Whole life insurance, a type of permanent life insurance, provides lifetime coverage for your entire life, 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. Read on for our full analysis and rankings of the top whole life insurance companies in Canada from an advisor perspective.
How We Rank The Best Companies for Whole Life Insurance
Our goal is not to declare one single best whole life insurance company for every Canadian. The right choice is personal and depends on your unique financial situation, health, and long-term goals. Our analysis is designed to provide clarity and help you understand the key differences between the leading providers. Our ranking process is built on the following pillars:
We assess each insurer’s financial health from independent third-party agencies such as A.M. Best. We only recommend insurers rated “A” (Excellent) or higher. For whole life insurance, which entails a lifelong commitment, it is essential to select a provider with an established history and top-tier financial ratings to ensure that your policy will be there when needed most.
Whole life insurance is both a protection tool and a long-term asset. We analyze its potential for value creation by looking at two components:
- Guaranteed Cash Value and Death Benefit: A distinguishing feature of whole life insurance is the cash value account that grows on a tax-deferred basis over time. We thoroughly analyzed performance data to identify options with the highest growth potential in both the short and long term.
- Non-Guaranteed Values: The potential for growth through dividends. We review each company’s historical dividend scale performance and the stability of its participating account. 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.
We assess the variety of participating and non-participating policies, payment options, and unique product features.
- Premium Payment Options: The availability of limited-pay options (like 10-pay or 20-pay) versus lifetime payments (pay-to-100).
- Customization & Riders: We score companies on the ability to customize a policy with valuable add-ons, such as a disability waiver of premium, term insurance riders, or critical illness benefits.
- Policy Exclusions and Limitations: Policy exclusions and limitations can affect your coverage, so we evaluated insurers based on factors such as suicide exclusion periods, restrictions on foreign travel, aviation, or dangerous hobbies, and clauses regarding pre-existing medical conditions.
Since whole life insurance inherently costs significantly more than term life insurance, premium affordability is an important consideration. We compared premiums across insurers for sample ages and coverage amounts to identify companies offering the most competitive pricing.
We consider how accessible a company’s products are to the average Canadian. This includes evaluating the straightforwardness of their underwriting process and whether they offer simplified or no-medical options for those who may not qualify for a traditionally underwritten policy.
We also review customer feedback, complaint indexes, and the availability of online tools for policy management
Top Whole Life Insurance Companies in Canada: Ranking and Reviews
Now that we’ve outlined the criteria used in our evaluation, here are the top-rated whole life insurance companies in Canada:
| Company | A.M. Best Rating | Policy Type | Key Feature |
|---|---|---|---|
| Canada Life | A+ | Par | Security and diversification |
| Sun Life | A+ | Par & Non-Par | Strong cash value growth and multiple dividend options. |
| Manulife | A+ | Par | Vitality program rewards healthy living with potential dividends. |
| Equitable Life | A- | Par | Focus on maximizing either early or long-term cash value. |
| BMO Insurance | A | Non-Par | Excellent premium flexibility, including premium holidays. |
| Canada Protection Plan | N/A (Underwritten by Foresters) | Non-Par | No-medical and simplified issue options for hard-to-insure individuals. |
| Empire Life | A | Par & Non-Par | A good balance of affordable premiums and steady performance. |
| Desjardins | A+ (Desjardins Group) | Par | Solid cooperative financial group with flexible payment options. |
| Foresters Financial | A | Par & Non-Par | Fraternal member benefits and a quit-smoking incentive plan. |
| RBC Insurance | A (RBC Life) | Par | Excellent child rider options with guaranteed future insurability. |
| Assumption | A | Par & Non-Par | Simplified Underwriting and Accessibility. |
Let’s move on to a detailed look at some of Canada’s leading whole life insurance providers. Each company has unique strengths, which we have highlighted to help you quickly identify which insurer best aligns with your needs.
Remember, these reviews and ratings are for informational purposes. To find the policy that truly fits your needs, we encourage you to speak with a licensed insurance advisor in Canada.
Canada Life Whole Life Insurance
- Financial Strength: A+
- Lifebuzz Rating: 5⭐
- Best for: Overall Stability
Canada Life earns a top rating due to its unmatched scale and financial stability following the merger of three industry giants. As the largest insurer in the country, it offers a level of security and diversification through its massive participating account. For a product designed to last a lifetime, this unparalleled stability is the most critical factor, making it the industry benchmark.
Canada Life offers two types of participating whole life policies: Estate Select and Wealth Select.
- Wealth Select: Prioritizes rapid growth of early cash values.
- Estate Select: Prioritizes maximizing the long-term, tax-free death benefit.
Payment Options
- Life Pay: Premiums are payable for the life of the policy.
- Limited Pay: Premiums are concentrated over a shorter period, after which the policy is fully paid-up. Standard options are 20-Pay (20 years) and 10-Pay (10 years).
Why It Stands Out: The sheer size and stability of its participating account (the fund that generates dividends) are its key advantages. This scale provides significant diversification and contributes to consistent, stable dividend performance over the long term.
Read the full review: Canada Life Assurance Company
Manulife Whole Life Insurance
- Financial Strength: A+
- Lifebuzz Rating: 5⭐
- Best for: Product Innovation and Flexibility
As Canada’s largest insurance company, Manulife offers two competitive participating whole life insurance solutions:
Manulife Par
- Provide lifetime coverage with guaranteed premiums, a death benefit, and cash values.
- Payment options: 10-pay, 20-pay, pay-to-90, or pay-to-100.
- The death benefit equals the guaranteed insurance amount plus any paid-up insurance and deposit option insurance, less any loans and missed premiums.
- The deposit option feature allows making additional payments to purchase more paid-up insurance.
- Riders available include Child Protection, Guaranteed Insurability, Term Insurance, and Total Disability Waiver.
Manulife Par with Vitality Plus
- All the guarantees and flexibility of Manulife Par
- Integrated with the Manulife Vitality program for maximum rewards
- Potential to earn an annual Vitality dividend based on Vitality Status
Why It Stands Out: With a variety of limited-pay options to accelerate premiums, a wide selection of riders, and competitive cash value projections, Manulife offers flexible, 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
Sun Life Whole Life Insurance
- Financial Strength: A+
- Lifebuzz Rating: 4.5⭐
- Best for: Competitive Dividends and Brand Trust
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 |
Why It Stands Out: 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
Empire Life Whole Life Insurance
- Financial Strength: A
- Lifebuzz Rating: 4.5⭐
- Best for: Simplicity and Straightforward Value
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 increase
- Coverage ending at age 100 when premiums cease
- Guaranteed cash values starting in year 10
- Paid-up values if premiums are discontinued after year 10
- Can add a 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 the 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 a 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 |
Why It Stands Out:
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.
Equitable Whole Life Insurance
- Financial Strength: A
- Lifebuzz Rating: 4.5⭐
- Best for: Policyholder Ownership
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 |
Our Take: 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
Canada Protection Plan Whole Life Insurance
- Financial Strength: N/A
- Lifebuzz Rating: 4⭐
- Best for: Simplicity
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.
| 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 applicants or those with chronic health conditions. Approval is also fast, given no medical requirements.
Read the full review: Canada Protection Plan Life Insurance
BMO Whole Life Insurance
- Financial Strength: A
- Lifebuzz Rating: 4⭐
- Best for: Bank-Backed Security and Simplicity
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.
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.
Ideal for: Funding buy-sell agreements, inheritance gifting, loan collateral, and 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
Foresters Financial Whole Life Insurance
- Financial Strength: A
- Lifebuzz Rating: 4⭐
- Best for: Community Focus and Member Benefits
Foresters Financial offers both participating and non-participating permanent whole life insurance solutions for Canadians:
Advantage Plus Participating Whole Life
- Dividends can enhance policy values in various ways
- Multiple premium payment duration options
- Includes a 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 increase
- 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
Desjardins Whole Life Insurance
- Financial Strength: N/A
- Lifebuzz Rating: 4⭐
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:
- Eligible to receive non-guaranteed annual dividends based on company performance
- Dividends can be used to purchase paid-up additions, reduce premiums, increase coverage, be taken as a 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
RBC Insurance
- Financial Strength: A
- Lifebuzz Rating: 4⭐
RBC Life Insurance, part of RBC Insurance, offers two competitive participating whole life insurance solutions: RBC Growth Insurance, ideal for estate planning and legacy building, and RBC Growth Insurance Plus, 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 are 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
Hopefully, these detailed reviews of the best whole life insurance companies can help you choose 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)
Does BMO Insurance have non-participating whole life insurance?
Yes, BMO Insurance specializes in non-participating whole life insurance. Their plans focus on guarantees and premium payment flexibility, including the option for premium holidays.
What is the maximum coverage on Canada Protection Plan’s no-medical whole life insurance?
The maximum coverage amount on CPP’s no-medical whole life insurance is currently up to $500,000, depending on the specific product and the applicant’s age.
Can I add a child rider to RBC’s whole life insurance?
Yes, RBC offers a well-regarded child term rider that can be added to their whole life policies, allowing you to insure your children and guarantee their future insurability.
Does Sun Life have no-medical whole life insurance?
Yes, Sun Life offers no-medical permanent life insurance options, such as the Sun Life Go Guaranteed Life Insurance plan, for applicants who prefer to skip the medical exam.
Can smokers qualify for Foresters’ whole life insurance?
Yes, Foresters offers its Quit Smoking Incentive Plan, which allows smokers to receive non-smoker rates by quitting within 2 years.
Article Sources:
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