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Whole Life Insurance made easy

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What is whole life insurance?

Whole life insurance is a type of permanent life insurance that offers coverage for your entire life. As long as premiums are paid, the insurance company pays out a tax-free death benefit to your beneficiary, upon your passing away. Unlike term life insurance, whole life policies do not have an expiry date. The premiums (cost of insurance) for whole life policies are guaranteed and stay the same over your entire life.

Whole life insurance policies also have a savings or investment component. A part of the premiums you pay are invested by the insurance company and the investment returns are available for you to use as cash value. The cash value from a whole life policy can be used to supplement your retirement income or pay for children’s education or for any other purposes you may want to use it for.

Compare Term vs Whole Life Insurance

Which is better - Term or whole life insurance? Depending on your financial goals, your choice could be either type of coverage – and in many cases, both! PolicyAdvisor is the only place to compare term life and whole life insurance quotes online.

Term Life

Term Life
  • Protection for limited time e.g. 10 years, 20 years, or up to age 65
  • Premiums increase after initial term
  • Best suited for temporary needs such as mortgage coverage, children's education, lifestyle protection
  • Only includes a death benefit, no cash value to borrow against or withdraw
  • No change in death benefit
  • Lower premiums for the initial term
Get a Term Quote

Whole Life

Whole Life
  • Guaranteed coverage for life, never expires
  • Guaranteed premiums for life, never increase
  • Best suited for permanent needs - estate planning, end of life expenses, retirement savings
  • Withdraw cash value for future needs i.e. potential return of premium
  • Cash value can be used as a collateral for loan
  • Potential for death benefit to grow
  • Premiums are usually higher
Get a Whole Life Quote