Whole life insurance is permanent life insurance in its simplest form: your premiums never increase, your death benefit never decreases, and your coverage never expires as long as premiums are paid. A portion of every premium builds a guaranteed cash value you can borrow against or withdraw later in life.
Many whole life policies sold in Canada are participating: the insurer may pay annual dividends that increase your coverage or reduce your premiums. Dividends are not guaranteed, but your base coverage, your premium and your cash value are.
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Permanent life insurance is the category: any policy that covers you for life. Whole life is one type of permanent insurance, with guaranteed premiums and a guaranteed cash value. Universal life is the other main type, with flexible premiums and an investment account.
It depends on what you need. If you only need coverage for a set number of years (a mortgage, children at home), term life is far less expensive. If you want coverage that never expires and a guaranteed cash value, whole life is often the right choice. A licensed advisor can quote both so you can compare.
More than term life for the same amount, because part of your premium builds cash value and the coverage lasts a lifetime. The price depends on your age, health, smoking status, the amount of coverage and how long you choose to pay (for life, or over 10, 15 or 20 years). Quotes from 20+ insurers show you the full range.
You receive the cash surrender value, part of which may be taxable. If you keep the policy, the cash value stays available for policy loans or partial withdrawals, and it keeps growing.
Yes. Several insurers offer simplified-issue whole life with a few health questions and no exam, usually for smaller amounts such as final-expense coverage. Larger amounts generally require a medical exam.
Fill out one short form on ClicAssure.com. You receive quotes from Canadian insurers, and a licensed advisor in your province calls you back to answer your questions. It is free, and there is no obligation.
| Whole life | Term life | Universal life | |
|---|---|---|---|
| Coverage lasts | Your whole life | 10, 20, 30 years or to a set age | Your whole life |
| Premiums | Fixed and guaranteed | Low, but rise at each renewal | Flexible, within a minimum and maximum |
| Cash value | Guaranteed | None | Depends on your investment choices |
| Best for | Lifelong needs, estate, final expenses | Temporary needs: mortgage, young family | Lifelong needs plus tax-sheltered investing |
