Ben Nguyen 
Whole life insurance, or permanent life insurance, provides lifetime coverage alongside tax-deferred cash value growth. With many providers in the Canadian insurance market offering whole life insurance, it is important to find the right company for your specific needs and situation as a Canadian.
In this guide, we will compare the best whole life insurance companies in Canada based on detailed factors like financial strength, premium costs , cash value accumulation rates, participating and non-participating policy options, riders and added features, Dividend and payout options.
Read on for our full analysis and rankings of the top whole life insurance companies in Canada from a Canadian advisor perspective.
Factors For Comparing The Best Whole Life Insurance Companies in Canada
As experienced Canadian insurance advisors, here are some of the key factors we evaluated in-depth when ranking the top whole life insurance providers in the Canadian market:
Financial Strength and Credit Ratings
We only recommend insurers rated “A” (Excellent) or higher for financial stability from independent agencies like A.M. Best. Strong ratings provide peace of mind that your lifelong policy will be there when needed most.
For whole life insurance in Canada, which entails a lifelong commitment, it is extremely important to select a provider with an established history and top-tier financial ratings.
This table shows sample ratings:
| Company | A.M. Best Rating |
|---|---|
| Sun Life | A+ |
| Manulife | A+ |
| Equitable Life | A- |
| BMO Life | A |
| Canada Life | A+ |
Premium Costs for Your Age and Coverage Amount
Since whole life insurance inherently costs significantly more than term life insurance, premium affordability is a top consideration. We compared premiums across insurers for sample ages and coverage amounts to identify companies offering the most competitive pricing.
While term life insurance premiums remain level for the coverage duration, whole life insurance premiums are guaranteed to stay the same only for a set period before potentially increasing at renewal. Comparing the guaranteed premium period and projected renewal rate increases can give you a more complete picture of long-term costs.
More: Life Insurance Rates By Age Chart in Canada
Cash Value Accumulation Rates and Growth Potential
A distinguishing feature of whole life insurance is the cash value account that grows on a tax-deferred basis over time. We thoroughly analyzed illustrated non-guaranteed cash value accumulation projections at key milestones as well as historical performance data to identify options with the highest growth potential in both the short and long term.
Higher cash value contribution rates and preferential interest rates credited to the accumulating cash account allow your savings to grow faster. This provides greater financial flexibility to tap cash value through policy loans or withdrawals in the future while maintaining coverage.
Breadth of Participating and Non-Participating Policy Options
Participating whole life insurance policies pay dividends, which can enhance a policy’s value over time through options like reduced premiums or increased coverage. Non-participating policies tend to have lower premiums but lack this potential for added value. We took into account the variety of both participating and non-participating plans offered.
Policy Riders and Added Features
The ability to customize coverage and enhance benefits through optional supplementary riders can provide financial protection tailored to your needs. We thoroughly assessed the selection of no-cost and paid riders available from each insurer, ranging from children’s coverage to waiver of premium to guaranteed insurability. More riders signal greater potential to adapt the policy over time as your circumstances evolve.
Dividend Payment History and Options for Policyholders
For participating whole life insurance policies, the company’s track record of paying dividends and the options for using dividends are very important. We favoured providers with a long, consistent history of dividend payments and those offering flexibility in how dividends can be applied, whether towards reduced premiums, increased coverage, or cash payouts.
Customer Service Reputation and Accessibility
By aggregating data from thousands of online customer reviews, forums, and complaints, we identified insurers known for responsive customer service and communication versus those frequently criticized for long wait times, lack of follow-up, and claims issues. We also assessed the availability of self-service online portals for managing your policy versus companies where everything must go through an advisor.
Streamlined Application Process and Approval Timelines
The application process can vary significantly by insurer in terms of requirements like medical exams and paperwork. We considered the typical total time from application submission to policy issuance across providers. Quicker and simpler approval processes reduce hassles for you as the applicant.
Policy Exclusions and Limitations
Policy exclusions and limitations can impact your coverage, so we evaluated insurers based on factors like suicide exclusion periods, restrictions related to foreign travel, aviation, or dangerous hobbies, and any clauses regarding pre-existing medical conditions. Understanding exclusions upfront ensures no nasty surprises later on if you need to file a claim.
Ranking and Reviews of the Top Whole Life Insurance Companies in Canada
Now that we’ve outlined the thorough criteria applied in our evaluation process, here are the top-rated whole life insurance companies in Canada based on an extensive comparative analysis:
Sun Life Whole Life Insurance
Founded in 1865, Sun Life is one of Canada’s oldest and most established insurance providers. They offer a wide range of whole life and participating whole life insurance plans with strong cash value growth potential.
For whole life insurance, Sun Life provides the SunSpectrum Permanent Life II and Sun Life Go Guaranteed Life Insurance plans.
SunSpectrum offers coverage from $25,000 up to $25 million with lifelong protection and cash value accumulation. Sun Life Go Guaranteed is an easy-to-get guaranteed issue plan with no medical questions up to $25,000 in coverage.
SunPermanent Life II Sample Monthly Premiums for $200,000 of coverage
| Age | Male NS | Female NS |
|---|---|---|
| 35 | $165 | $148 |
| 45 | $262 | $223 |
| 55 | $362 | $313 |
For participating whole life insurance, Sun Life has three main options:
- Sun Par Protector II – Provides lifetime coverage, long-term cash value and death benefit growth. Ideal for families and children.
- Sun Par Accumulator II – Offers lifetime coverage, long-term cash value and death benefit growth, with higher short-term cash value. Suited for families and business owners.
- Sun Par Accelerator – Gives lifetime coverage that’s fully paid-up in 8 years, along with high short-term cash value and long-term growth. Best for those looking to pay premiums quickly.
Sun Par Protector II Sample Monthly Premiums for $200,000 of coverage
| Age | Male NS | Female NS |
|---|---|---|
| 35 | $283 | $267 |
| 45 | $393 | $369 |
| 55 | $577 | $535 |
All of Sun Life’s participating policies provide the potential to earn dividends that can be used to enhance the policy’s value over time. The company is an excellent choice overall, given its history, competitive cash values, dividend track record, a wide range of policy options and riders, and highly rated financials.
Read the full review: Sun Life Insurance Canada
Manulife Whole Life Insurance
As Canada’s largest insurance company, Manulife offers two competitive participating whole life insurance solutions:
Manulife Par
- Manulife Par is a participating whole life insurance product that provides lifetime coverage with guaranteed premiums, death benefit, and cash values.
- It offers a choice of premium durations: pay for 10 years, pay for 20 years, pay to age 90, or pay to age 100.
- Two coverage types are available: single life or joint last-to-die.
- The death benefit equals the guaranteed insurance amount plus any paid-up insurance and deposit option insurance, less any loans and missed premiums.
- It has a deposit option feature that allows making additional payments to purchase more paid-up insurance.
- Dividend options are paid-up additions (default) or cash dividends. Dividends can enhance the policy’s value.
- Riders available include Child Protection, Guaranteed Insurability, Term Insurance, and Total Disability Waiver.
Manulife Par Sample Monthly Premiums for $200,000 of coverage
| Age | Male NS | Female NS |
|---|---|---|
| 35 | $291 | $283 |
| 45 | $356 | $352 |
| 55 | $469 | $446 |
Manulife Par with Vitality Plus
- All the guarantees and flexibility of Manulife Par
- Integrated with Manulife Vitality program for maximum rewards
- Potential to earn annual Vitality dividend based on Vitality Status
With its variety of limited pay options to accelerate premiums, wide selection of riders, and competitive cash value projections, Manulife provides flexible and competitive whole life solutions for Canadians seeking permanent coverage and lifelong protection. The addition of Vitality integration further incentivizes healthy behaviours.
Read the full review: Manulife Life Insurance
Equitable Whole Life Insurance
Equitable Life, founded in 1920, is one of Canada’s leading mutual life insurance companies. It is known for its participating whole life insurance policies, which offer strong cash value accumulation potential.
Equitable Life has two main participating whole life solutions:
Equimax Estate Builder®
- Focuses on higher long-term value and cash growth
- Ideal for estate planning needs
- Premiums payable for life, 20 years, or 10 years
Equimax Wealth Accumulator®
- Prioritizes higher early cash values
- Well-suited for business protection needs
- Premiums payable for life or 20 years
Key features of Equitable Life’s participating whole life insurance:
- Eligible to earn annual dividends to enhance policy value
- Dividends can be used to purchase paid-up additions, reduce premiums, take as cash payouts, increase coverage, or earn interest.
- Guaranteed level premiums and death benefit
- Tax-deferred cash value growth potential
- Can add optional critical illness and guaranteed insurability riders
Equitable Life’s participating whole life plans offer Canadians financial protection and steady, tax-advantaged long-term savings growth.
Equimax Estate Builder Sample Monthly Premiums for $200,000 of coverage
| Age | Male NS | Female NS |
|---|---|---|
| 35 | $181 | $160 |
| 45 | $266 | $233 |
| 55 | $417 | $353 |
Equitable Life is an excellent choice for Canadian consumers who prioritize maximizing cash value growth on their whole life insurance policy, given Equitable’s track record, detailed accumulation projections, and top-tier financial stability.
Read the full review: Equitable Life Insurance of Canada
BMO Whole Life Insurance
As part of BMO Financial Group’s over 200 years of financial services experience, BMO Insurance provides two flexible non-participating permanent whole life insurance policies for Canadians:
BMO Estate Protector Whole Life
The BMO Estate Protector is designed for estate planning and final expense needs. It provides lifelong insurance protection along with tax-advantaged cash value growth.
Key features:
- Premiums are payable for 10 years, 20 years, or to age 100. This allows choosing a payment schedule aligned with financial goals.
- Guaranteed level premiums, death benefit, and increasing cash values.
- Non-participating, so no dividends, but includes a Performance Bonus that enhances the death benefit and cash value.
- The Performance Bonus is guaranteed to never be negative.
- Option to make additional payments over the premiums to further grow the tax-deferred cash value and death benefit.
- Various premium management flexibility options like switching to lower premiums or taking premium holidays.
- You can access the policy’s cash value later through withdrawals, loans, or reduced paid-up insurance.
Ideal for: Estate preservation, final expenses, replacing lost income, and charitable gifts.
BMO Estate Protector Sample Monthly Premiums for $200,000 of coverage
| Age | Male NS | Female NS |
|---|---|---|
| 35 | $265 | $250 |
| 45 | $369 | $342 |
| 55 | $526 | $475 |
BMO Wealth Accelerator Whole Life
The BMO Wealth Accelerator is tailored for wealth transfer and business protection needs. It optimizes tax-deferred cash value growth alongside lifelong coverage.
Key features:
- Like BMO Estate Protector, it offers guaranteed premiums for 10/20 years or to age 100.
- Provides guaranteed cash value growth at accelerated rates compared to Estate Protector.
- Includes same non-negative Performance Bonus and premium flexibility options.
- Substantial cash accumulation and tax-preferred internal growth.
- Cash value can be used for income, unexpected expenses, collateral, or to pay policy premiums.
- Option to pay up policy in 10 or 20 years while maintaining lifetime protection.
Ideal for: Funding buy-sell agreements, inheritance gifting, loan collateral, supplementary retirement income.
BMO Wealth Accelerator Sample Monthly Premiums for $200,000 of coverage
| Age | Male NS | Female NS |
|---|---|---|
| 35 | $361 | $317 |
| 45 | $495 | $446 |
| 55 | $693 | $625 |
Our Take: BMO Insurance is a great pick for whole life insurance if you value premium payment flexibility given their options like premium holidays, a variety of premium deposit accounts, and integrated coverage for existing BMO banking clients.
Read the full review: BMO Life Insurance
Canada Protection Plan Whole Life Insurance
Canada Protection Plan specializes in no medical and simplified issue life insurance solutions. They offer a range of permanent whole life insurance options to meet the needs of Canadians with certain health conditions.
Deferred Life
- For serious health issues including heart, cancer, diabetes
- 2 year limitation on full death benefit
- Face amounts from $10,000 to $75,000
Deferred Elite Life
- For less serious health issues or previous declines
- Full death benefit after 2 years
- Face amounts from $10,000 to $350,000
Simplified Elite Life
- For relatively good health or high risk hobbies
- Immediate full death benefit
- Face amounts from $10,000 to $500,000
Preferred Life
- For good health seeking faster underwriting
- Immediate full death benefit
- Face amounts from $50,000 to $1,000,000
Preferred Elite Life
- For very good health wanting the best rates
- Fully underwritten
- Face amounts from $500,000 to $1,000,000
Guaranteed Acceptance Life
- Guaranteed issue regardless of health
- 2 year limitation on full death benefit
- Face amounts from $10,000 to $50,000
| Product | Health Eligibility | Underwriting | Wait Period | Face Amounts |
|---|---|---|---|---|
| Deferred Life | Serious conditions | No medical | 2 years | $10,000 to $75,000 |
| Deferred Elite Life | Less serious conditions/previously declined | No medical | 2 years | $10,000 to $350,000 |
| Simplified Elite Life | Relatively good health/high risk hobbies | No medical | None | $10,000 to $500,000 |
| Preferred Life | Good health | No medical under $500,000 | None | $50,000 to $1,000,000 |
| Preferred Elite Life | Very good health | Fully underwritten | None | $500,000 to $1,000,000 |
| Guaranteed Acceptance Life | All health conditions | Guaranteed issue | 2 years | $10,000 to $50,000 |
CPP Whole Life Insurance Sample Monthly Premiums for $200,000 of coverage
| Age | Male NS | Female NS |
|---|---|---|
| 35 | $150 | $145 |
| 45 | $239 | $230 |
| 55 | $385 | $365 |
Our Take: Canada Protection Plan is the go-to choice for obtaining no medical exam whole life insurance with little hassle, especially for older ages or applicants with chronic health conditions. Approval is also fast given no medical requirements.
Read the full review: Canada Protection Plan Life Insurance
Empire Life Whole Life Insurance
Empire Life is a mid-sized Canadian insurance company founded in 1923 and based in Kingston, Ontario. They offer permanent whole life insurance options with a good balance of affordable rates and steady long-term performance.
Solution 100 Non-Participating Whole Life
The Solution 100 is a straightforward whole life policy with guaranteed level premiums to age 100. It provides lifelong protection and features:
- Level guaranteed premiums never increasing
- Coverage ending at age 100 when premiums cease
- Guaranteed cash values starting in year 10
- Paid-up values if premiums discontinued after year 10
- Can add critical illness rider for added protection
Ideal for simplicity-focused clients wanting basic permanent life insurance.
Term to 100 Non-Participating Whole Life
The Term to 100 offers an initial term period converting to permanent coverage. It features:
- Competitive term rates for first 15 years
- Converts to permanent whole life with level premiums to age 100
- No medical underwriting for conversion to whole life
- Lifelong protection after conversion
- Can add critical illness rider on conversion
Ideal for budget-conscious clients wanting permanent coverage later in life.
Term to 100 Non-par Sample monthly premiums for $200,000 of coverage
| Age | Male NS | Female NS |
|---|---|---|
| 35 | $141 | $125 |
| 45 | $214 | $184 |
| 55 | $326 | $277 |
Optimax Wealth Participating Whole Life
The Optimax Wealth focuses on building early policy cash values. It provides:
- Guaranteed cash values starting in year 1
- Dividends to enhance policy values
- Premiums payable for 8, 10, 20 years or life
- Tax-preferred internal cash value growth
- Protection plus wealth accumulation
Ideal for retirement planning or business buy-sell funding needs.
EstateMax Participating Whole Life
The EstateMax prioritizes long-term cash value growth for estate planning. It features:
- Deferred cash value accumulation
- Strong dividends and loyalty bonuses over time
- Premiums payable for 10, 20 years or life
- Ideal for estate preservation and final expenses
- Tax-advantaged legacy creation
Ideal for generational wealth transfer and charitable gift planning.
EstateMax Participating Sample monthly premiums for $200,000 of coverage
| Age | Male NS | Female NS |
|---|---|---|
| 35 | $169 | $143 |
| 45 | $255 | $216 |
| 55 | $399 | $337 |
In summary, Empire Life offers flexible and competitive permanent whole life insurance solutions to meet a wide range of needs – both participating and non-participating. The company is an economical choice for consumers who want lifelong protection through a participating whole life insurance policy with guaranteed premiums and illustrated cash value growth.
Desjardins Whole Life Insurance
Desjardins is a leading cooperative financial group in Canada that offers Canadians a competitive participating whole life insurance solution through their insurance subsidiary.
Key features of Desjardins Participating Life Insurance:
- Provides permanent lifetime coverage
- Eligible to receive non-guaranteed annual dividends based on company performance
- Dividends can be used to purchase paid-up additions, reduce premiums, increase coverage, take as cash payout, or earn interest.
- Guaranteed level premiums, death benefit, and some cash values
- Allows policy loans and withdrawals against accumulated cash values
- Multiple premium payment durations: 5, 10, 20 years or to age 100
- Option to add supplementary benefits like disability waiver of premium
Desjardins’ participating whole life insurance helps Canadians achieve financial protection for life while leveraging tax-preferred internal cash value growth. Dividends paid can further boost policy values over time.
Desjardins PAR WL to 100 Estate Enhancer Sample monthly premiums for $200,000 of coverage
| Age | Male NS | Female NS |
|---|---|---|
| 35 | $304 | $269 |
| 45 | $439 | $385 |
| 55 | $620 | $534 |
With over 80 years of experience providing participating life insurance, Desjardins offers a simple way for Canadians to secure lifelong coverage plus the potential to grow wealth through dividends.
Read the full review: Desjardins Life Insurance in Canada
Foresters Financial Whole Life Insurance
Foresters Financial offers both participating and non-participating permanent whole life insurance solutions for Canadians:
Advantage Plus Participating Whole Life
- Provides lifetime coverage with dividends potential
- Dividends can enhance policy values in various ways
- Multiple premium payment duration options
- Includes charitable giving benefit at no cost
Foresters Non-Par Whole Life
- Non-participating permanent protection
- Guaranteed level premiums payable for 20 years or life
- Guaranteed cash value accumulation starting in year 11
- Can add optional riders like disability waiver
Key features of Foresters’ whole life insurance:
- Tax-free death benefit to beneficiaries
- Guaranteed level premiums never increasing
- Cash values accessible through loans or withdrawals
- Customizable with optional supplementary riders
With over 150 years of experience, Foresters leverages its fraternal membership foundation to provide participating and non-participating whole life solutions tailored to fit Canadians’ financial protection needs.
Advantage Plus Sample monthly premiums for $200,000 of coverage
| Age | Male NS | Female NS |
|---|---|---|
| 35 | $310 | $269 |
| 45 | $457 | $385 |
| 55 | $633 | $549 |
Foresters Financial is a great niche choice for consumers who appreciate the fraternal member benefits and want the potential for non-smoker rates through their Quit Smoking Incentive Plan.
Read the full review: Foresters Financial Life Insurance
RBC Whole Life Insurance
RBC Life Insurance, part of RBC Insurance, offers two competitive participating whole life insurance solutions:
RBC Growth Insurance
- Focuses on maximizing long-term cash value growth
- Ideal for estate planning and legacy building
RBC Growth Insurance Plus
- Prioritizes accelerating early cash values
- Well-suited for business protection needs
Key features of RBC’s participating whole life insurance:
- Lifelong coverage plus tax-deferred cash value growth
- Eligible for annual dividends to enhance policy value
- Multiple premium payment durations: 10/20 years or life
- Guaranteed cash values accessible for policy loans
- Can add optional riders like accidental death, disability waiver
- Juvenile insurability option to lock in child’s rates
RBC Growth Insurance and RBC Growth Insurance Plus provide a balanced combination of permanent protection and tax-advantaged internal accumulation potential.
RBC Growth Insurance Sample monthly premiums for $200,000 of coverage
| Age | Male NS | Female NS |
|---|---|---|
| 35 | $277 | $250 |
| 45 | $378 | $338 |
| 55 | $554 | $485 |
With a long track record of paying dividends, RBC Life offers Canadians participating whole life solutions to achieve financial security for life. The company is a strong choice for families who want to incorporate permanent life insurance coverage for children under the parents’ plan thanks to their free child term rider with guaranteed future insurability.
Read the full review: RBC Life Insurance
Tips for Choosing The Best Whole Life Insurance Company for Your Needs
While we have objectively highlighted some of the best whole life insurance companies in Canada based on detailed research criteria, ultimately finding the right provider comes down to matching individual consumer needs and preferences.
Here are some tips for choosing the most suitable whole life insurance policy and company for your particular situation:
- Compare personalized quotes – Get quotes from multiple highly-rated whole life insurance companies to compare premiums for your specific age and coverage needs. Actual rates can vary significantly between providers.
- Assess affordability – Determine the maximum budget you can allocate towards premiums and find an insurer offering optimal value within that price range. Consider limited pay options to manage costs.
- Review financial health – Verify the company is financially stable with an “A” rating or higher from third parties like A.M. Best to ensure they can deliver on lifelong guarantees.
- Project cash value growth – To accumulate cash value, analyze illustrated projections and dividend rates from insurers. Favour those with the highest interest crediting rates.
- Evaluate added features – Determine which riders like disability waiver of premium or guaranteed insurability, are most relevant to your situation before prioritizing helpful extras.
- Compare dividends – For participating policies, compare each company’s historical dividend payments and projected future dividends to maximize this added value.
- Check customer reviews – Read customer feedback about the quality of servicing, communications, claims support and advisor guidance to identify providers with positive reputations.
- Understand limitations – Carefully review the policy contract for exclusions, waiting periods, reductions in benefits, and any other clauses that may impact coverage.
- Get professional advice – Consult with a licensed life insurance advisor who can explain whole life insurance suitability and guide you in comparing options.
Summary of Finding the Best Whole Life Insurance Companies in Canada
We hope the detailed reviews of the best whole life insurance companies, the analysis of key factors, and the tips will help you feel empowered to select the top provider and policy for your needs as a Canadian consumer.
Be sure to get personalized quotes, thoroughly assess policy contracts, and consider your individual financial situation and risk profile before deciding. Our advisors are also here to help provide Canadian specific guidance if you have any questions during your search for the ideal whole life insurance solution.
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Frequently Asked Questions (FAQs)
How does Canada Life's whole life insurance cash value work?
Canada Life's whole life insurance cash value grows on a tax-deferred basis. Dividends paid on participating policies can enhance cash value, which remains accessible through loans or withdrawals.
Does BMO Insurance have non-participating whole life insurance?
Yes, BMO Insurance offers permanent non-participating whole life insurance with a cash value account. Their plans focus on premium payment flexibility.
What is the maximum coverage on the Canada Protection Plan no medical whole life insurance?
Canada Protection Plan's no medical whole life insurance coverage maximum is currently $500,000, depending on the specific product and the insured's age.
How much dividend does Empire Life's participating whole life insurance pay?
Empire Life has a strong history of paying competitive dividends on their participating whole life insurance. Dividend payments depend on their financial performance each year.
Does Desjardins have limited pay whole life insurance?
Yes, Desjardins offers flexible limited pay whole life insurance. Premiums can be paid over 5, 10 or 20 years after which coverage continues lifelong.
What are the requirements for Foresters' whole life insurance?
Foresters' whole life insurance requires membership in their fraternal organization. Applicants must provide their member certificate when applying.
Can I add a child rider to RBC's whole life insurance?
Yes, RBC offers a free child term rider with their whole life insurance to include permanent juvenile coverage under the parent's policy.
How does UV Insurance's whole life insurance cash value work?
UV Insurance's whole life policies focus on affordable protection over building long-term cash value. Values grow at standard guaranteed rates.
What is Industrial Alliance's whole life insurance Superior Risk Tolerance program?
This program provides more inclusive underwriting guidelines when applying for Industrial Alliance's whole life insurance with potential health issues.
Does Sun Life have no medical whole life insurance?
Yes, Sun Life offers non-medical permanent life insurance for applicants who prefer to not complete a medical exam during the application process.
Can I get Manulife's Vitality PLUS discounts on their whole life insurance?
Yes, Manulife's Vitality PLUS program integrates with their participating whole life insurance to offer premium discounts for healthy behaviours.
What policy riders does Canada Life offer with whole life insurance?
Canada Life offers riders disability waivers of premiums, accidental death, children's terms, and guaranteed insurability to customize whole life policies.
Does BMO Insurance allow premium holidays for whole life insurance?
Yes, after 10 years BMO whole life insurance policies qualify for a premium holiday to temporarily stop payments for up to 12 months.
How fast is the Canada Protection Plan no medical whole life insurance application?
The Canada Protection Plan no exam whole life application takes only around 15 minutes to complete online. It's the fastest in Canada.
What are Empire Life's whole life insurance premiums guaranteed for?
Empire Life guarantees level whole life insurance premiums for the first 10 years. After the initial guarantee expires, renewal premiums may increase.
What limited pay options does Desjardins have for whole life insurance?
Desjardins offers 5, 10 and 20 year limited pay options on participating whole life insurance, allowing accelerated premium payments.
Can smokers qualify for Foresters's whole life insurance?
Yes, Foresters offers their Quit Smoking Incentive Plan where smokers can receive non-smoker rates by quitting within 2 years.
Article Sources:
To understand how we uphold our commitment to precision, openness, and impartiality, we invite you to review the Editorial Policy at Lifebuzz.ca. Our reputation as the most reliable source for life insurance news in Canada is a testament to our integrity.
- Best Whole Life Insurance Companies in Canada (2024) – https://www.policyadvisor.com/
- Best Whole Life Insurance in Canada (Updated!) – https://www.policyme.com/
- Manulife Par – manulife.ca
To determine the top whole life insurance providers, our research team thoroughly evaluates companies on several key factors important to consumers:
- Brand Reputation (40%) – We assess brand trust and stability by reviewing ratings from independent agencies like A.M. Best, J.D. Power, and the National Association of Insurance Commissioners (NAIC). Companies receive more points for higher ratings in financial strength, customer satisfaction, and low complaint indexes.
- Coverage Options (33%) – Companies are scored based on the variety of whole life products they offer. The most points are awarded to providers with multiple types of participating and non-participating whole life policies to meet diverse needs.
- Availability & Ease of Use (19%) – The more communication channels provided for customer service, sales, and claims, the more points a company receives. We favour insurers that offer omnichannel access, including phone, email, live chat, online quotes/purchasing, and in-person agent meetings.
- Riders & Customization (8%) – Insurers get higher scores for offering a wide selection of riders and endorsements to customize whole life insurance. Companies with 10+ riders available get the maximum points in this category.
By thoroughly evaluating whole life insurance companies on these weighted criteria, we generate comprehensive ratings to identify the top providers offering the ideal mix of reputation, coverage, availability, and customization for different consumer needs and preferences.
