurance. They will help you decide the best options for you and your family.

Full list: 15 Best Whole Life Insurance Companies in Canada – March 2024

Read our ratings and reviews of the best whole life insurance Canada.

Reviews: Our Top-Rated Whole Life Insurance Companies

Find the top Canadian life insurance companies for whole life coverage using our ratings and reviews. Read them below.

PolicyAdvisor Rating

Best For Quick Issue

AM Best Rating A-

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Assumption Life Whole Life Insurance Review

Canada’s best whole life insurance for:
Quick-issue policies

Assumption Life Insurance wins the award for its potential for a fast-issue policy with no doctors or blood tests. They don’t ask you to do a medical test if you’re 18-45 and if you want whole life insurance coverage up to $999,999. This is sometimes called accelerated issue policies.

As you get older, they may not give you accelerated issue for as much coverage. But you can still get up to $50,000 without a medical exam up to age 69.

But that’s not the only reason Assumption came out on top in our rankings. They offer two types of coverage: one that pays dividends (participating) and one that doesn’t (non-participating). If you choose the participating policy, you have 5 options for how you get dividends, and you can change your options every year.

They also offer extra options called life insurance riders to help you add more coverage. And, if you want a plan without answering any medical questions at all, they also offer non-medical plans.

Read our Assumption Life Term Life Insurance reviewRead our Assumption Life Critical Illness Insurance review
Assumption Life Whole Life Insurance Product Details
Product name:

Assumption Life ParPlus (participating)

Assumption Life ParPlus Junior (participating)

Essential Whole Life (non-participating)

Limited pay:

20 years or until age 100 (participating policies only)

Dividend options:

Cash dividends, cash accumulation, enhanced coverage, premium reduction, paid-up additions

PolicyAdvisor Rating

Best for Complimentary Additional Features

AM Best Rating A

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Beneva Whole Life Insurance Review

Canada’s best whole life insurance for:
Complimentary additional features

Beneva whole life insurance products are a good choice if you want a whole life policy that includes additional benefits. Their plans have all the usual benefits included in a whole life insurance plan. But their plans can also:

  • Cover multiple lives — up to 5, depending on the plan
  • Include 4 benefits free of charge to give you additional coverage: Extreme Disability Benefit, Disability Waiver of Premium Benefit, Accidental Death & Dismemberment (AD&D) Benefit, and Accidental Fracture Benefit
  • Have 2 rider options, which can give you extra coverage at a low price: Critical Illness Insurance Rider and Child Rider

They give you several payment options if you want to finish paying your life insurance premiums early. And you can get policies without a medical exam with their simplified or guaranteed plans.

Most of Beneva’s plans are life insurance with cash value but not dividends. But they do offer Universal Life Insurance, which is a permanent life insurance plan that pays out dividends but comes with a higher risk.

Read our Beneva Term Life Insurance reviewRead our Beneva Critical Illness Insurance review
Beneva Whole Life Insurance Product Details
Product name:

Whole Life 20

Whole Life 100

T-100

Limited pay:

Life pay, 20-pay

Dividend options:

N/A

PolicyAdvisor Rating

Best for Non-Participating Plans

AM Best Rating A

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BMO Whole Life Insurance Review

Canada’s best whole life insurance for:
Non-participating plans

Bank of Montreal (BMO) is a great choice for people who want whole life insurance with cash value and aren’t too concerned about getting dividends.

Their policies are all non-participating, so you don’t get dividend payments. But you get cash value and a yearly Performance Bonus that you can use similarly to how you would use dividends.

BMO Insurance also gives you A LOT of choices for how to handle your life insurance costs:

  • Premium switching, which lets you change your premium payment period
  • Premium offset, where you can stop paying premiums and have them deducted from your paid-up cash value instead
  • Additional payments, where you can pay extra premiums to increase the death benefit and cash value
  • Policy loans, where you can borrow against your cash value
Read our BMO Term Life Insurance reviewRead our BMO Critical Illness Insurance review
BMO Whole Life Insurance Product Details
Product name:

Estate Protector

Wealth Accelerator

Limited pay:

Life pay, 10-pay, 20-pay

Performance bonus options:

Paid-up additions (automatic), premium offset

PolicyAdvisor Rating

Best for Charitable Giving

AM Best Rating A+

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Canada Life Insurance Whole Life Insurance Review

Canada’s best whole life insurance for:
Charitable giving

Canada Life’s My Par Gift is the perfect plan for people who want to leave a lasting impact by donating to charity. This whole life policy was created just to help you do that.

You just pay one tax-advantaged lump sum premium of $10,000 and the policy is locked in. The charity receives the policy’s cash value and dividends, which they can then use however they need to.

Once you pass away, the charity receives the full death benefit. This means you can help the charity and its work for more than a lifetime.

Read our Canada Life Term Life Insurance reviewRead our Canada Life Critical Illness Insurance review
Canada Life Whole Life Insurance Product Details
Product name:

Wealth Achiever Plus

Estate Achiever Plus

Canada Life My Par Gift

Limited pay:

Life pay, 10-pay, 20-pay

Dividend options:

Cash dividends, premium offset, paid-up additions

PolicyAdvisor Rating

Best For Non-Medical Plans

AM Best Rating N/A

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Canada Protection Plan Whole Life Insurance Review

Canada’s best whole life insurance for:
Non-medical coverage

Canada Protection Plan is a great option if you want whole life coverage without taking a medical test. The plans are non-participating, so you will not get dividends. But they’re still straightforward, affordable life insurance policies that can give you at least $10,000 in coverage.

Their plans are also good for funeral insurance. This type of insurance covers expenses related to the end of life, such as funeral costs or any remaining debts.

CPP gives you a wide range of coverage options if you have health isssues, so your chances of finding a plan that fits your needs are very high.

They also have regular policies for people who are healthy and who want quick approval.

Read our Canada Protection Plan Term Life Insurance review
CPP Whole Life Insurance Product Details
Product name:

Guaranteed Acceptance Life

Deferred Life

Deferred Elite Life

Simplified Elite Life

Preferred Life

Preferred Elite Life

Limited pay:

20-pay, pay-to-100

Dividend options:

N/A

PolicyAdvisor Rating

Best for Paying Off Premiums Early

AM Best Rating N/A

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Desjardins Whole Life Insurance Review

Canada’s best whole life insurance for:
Paying off premiums early

Desjardins gives you some of the best options to pay off your policy early so you only have to pay it for a certain number of years. This is called limited pay, and Desjardins is one of the only Canadian companies that lets you pay it off in as little as 5 years.

You pay higher yearly or monthly premiums for those 5 years only and then you don’t have to pay anything else for the rest of your life. Or you can choose to pay in 10, 20, 15 years, or until age 100.

When you choose limited pay, you can rest easy knowing you have lifetime protection, cash value growth, annual dividends, and no more bills!

Desjardins’ plans also come with a lot of benefit options you can add on for even more coverage. They offer basic plans without dividends, and a special permanent life policy for seniors 50+ who don’t want to take a medical exam.

Read our Desjardins Term Life Insurance reviewRead our Desjardins Critical Illness Insurance review
Desjardins Whole Life Insurance Product Details
Product name:

Desjardins Basic Permanent Life Insurance

Estate Enhancer

Accelerate Growth

5 Pay Par

Limited pay:

Life pay, 5-pay, 10-pay, 20-pay (par plans)

Life pay, 10-pay, 15-pay, 20-pay, pay-to-65 (non-par plans)

Dividend options:

Paid-up additions, deposit with interest, cash dividends, premium reductions, enhanced coverage

PolicyAdvisor Rating

Best for Balanced Performance

AM Best Rating A

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Empire Life Whole Life Insurance Review

Canada’s best whole life insurance for:
Balanced performance

Empire Life’s whole life product, EstateMax, is a great option for people who want to build wealth in the long term and increase their life insurance payout. They don’t give the highest cash values in the Canadian market, but they’re far from being the lowest.

This is a good choice if you want steady, secure growth — especially the longer you have your policy.

Their Optimax plan is also designed specifically for people who plan to retire soon and want to access their plan’s cash value in the policy’s first 20 years.

Empire’s policies can be just as affordable as some Term-to-100 policies. It’s no wonder they’re one of the most popular choices for whole life coverage in Canada.

Read our Empire Life Term Life Insurance reviewRead our Empire Life Critical Illness Insurance review
Empire Life Whole Life Insurance Product Details
Product name:

Empire EstateMax

Empire Optimax Wealth

Solutions 100 with Cash Values

Limited pay:

Life pay, 8-pay, 10-pay, 20-pay

Dividend options:

Annual premium reduction, cash accumulation, cash dividends, enhanced coverage, paid-up additions

PolicyAdvisor Rating

Best Mutual Company

AM Best Rating N/A

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Equitable Life Whole Life Insurance Review

Canada’s best whole life insurance for:
Mutual values

If you specifically want to work with an insurance company that is partially owned by the people who have insurance with them, Equitable Life may be the right choice for you.

This is called a mutual company. This kind of business doesn’t have to answer to stakeholders or market pressures like other carriers do. They can sometimes offer more competitive rates on insurance as a result.

There are other insurance mutuals, like Beneva and Wawanesa. But we feel their strongest points are in other areas, so Equitable takes the cake in this category.

Equitable only offers whole life policies that earn dividends, and their cash values can grow quite well in the long run.

Read our Equitable Life Term Life Insurance reviewRead our Equitable Life Critical Illness Insurance review
Equitable Life Whole Life Insurance Product Details
Product name:

Equitable Equimax

Estate BuilderEquitable

Equimax Wealth Accumulator

Limited pay:

Life pay, 10-pay, 20-pay

Dividend options:

Annual premium reduction, cash accumulation, cash dividends, enhanced coverage, paid-up addition

PolicyAdvisor Rating

Best for Smokers

AM Best Rating A

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Foresters Financial Whole Life Insurance Review

Canada’s best whole life insurance for:
Smokers

If you’re planning to quit smoking, wouldn’t it be better if someone was paying you to do it? Foresters Life Insurance doesn’t exactly give you money, but their Quit Smoking Incentive Plan is a great motivator.

Smokers usually get charged more for life coverage, or they can be denied completely. Foresters Financial offers the opposite. They give you lower rates if you commit to stop smoking within 2 years.

That’s more air in your lungs, more money in your wallet, and lifelong coverage that your family can rely on!

All of Foresters’ plans give you cash value, and some also pay dividends. Plus, they have a wide variety of life insurance options for people who have health issues.

Read our Foresters Term Life Insurance reviewRead our Foresters Critical Illness Insurance review
Foresters Whole Life Insurance Product Details
Product name:

Foresters Non-Par

Advantage Plus

Limited pay:

10-pay (Advantage Plus only), 20-pay, pay-to-100

Dividend options:

Paid-up additions, cash, deposit, premium reduction, enhanced coverage

PolicyAdvisor Rating

Best for Health Accommodation

AM Best Rating A+

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Industrial Alliance Whole Life Insurance Review

Canada’s best whole life insurance for:
Health accommodation

If you have health issues, you should seriously consider Industrial Alliance (iA) for your insurance needs. They have something called a Superior Risk Tolerance Program, where you’re more likely to get approved even if your health isn’t in peak condition.

You can get a participating or non-participating plan, and they give you a lot of flexibility. You have options like:

  • Limited pay options to pay off your premiums early
  • Cover up to 9 people under the same policy
  • Optional life insurance riders and benefits to add to your coverage
  • Pay premiums semi-annually, instead of monthly or yearly like most providers

Of course, many Canadian companies also offer no-medical insurance — which we rated Canada Protection Plan as the best in. But if you want standard coverage despite health concerns, iA is a great choice too.

Read our iA Term Life Insurance reviewRead our iA Critical Illness Insurance review
iA Whole Life Insurance Product Details
Product name:

Whole Life Insurance

iA Par

Child Life & Health Duo

Life and Serenity 65

Limited pay:

Life pay, 10-pay, 20-pay, pay-to-65

Dividend options:

Paid-up additions, cash dividends, deposit with interest, annual premium reduction

PolicyAdvisor Rating

Best for Overall Performance

AM Best Rating A+

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Manulife Whole Life Insurance Review

Canada’s best whole life insurance for:
Overall performance

There’s a reason why Manulife is one of North America’s largest life insurance companies. They’re quite successful and most of their products are high-quality. In Canada, their whole life plans are no different.

If you want all-around good performance that you can rely on, Manulife is a great choice. They offer both participating and non-participating plans, and plans that don’t make you take a medical exam.

You get all the standard benefits of a whole life policy with Manulife. And, they even give you the option to change your mind and choose a different payment option if you like.

Choose Manulife if you’re not really looking for anything specific but need a policy that checks all the boxes:

  • Affordable
  • Flexible
  • Reliable
  • Robust investment options
  • Good amount of coverage
  • And more!
Read our Manulife Term Life Insurance reviewRead our Manulife Vitality Term Life Insurance reviewRead our Manulife CoverMe Life Insurance reviewRead our Engineers Canada Manulife Life Insurance reviewRead our Manulife Critical Illness Insurance reviewRead our Manulife Mortgage Protection Plan review
Manulife Whole Life Insurance Product Details
Product name:

Manulife Par

Manulife Par with Vitality Plus

Performax Gold

Limited pay:

Life pay, 10-pay, 15-pay, 20-pay, pay-to-90

Dividend options:

Paid-up additions, cash dividends

PolicyAdvisor Rating

Best for Children's Plans

AM Best Rating A

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RBC Whole Life Insurance Review

Canada’s best whole life insurance for:
Children’s plans

If you’re looking to buy the best whole life insurance for children, Royal Bank of Canada (RBC) Insurance could be a great option.

They have a special feature called the Juvenile Guaranteed Insurability Benefit that will give children a financial leg-up once they grow up. This benefit acts like a Hall Pass for your child or grandchild. When they reach adulthood, they can buy a new policy or add more insurance to their plan without having to take a medical test or go through any hassle to get approved.

Many other companies will give you the option to buy this kind of benefit — but RBC includes theirs for free! This is why we have to recommend them for whole life insurance policies for children in Canada.

Their plans are great for other uses too, like estate planning or just long-term financial planning in general.

Read our RBC Term Life Insurance reviewRead our RBC Critical Illness Insurance review
RBC Whole Life Insurance Product Details
Product name:

RBC Growth Insurance

RBC Growth Insurance Plus

Limited pay:

Life pay, 10-pay, 20-pay

Dividend options:

Paid-up additions, cash dividends, premium reductions, dividends on deposit, enhanced coverage

PolicyAdvisor Rating

Best for High Net-Worth Individuals

AM Best Rating A+

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Sun Life Insurance Whole Life Insurance Review

Canada’s best whole life insurance for:
High net-worth individuals

The more you earn, the more insurance you’ll likely need. You’ll want to choose a provider who you know can provide those high amounts of coverage, and Sun Life Insurance is exactly that choice.

Sun Life is another one of Canada’s largest life insurance providers. They offer a minimum coverage amount of $250K, which is way higher than the $10,000 or less some other providers start with.

They offer plans with just cash value (non-participating) and plans with both cash value and dividends (participating). Plus, even if you have health issues you can apply for their plans that don’t ask you to take a medical exam.

Read our Sun Life Term Insurance review
Sun Life Whole Life Insurance Product Details
Product name:

Sun Spectrum Permanent Life Insurance II

Sun Permanent Life

Sun Par Accelerator

Sun Par Protector II

Sun Par Accumulator II

Limited pay:

Life pay, 8-pay, 10-pay, 15-pay (Sun Permanent Life only), 20-pay

Dividend options:

Cash dividends, cash accumulation, enhanced coverage, premium reduction, paid-up additions

PolicyAdvisor Rating

Best for Long-Term Growth

AM Best Rating N/A

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UV Whole Life Insurance Review

Canada’s best whole life insurance for:
Long-term growth

If you want an insurance policy that can give you a LOT of growth over years, UV just might be the right pick for you. They just came out with a new Whole Life High Values plan in 2022 (fairly recent for insurance!) that promises your patience will pay off.

If you keep the plan until you’re 65, your cash value growth could be as much as 50% of what your original coverage amount was with this high-performance plan. That’s no small figure!

UV also gives you life insurance options if you have health issues. But UV’s plans are all non-participating, so you won’t get any dividend payments from them.

Read our UV Term Life Insurance review
UV Whole Life Insurance Product Details
Product name:

Whole Life High Values

Whole Life Pay to 100

Adaptable

Limited pay:

Life pay, 20-pay, pay to age 25, 35, 45, 55, 65, 75, or 85 (non-par only)

Dividend options:

N/A

PolicyAdvisor Rating

Best Value for Guaranteed Benefits

AM Best Rating A

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Wawanesa Whole Life Insurance Review

Canada’s best whole life insurance for:
Value for guaranteed benefits

Most investments involve some level of risk. Not so with Wawanesa! They offer high cash values that you can access early on if you need to, especially if you pay the policy off in 20 years.

With Wawanesa, there’s a very good chance you will “break even” — have a higher cash value than the entire amount of premiums you paid to the company in those 20 years or less!

They give you more insurance coverage and have some of the lowest whole life insurance quotes in Canada. It’s no surprise that they’re one of the most affordable options people choose.

You get to choose between a participating or non-participating policy, or one that doesn’t make you take a medical exam.

Read our Wawanesa Term Life Insurance review
Wawanesa Whole Life Insurance Product Details
Product name:

Wawanesa Whole Life

Limited pay:

Life pay, 20-pay

Dividend options:

Paid-up additions

More choice. Lower price.
PolicyAdvisor saves you time and money when comparing Canada’s top whole life insurance companies. Check it out!
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Methodology: How did we come up with the rankings?

We determined the top-ranking whole life companies in Canada based on industry knowledge, the hands-on expertise of our advisors, and factors like:

  • Financial strength ratings
  • Policy details
  • Key features
  • Premium costs
  • Coverage amounts
  • Cash value growth potential
  • Dividend options
  • And more

We’re all about helping Canadians get the coverage they need. Use this list as a guide to which whole life insurance is best for you and your family, based on your specific needs.

You can find Canada’s best whole life insurance quotes on our website in minutes. Or, contact us and let our experts help you out one-on-one.

Blue bulb

What’s the difference between participating and non-participating life insurance?

  • Participating

Participating or par is a type of whole life insurance policy where you earn cash value AND dividends.

 

  • Non-participating

Non-participating or non-par type of whole life insurance policy where you earn cash value only — you DO NOT get dividends with this type of policy.

Why should I get permanent life insurance Canada?

There are 3 very good reasons why you should get permanent life insurance:

  1. To cover your final expenses
  2. To access cash value now/during retirement
  3. To plan your estate

1 Covering end-of-life expenses

You can use permanent life insurance to make sure your family doesn’t have to go into their pockets to pay for your final expenses in life. If you happen to pass away before paying any bills, your family can use your whole life policy to take care of it.

2 Accessing cash value

Cash value grows over time, and you can use it in many ways — as supplemental income in retirement, as collateral for a loan to buy a home, or any number of other ways. 

Cash value is one of the key differences between term vs whole life insurance.

💡 Learn more about how to access cash value.

3 Estate planning (estate taxes)

The best permanent life insurance policies can also be used to pass on your planned inheritance to your loved ones without them having to pay taxes. The death benefit or insurance payout is tax-free, so the final amount they get won’t be lower.

💡 Learn more about estate planning with life insurance.

Of course, you don’t need to fit into just these categories to get permanent life insurance quotes. Most people can benefit from whole life insurance in Canada one way or another!

If you’re unsure, speak with an advisor or insurance broker to find out if a permanent plan can work for you.

Talk to a licensed professional

We hope our ratings and reviews of the Best Permanent Life Insurance Canada were helpful to you. If you have any questions or need any help, don’t hesitate to contact us!

Book some time with our licensed advisors to make sure you’re getting the right plan for you and your family’s financial security.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
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By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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