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What is Whole Life Insurance

Life is uncertain, and in the untimely event of someone passing away, their family might face a financial crisis in his or her absence. Whole Life Insurance can resolve this problem; you can rest assured that your loved one will not go through any such condition. Whole life insurance is a type of permanent coverage that lasts for your entire lifetime. Whole life insurance policies include a savings or investment element as well. The premium you pay is invested by the insurance company, and the returns on that investment are available for you to draw on in the form of cash value. It can be utilized for your retirement income, to pay for your children’s education, or for any purpose you like.

Unlike Term Life Insurance , whose coverage lasts for a specified time, Whole Life Insurance offers financial coverage for the entirety of your life. For the best Whole Life Insurance Policies, get in touch with us today. We are Life Insurance providers and serve customers in Ontario and surrounding areas.

Compare The Various Canadian Whole Life Insurance Plans

There are two types of life insurance that you can choose from. One is the Non-Participating Permanent Life Insurance, where there is a guaranteed cash value involved, and the other is the Participating Permanent Life Insurance option, where the cash value involved is variable depending on your premiums and dividends. The dividends involved are paid on the basis of interest rates, depending on the insurance company’s profitability.

How does a Whole Life Insurance plan work?

In Canada, once you buy a Whole Life Insurance policy, it’s payable at a guaranteed level (or fixed) premium according to your coverage amount and other personal factors such as your age, gender, smoking status, etc. Premiums can be paid monthly or annually. Some Whole Life Insurance policies can also allow the premiums to be paid up in a limited number of years.

  • Premium Payments: Whole Life Insurance offers fixed premiums, which means you’ll pay the same amount either monthly, quarterly, or annually for the entire duration of the insurance policy. Whole Life Insurance premiums are generally much higher than term insurance premiums, but they guarantee lifelong Whole Life Insurance coverage.
  • Death Benefit: The death benefit is the monetary amount your beneficiaries will get when you die. The death benefit is guaranteed, meaning it will not fluctuate in value due to market conditions or time. The amount of coverage is set when you first purchase your policy, and it stays in effect unless you make changes, such as purchasing additional riders.
  • Cash Value Growth: An important aspect of Whole Life Insurance is the cash value feature. When you make a premium payment, it will go into a cash value account that builds up over time. The growth is tax-deferred; you will not owe taxes on the accumulated cash value until you withdraw or borrow from it. Cash value typically grows at a guaranteed fixed interest rate, and some policies may provide dividends if the insurer has a strong overall financial performance.
  • Lifetime Coverage: Whole Life Insurance coverage is for your entire lifetime. As long as you pay premiums, your policy will remain active, even after the average life expectancy of an individual has passed.

Having a guaranteed death benefit along with a cash value that grows over time is a major reason many people select a Permanent Life Insurance Policy for long-term planning.

 

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How much does Whole Life Insurance cost?

Whole Life Insurance is typically more costly than term life insurance due to two primary factors: the guaranteed death benefit and the savings component associated with the life insurance policy. Whole Life Insurance prices will often rise as you age, similar to other types of insurance. This is because, as we age, the chances of dying increase, which is a greater risk for the insurer. There is less time for the insurer to collect premiums from you before it pays the guaranteed death benefit. Therefore, premiums charged to older insurance applicants will be higher. For more information about the cost of Whole Life Insurance by age, contact us for a more precise quote or estimate.

How much Whole Life Insurance do I need?

Your purpose determines the total amount of whole life insurance. If you are using it as your main life insurance, you may want life insurance coverage of several hundred thousand dollars or more in death benefits. If you are using it as a ladder strategy or simply to cover end-of-life expenses, the coverage amount may be lower. Establishing your total life insurance needs is much easier. A common rule of thumb in Canada is to assume 8-10 times your annual income for a death benefit. However, for a more accurate number, you will need to consider debts, living expenses for your family, future education expenses, end-of-life expenses, and any other specific goals (giving to charities, etc.). Our life insurance needs calculator is a useful tool to help you evaluate your financial situation and express your interest, and provide an appropriate recommendation and coverage amount.

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The benefits of a whole life insurance policy

If you’re wondering about the benefits of this wonderful policy, one benefit is easy to identify: the fixed premium, which means your Whole Life Insurance monthly payments will never increase. In other words, as long as you keep making the premium payments, your coverage remains in place and you can rest easy at night. But there are more benefits to Whole Life Insurance. There is also cash value that accumulates that you can borrow against, just in case you need it.

Furthermore, there is lifetime coverage, meaning, no matter when you die, your loved ones will not have to worry. This policy provides you with stability, lifetime coverage, and financial increase, which makes it a really good deal.

  • Cash component: Whole Life Insurance policies come with a cash component that increases over time. It has a guaranteed rate of interest for growth, and you can use it as your personal savings or investment vehicle. You will also be happy to know that this cash component is tax-sheltered throughout the lifetime of the policy. The funds can be used to
    1. a. Pay the premiums of the policy
    2. b. For medical emergencies
    3. c. You can take it out as a tax-free loan, too
  • Dividends: If you have chosen dividend-paying Whole Life Insurance, then there is a chance of a dividend cash-out if your insurance company performs better than expected in the market. You will be able to participate in the company’s profits after they clear death benefits and other business expenses.
  • No medical: Similar to other insurance policies, you will not have to take and pass any medical exam to purchase Whole Life Insurance. You may have to answer some questions but will always have the option to skip them if you want to.
  • A good investment strategy: You can consider Whole Life Insurance as a good investment strategy in the long run. You will have a guaranteed return on your money. The cash value that builds up in your policy can be used in your golden year. They can be a steady stream of income when you are not earning.
  • For your special ones: If you have a child with special needs, Whole Life Insurance can be perfect for them. They will have easy access to all the financial resources throughout their life no matter what.
  • Benefit on estate taxes: If you have millions of dollars in estate taxes, you can preserve your life savings with the help of Whole Life Insurance and pass it down to your family members.
  • Use it as a tax-sheltered account: If your other tax-sheltered accounts have maxed out and you want to save extra for your retirement, the cash component of your Whole Life Insurance policy can act as the perfect saving vehicle.

If you are still not impressed and have some queries regarding Whole Life Insurance quotes, contact Canadian LIC today. We look forward to meeting you. Our insurance brokers can help you with Money Back Insurance and Universal Insurance Policies as well.

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Using Whole Life Insurance as Collateral for Business Loans in Canada

Many business owners in Canada are unaware that their Whole Life Insurance policy can serve a dual purpose — not just for long-term family security, but also as a powerful financial tool for business growth. A lesser-known advantage of a Whole Life Insurance policy is that the accumulated cash value can be used as collateral to secure business or personal loans from financial institutions.

This feature is especially valuable for entrepreneurs or self-employed individuals who may not qualify for traditional loans due to fluctuating income or limited assets. Canadian banks and credit unions recognize the cash value of Permanent Life Insurance as a tangible, low-risk asset, making it a preferred form of collateral. Unlike borrowing directly from the policy (which reduces the death benefit if not repaid), using it as collateral allows you to preserve the policy’s integrity while gaining access to essential capital.

This strategy is widely used in succession planning, business expansion, or emergency liquidity situations. Financial advisors familiar with corporate structuring often recommend it to business owners with limited loan options. It not only protects your legacy but also empowers you with flexible funding during your lifetime — a unique benefit that term life insurance cannot offer.

Here Are A Few Reasons Why You Should Get a Whole/Permanent Life Insurance Policy

The question should not be why you should, but why you shouldn’t. Permanent life insurance gives you complete peace of mind. As we all know, good or bad, life is full of surprises, and sometimes the worst things happen when you least expect them. At least, with Permanent Life Insurance, you can plan ahead so your loved ones have a financially stable life even when you are not there. Read on for more reasons why you should get a permanent Life Insurance plan.

  • It provides insurance coverage for your whole life and to your beneficiaries when you pass away.
  • When you retire from your daily work, you will get a steady flow of cash from the savings that you have built up over time.
  • Insurance policies have significant tax-free guaranteed death benefits, and you can save a good amount of cash if you invest in the same.

It’s always better to plan ahead. You may never know when death comes for you, but when it does, you should have complete peace of mind knowing that you have done your bit, so your loved ones don’t suffer when you are not there anymore. That’s why it is important to choose a Whole Life Insurance plan where your beneficiaries will be paid the amount no matter when you die.

A few things you should know

  • A whole life insurance policy can be cancelled or revoked if you stop paying the premiums, in which case, you can receive the cash value
  • Your health condition at the time of your purchase determines the premium amount that you will pay for the entire period
  • The cash value withdrawn from the insurance is tax-free
  • The fixed premium that you would be paying might be high when compared with Term Life Insurance, but on a monthly basis, it is less
  • The cash value that you get against the insurance can be borrowed as collateral for a third-party loan

Term life insurance policy vs Whole life insurance policy

With Term Life Insurance, it comes with a set period of anywhere between 10 to 20 years. Over the course of time, the premium is subject to change when you renew. This is because the risk of death increases as you grow older. However, when it comes to a Whole Life Insurance policy, your premiums are locked in. They will not increase as time passes by. This is a big advantage this policy has over term life insurance coverage, where the cost of your premiums will most likely change as well if you plan to renew for another term.

Another advantage of a permanent life insurance policy is that you will never have to requalify for coverage. So, during the term, if you develop a medical condition, the cost of your premiums will not be affected.

With term life insurance, you will also not receive any payouts if you live out the term. That will not be the case with Whole Life Insurance because of its in-built cash component that continues to grow over time.

Whole Life Insurance policies may also be more customizable because of more extensive rider options. These riders or clauses come with additional benefits and can be included in a policy to address specific needs and concerns at an extra premium cost. Certain Whole Life Insurance riders, such as a child death benefit, may not be available with term life insurance. To find out more, call Canadian LIC today.

Our team members can always offer you unbiased advice with your interests in mind. Are you looking for a life insurance company? Contact us today for more details. Our services are available to customers.

 

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What is the average premium for Whole Life Insurance?

Whole Life Insurance premiums vary based on factors like your age, health, and the coverage amount you choose. Whether you’re looking to support your loved ones, access policy cash value later, or cover end-of-life costs, your premium will reflect your goals.

Here’s an overview of average monthly premium costs in Canada for non-smoking applicants:

 

Coverage Amount 30-Year-Old 40-Year-Old 50-Year-Old
$50,000 $32.45/month $42.57/month $61.79/month
$100,000 $53.55/month $74.16/month $114.66/month
$200,000 $102.60/month $143.82/month $224.82/month

 

Tip: Paying premiums annually instead of monthly may reduce your overall cost. Comparing Whole Life Insurance quotes online is a smart way to find affordable, personalized coverage.

What are the payment options for Whole Life Insurance?

Whole Life Insurance allows flexible payment options—premiums can be paid monthly or yearly. Beyond this, there are two main structures:

  • Life Pay Whole Life Insurance: This option provides lifetime coverage with a cash value component, and you continue paying premiums for as long as you live.
  • Limited Pay Whole Life Insurance: This version offers the same lifelong protection, but you finish paying premiums within a fixed period, like 10, 15, or 20 years, or up to a certain age (e.g., 65). Because payments are condensed into fewer years, the premiums are generally higher.
What is a 20 Pay Whole Life Policy?

A 20-pay policy means you’ll complete all your premium payments within 20 years, but the coverage and benefits last your entire lifetime.

What is a 10 Pay Whole Life Policy?

With a 10-pay policy, you pay all required premiums over 10 years, and the policy remains active for life—ideal for those who want to finish payments early

Insurance providers may also offer similar structures with 15-year terms or payments that end at age 65, depending on your needs.

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The key benefit of Whole Life Insurance is that it provides lifelong coverage and a growing cash value you can access. These Permanent Life Insurance Plans act as both protection and a savings vehicle for your future. You can use the funds for retirement, emergencies, or even to support a business. It’s a smart long-term asset with tax-advantaged growth.

A Whole Life Insurance calculator helps estimate your premiums based on inputs like age, coverage amount, and health condition. It allows you to forecast how your Whole Life Insurance Policy cash value will grow over time. This tool is useful for Canadians planning for retirement, wealth transfer, or education funding. Use it to compare Whole Life Insurance quotes online and get the right fit.

Premiums for Whole Life Insurance Policies are based on your age, smoking status, gender, and medical history. The earlier you buy, the lower your rates. Use a Whole Life Insurance calculator to estimate your premium and compare options with high cash value accumulation. Policy type, insurance company, and coverage length also influence pricing in Permanent Life Insurance quotes.

You can compare Whole Life Insurance quotes online using calculators or request quotes directly from top Whole Life Insurance companies. These tools estimate your cost based on your age, health, and coverage goals. Comparing quotes is the best way to understand the cost of Whole Life Insurance by age and find a plan that fits your needs. You can also buy Whole Life Insurance online easily once you’ve compared rates.

The best Whole Life Insurance Policy in Canada depends on your financial goals, age, and expected coverage. Some policies grow cash value faster, while others offer flexible premium structures or dividends. It’s important to compare Whole Life Insurance quotes, read reviews, and consult experts before choosing. Look for providers offering both Permanent Life Insurance Plans and investment options.

Yes, you can now buy Whole Life Insurance online through trusted Canadian platforms and brokers. The process is simple—fill out your basic health and financial info, review Whole Life Insurance quotes, and apply. Most Whole Life Insurance companies offer digital tools to simplify the experience. If you’re looking for fast coverage, this is one of the most convenient ways to get insured.

Whole Life Insurance rates vary based on age, gender, health, and smoking habits. Younger applicants tend to receive lower premiums. To get the best deal, use a Whole Life Insurance calculator and compare quotes from top Whole Life Insurance companies. These rates also depend on how much cash value you want to build within your Permanent Life Insurance Policy.

Absolutely. Business owners can get corporate Whole Life Insurance to protect key people and support succession or retirement plans. These Permanent Life Insurance Policies can also build tax-advantaged cash value for your company. Comparing Permanent Life Insurance quotes online helps tailor coverage to your specific business needs. Speak with an advisor to align corporate goals with insurance benefits.

A Canadian Whole Life Insurance Policy gives you fixed premiums, lifelong coverage, and a guaranteed cash value component. Your beneficiaries receive a tax-free death benefit, and you gain a financial cushion during your lifetime. Many Whole Life Insurance Plans also offer dividends and policy loan options. It’s ideal for estate planning, long-term wealth preservation, and protecting loved ones.

Start by entering your age, health details, and desired coverage into a comparison tool to receive Whole Life Insurance quotes online. Evaluate multiple plans from leading Whole Life Insurance companies side by side. Look at both premiums and benefits, like cash value, payout guarantees, and dividend options. This gives you a clear picture before you buy Whole Life Insurance online.

Yes, under current Canadian tax laws, the death benefit from your Whole Life Insurance Policy is generally paid out tax-free. This makes Whole Life Insurance a powerful tool for passing wealth to your loved ones. Many Permanent Life Insurance Policies are used specifically for this purpose. It ensures your family receives full support without tax implications.

There are no restrictions on how you use your Whole Life Insurance Policy cash value. You can use it to cover education costs, pay off debt, fund retirement, or take a vacation. This flexibility is one of the major benefits of Whole Life Insurance. Some Whole Life Insurance companies even allow automatic loans against your cash value without credit checks.

If you miss a payment, your Whole Life Insurance Policy may enter a grace period or use the cash value to cover premiums. Some Permanent Life Insurance Plans offer non-forfeiture options, like reducing the benefit or using automatic loans. It’s critical to speak with your provider or advisor to understand your policy’s terms. Missed payments may affect coverage, so plan wisely.

You can choose a limited pay option—like 10, 15, or 20 years—or pay until age 65 or 100, depending on the Whole Life Insurance Policy. Many Permanent Life Insurance Policies allow you to customize the payment period to match your financial goals. Shorter payment terms typically mean higher premiums but faster policy ownership. Use Whole Life Insurance quotes to explore the best plan.