Choosing among Canada’s whole life insurers is genuinely difficult: dozens of companies sell participating policies, and each markets strong dividends, long-term cash value growth, and flexible coverage. At PolicyAdvisor, our team compared leading Canadian insurers to determine the best whole life insurance companies across different needs and profiles.

Quick glance

Here are the top 15 whole life insurance companies in Canada that stand out for their combination of strong performance and flexible plans.

Discover why these companies earned their place in our top 15 below.

Best whole life insurance companies in Canada for 2026

Life insurance riders provide policyholders with additional benefits that can be customized based on individual needs. One such valuable rider is the guaranteed insurability (GI) rider, which lets policyholders increase their life insurance coverage at specific intervals without undergoing medical underwriting.

In this article, we’ll explain the purpose, functionality, benefits, and cost of a GI rider in Canada to help you determine if this option aligns with their financial and health planning goals.

What is a guaranteed insurability rider?

A guaranteed insurability rider is an optional add-on to a life insurance policy that allows policyholders to purchase additional coverage at predetermined intervals without requiring a medical exam or proving insurability. This ensures that individuals can secure higher coverage despite potential changes in their health or lifestyle.

The rider is available on certain term and permanent life insurance policies and is particularly beneficial for those who anticipate increased financial responsibilities in the future, such as starting a family or purchasing a home. 

For example, if you suspect you may face future health problems through means like genetic testing or due to a history of family health issues or lifestyle choices, a GI rider might be useful to add to your life insurance policy. 

It’s also beneficial if you currently have a limited budget, but want to ensure that you’ll have the option for purchasing additional coverage later on, as your budgeting flexibility improves over time.

How does a guaranteed insurability rider work?

A guaranteed insurability rider operates on a structured timeline, providing opportunities to increase coverage at specific milestones. Policyholders can exercise their option to purchase additional coverage every few years (typically every three to five years) on the policy anniversary date.

Additionally, certain life events can also trigger the ability to increase coverage, such as marriage, the birth/adoption of a child, or purchasing a home. However, the option to increase coverage must be exercised within a set timeframe (e.g., 30 or 90 days) following the policy anniversary or a qualifying life event. 

Lastly, the typical timeframe to exercise this rider starts five years from the original policy’s effective date.

Who needs a guaranteed insurability rider?

A guaranteed insurability rider is ideal for individuals who anticipate needing more life insurance in the future but want to avoid future medical exams that could result in higher premiums. It is especially beneficial for those with pre-existing medical conditions or a family history of health issues, as it ensures they can increase coverage regardless of any changes in their health.

How much does a guaranteed insurability rider cost?

A guaranteed insurability rider is generally an affordable addition to a life insurance policy and approximately costs between $3 and $21 for people aged 25-45 years, varying based on age.

However, it is important to note that while adding the rider itself is inexpensive, the actual cost of increasing coverage when exercising the option will depend on your age at that time. 

The later you choose to exercise the GI option, the higher the cost of the additional coverage due to increased age-related risk. The table below shows the cost of adding a GI rider to a $100,000 life insurance policy:

When can you buy a guaranteed insurability rider?

In most cases, you must buy a GI rider at the time of applying for your life insurance policy. The decision to include a GI rider is made during the underwriting process, where the insurer assesses the financial risk of offering this option.

A GI rider cannot be added after your policy has been issued, so it’s essential to consider whether you need it at the time of application. Insurers evaluate an applicant’s health and overall risk profile during underwriting, determining whether to approve the rider and set an appropriate cost.

For instance, if an applicant has a medical history of cancer or another high-risk condition, an underwriter may deny the GI rider because the increased risk of future claims could pose a financial liability for the insurer. If approved, the insurer locks in the right to purchase additional coverage in the future, regardless of changes in health.

How many times can you use a guaranteed insurability rider?

Most guaranteed insurability riders permit policyholders to purchase additional coverage every three to five years on the policy anniversary date. This means that you can increase your coverage only at these predetermined intervals. 

Additionally, some insurers allow coverage increases during major life events, such as marriage, the birth or adoption of a child, or purchasing a home. There is also usually a maximum number of times the option can be exercised over the life of the policy. 

For example, an insurer may allow a policyholder to increase coverage up to five times throughout the duration of the policy, up to a certain age (commonly 50 or 55). Each time you choose to increase your coverage, the insurer will offer a predetermined amount based on the original policy terms.

What are the advantages and disadvantages of a guaranteed insurability rider?

A guaranteed insurability rider does not require medical exams, allows you to purchase more coverage at different intervals and is ideal for life events such as marriage, childbirth, etc. However, it comes with disadvantages like limited availability, extra premiums, and a specific window within which you can exercise this option.

  Advantages and disadvantages of a guaranteed insurability (GI) rider

At what age does guaranteed insurability end?

A guaranteed insurability rider typically expires when the policyholder reaches a certain age, which varies by insurer but is commonly between 40 and 50 years old. Once the rider expires, the option to purchase additional coverage without a medical exam is no longer available.

Most insurers set the cutoff age at 40, 45, or 50, depending on their specific policies. This age limit exists because, as individuals get older, the risk of health issues increases, making additional coverage riskier for the insurer.

As we often say – life insurance is not a one-size-fits-all product. Canadians purchase life insurance policies for a variety of reasons: to cover a mortgage loan or debt, to provide a financial cushion to their loved ones, or to cover the costs of their children’s education – in case the insured passes away. With such diversity in use cases for life insurance, individuals choose different coverage amounts and periods to align life insurance policies with their needs.

But, life insurance can be personalized even further with a life insurance rider.

How do insurance riders work?

A life insurance rider is an optional feature that can be added on to a life insurance policy to enhance and customize it to better address one’s unique needs.

Types of Life Insurance Riders: Quick Reference Guide

Click on any rider name to jump to the full description below.

The coronavirus pandemic dramatically changed the world. In this article, we take a look at how it can impact your life insurance application or your existing policy, if at all.

On May 4, 2023, the World Health Organization (WHO) declared that COVID-19 is no longer a global health emergency.

Remember to always get COVID-19 information from verified sources, such as official government of Canada or provincial websites.

What is COVID-19?

Novel Coronavirus (COVID-19) is a new strain of coronavirus that was first identified in Wuhan City, China in December 2019 and has since been detected in more than 100 countries. The virus has been named SARS-CoV-2 and the disease it causes has been named Coronavirus disease 2019 (COVID-19). Coronaviruses are a large family of viruses that are common in humans and have typically been associated with mild illnesses, similar to the common cold. The novel Coronavirus (n-COV) is a new strain that has not previously been identified in humans.

Symptoms for COVID-19 have included fever, cough, difficulty breathing, and pneumonia in the lungs, with severe pneumonia cases leading to fatalities. Generally, Coronavirus can cause severe symptoms in people with weakened immune systems, the elderly, and those with long-term health conditions like diabetes, cancer, hypertension, and chronic lung disease. On March 11, 2020, the World Health Organization (WHO) declared the global outbreak of COVID-19 as a pandemic.

Since then, over the course of the COVID-19 pandemic, multiple variants of the virus have been identified. The most prominent ones were the Alpha, Beta, Delta, and Omicron strains. The Delta variant was classified by WHO on May 11, 2021, and quickly became the dominant variant circulating globally. Delta spreads more easily than earlier strains of the virus and is responsible for more cases and deaths worldwide. The Omicron variant was reported to WHO later that year, on November 24, 2021, and was classified as a variant of concern by WHO on 26 November 2021, due to its high transmissibility compared to other variants. As of June 2023, Omicron is still the most prominent strain being spread in North America.

As of May 4, 2023, the WHO does not consider COVID-19 a global health emergency anymore. However, it is still classified as a pandemic and a serious, ongoing health issue.

Does COVID-19 affect my existing life insurance policy?

If you already have an existing, active life insurance policy, then the short answer is you will be covered for any claims associated with COVID-19.

In other words, if you were to pass away due to COVID-19 or a Coronavirus-related ailment, your beneficiary will be able to make a life insurance claim. The claim would be treated in the same manner as a death caused by any other natural disease or ailment. Life insurance policies do not treat deaths caused by Coronavirus any differently from those caused by any other flu, infectious diseases, or natural causes.

In 2020, Canadian life insurance companies paid out over $154 million in claims for Covid-19-related deaths (CLHIA). While 2021 data has yet to be released for Canadian insurers, according to US trends life insurance payouts in 2021 were the highest they have been in over 100 years, with Covid-19-related death claims topping 2020 numbers.

Will receiving a COVID-19 vaccine affect my life insurance policy?

Despite what some online rumours may say, receiving a COVID-19 vaccination will not affect your insurance in any way. The Canadian Life and Health Insurance Association (CLHIA) released a statement on March 8 2021 assuring Canadians that no life insurance provider in Canada will be denied coverage or benefits when using a vaccine approved by Health Canada.

From their release:

“Getting the vaccine will not affect your insurance coverage. No one should be afraid and choose to not protect themselves from COVID-19 because they are worried about it affecting their benefits. All of Canada’s life and health insurers are supportive of Canadians receiving government-approved vaccinations to protect themselves from serious illness and death.”

I have a deferred insurance policy. Can a COVID-19 claim be paid out during the waiting period?

If you currently have a deferred life insurance policy, owing to a prior health consideration, then any claims associated with COVID-19, will have to wait out the pre-specified deferral period. However, even in such cases, the claim and death benefit will be treated in the same manner as any other claim for a natural cause of death from an illness or disease.

Will COVID-19 be covered under a new life insurance policy, if I apply now?

Life insurance policies have continued to provide coverage for Coronavirus-related deaths for new life insurance applications, once those have been approved.

However, if you have been recently diagnosed with Coronavirus or are currently awaiting diagnosis or treatment of the same, insurance companies will likely defer the approval, until after such treatment or diagnosis is complete. Such a deferral will be similar to deferrals required for any other ongoing health condition or treatment.

For example, some companies may implement underwriting guidelines at the time of application that state, you must not have had Covid-19-related symptoms in the last month, that your case was only mild, or that you must wait two or three months following the resolution of all symptoms. As the situation evolves, companies may continue to amend their approval guidelines, so it’s always best to check with an insurance expert at PolicyAdvisor for the latest underwriting rules.

Does my travel history to a Coronavirus-affected region affect my life insurance application?

As part of standard life insurance applications, most life insurance companies will ask questions about your recent travels in the last year – as well as ask for information on your travel plans for the next twelve months. If you have travelled to a region that has seen a wide outbreak of COVID-19, particularly in the last 1-3 months, then you can expect the insurance company to ask you additional questions.

Similarly, any imminent plans to travel to any of COVID-affected regions invite additional questions about such travel plans. In some situations, where travel may indicate elevated risks to Coronavirus, insurance companies may choose to postpone the decision around approving a policy. Learn more about life insurance and travelling and applying for life insurance while quarantined.

Will a COVID-19 claim be paid out under Critical Illness Insurance policies?

A critical illness insurance policy is a contract whereby an insurance company agrees to pay out a one-time lump sum amount to the insured, upon the diagnosis of a specified critical illness and the completion of a survival period; usually 30 days.

COVID-19 by itself is not a covered condition as defined in Critical Illness policies currently sold. Therefore critical illness policies will not payout, purely, on a positive COVID diagnosis. The vast majority of people who contract the novel coronavirus are expected to make a full recovery within a relatively short period of time. However, if a claim is presented for a different covered critical illness (such as a major organ transplant, like a lung transplant) that is attributable to Coronavirus, then it will generally be viewed as a covered condition and insurance companies will consider such claims for approval.

If you are unsure what your policy covers, reach out to our licensed insurance experts. We will help explain your current coverage.

Am I covered for COVID-19 under my disability insurance policy?

Disability insurance products are designed to pay a monthly benefit to replace a loss of earnings if you are unable to work due to illness or injury for the length of the policy, or until you return to work. Typically, there is a waiting period before the benefit payments start. This waiting period can be between 1 to 26 weeks for short-term policies or up to 2 years for long-term disability insurance policies. Should a Coronavirus diagnosis lead to a loss of income, the insurance companies will make a payment as long as the minimum waiting period is complete. Some companies may even waive the waiting period in the case of a positive diagnosis. Learn more about Coronavirus and critical illness insurance.

Frequently Asked Questions

COVID-19 has been declared by the WHO to be a pandemic. Are there any exclusions on life insurance policies associated with pandemics that insurance providers may introduce in the future?

A pandemic is a global outbreak of disease. Pandemics happen when a new virus emerges to infect people and can spread between people sustainably. Most life insurance policies currently do not have a disease-related exclusion. The standard exclusions pertain to suicide/self-inflicted harm or criminal activity.

Currently, there are not any exclusions on coronavirus-related deaths. However, insurance companies continue to monitor the outbreak and they reserve the right to make any changes in their product or processes in the future.

Should I be buying insurance on my life or health at this time?

Regardless of this health scare, you should be buying the appropriate amount of insurance coverage to protect you and your family at the earliest time you can. Such coverage only gets more expensive with age.

COVID-19 is a reminder that life events can emerge quite quickly and it is prudent to secure coverage ahead of time. This is just as important a time as any other to protect those that depend on you for financial health. If you would like to discuss your insurance needs, our advisors are available to assist you.

Can I apply for life insurance coverage without having to meet an advisor or undergo a medical test?

When COVID-19 was still a global health emergency, many Canadians practiced social distancing to prevent the spread of Coronavirus to loved ones and community. By now, such restrictions are no longer recommended, but you may still be concerned about limiting your social interactions.

As Canada’s leading online life insurance brokers, the team at PolicyAdvisor has made finding life insurance quotes and buying life insurance an easy, quick and online process for consumers like yourself that seek the convenience of a non-face-to-face meeting to assess insurance needs. Our life insurance needs calculator can help shed light on your specific insurance requirements from your couch or kitchen table.

Our innovative algorithm parses through 100s of insurance products so you can find the best insurance policy and options for your needs. Our licensed insurance advisors are available online to answer any questions, curate your insurance choices, and help complete the application for you – all fully online.

While many life insurance products require a medical test, we have partnered with some of Canada’s leading insurance companies to arrange for life insurance coverage up to $1 million, without requiring an in-person, medical exam. We also have access to several non-medical insurance products; the coverage can be fully obtained without meeting with a medical representative.

You can easily get financial protection from the comfort of your home even if you are still practicing social distancing – like so many of us are – to protect our communities and those most vulnerable.

PolicyAdvisor’s latest research finds that only 48% of Canadians feel their insurance coverage adequately protects their families from the financial impact of COVID-19 should they become ill or pass away from the virus.

Our State of the Nation: Life Insurance Trends 2021 report takes the temperature on Canadians’ attitude towards spending, saving, job security, and life insurance in a near post-pandemic economy. 

More insights from State of the Nation: Life Insurance Trends 2021

• Over half of Canadians surveyed (59%) are concerned about inflation’s effect on the cost of living and rising interest rates. 
• Job security concerns worry many Canadians (14%) facing a stalled economy. 
• Canadians plan on spending less on entertainment (51%), travel (43%), and clothing (42%). 
• The least expendable budget item for surveyed Canadians is life and health insurance. Eighty percent (80%) will maintain their current level of insurance protection throughout the ongoing health crisis, or even purchase more.
• Over half (52%) of Canadians feel uncertain as to whether they have adequate financial protection for themselves or their loved ones should they be stricken with a COVID-related sickness or death.
• The perceived expense of life insurance is a primary barrier for 45% of those that haven’t purchased life insurance.

Stay tuned for more in-depth analysis and breakdowns of each insurance trend in 2022. Browse the report below or download the full resolution version for free.

Canadians are underinsured.

Our first State of the Nation: Canadian Life Insurance Trends 2019 seeks to determine consumer trends and attitudes about life insurance planning across the country, and it   uncovers several stunning findings about the lack of financial protection amongst Canadians in 2019.

Unlike most life insurance surveys that poll all Canadians as respondents, our study sought feedback only from those Canadians who actually need Life Insurance. Thus the results you see below are based on answers from those Canadians that have financial dependents (i.e. family members that depend on their income for settling debts such as mortgage and credit cards, or for support in paying for education, living expenses, and more).

The results – presented below – are eye-opening, with hard numbers revealing startling truths about the state of  Canadians’ financial protection and key takeaways around the national state of life insurance ownership, needs, knowledge, and appetite for change.

Canada: An uninsured nation?

Of those who have financially dependent family members, 16% do not have any life insurance coverage. But almost as problematic is the fact that 33% of respondents have coverage solely through their employer or group. This means 49% of Canadians with dependents have never purchased life insurance themselves.

While a life insurance policy through one’s employer or group affiliation is better than none at all, it can be problematic for a couple of reasons. Firstly, in most cases employer-provided coverage is minimal: a typical group benefit life insurance policy is equivalent to only one or two years of the policyholder’s salary. The bigger issue is that if the insured leaves the particular job, group, or association through which they have the policy, they mostly lose this insurance coverage. 

They also lose time; individual coverage is less expensive in one’s earlier years when there are fewer potential complications to medical underwriting. While a group policy is a nice top-up, it should not be the primary source of one’s coverage.

How did you acquire life insurance coverage?

The biggest surprise was the extent to which Canadians are underinsured: The Financial Consumer Agency of Canada suggests that life insurance should cover between seven and ten years of the holder’s annual income, which is in line with many industry practitioners’ recommendation of ten years of annual income coverage. Yet, well over half of the study’s respondents (54%) have coverage equal to only two years or less of their annual salaries. A mere 22% had between two and five years’ worth of coverage.

Only nine percent of those surveyed are solidly within the recommended range.

Overall, this means 77% of Canadians are dramatically under-insured, with policies that will only cover their obligations for at most five years, a full two years less than the minimum recommendation.

How much of your annual income would your life insurance cover?

Key life insurance ownership takeaways

• 49% of Canadians with dependents have never purchased life insurance
• 54% of the same group have only covered 2 years or less of their salary should they pass
• 91% of Canadians are dramatically under-insured

Life insurance needs: Canadians not honest with themselves

Just how significant is this life insurance shortfall? When asked for hard numbers, the average shortfall among respondents was $256,000. What is even more startling is that this is a self-acknowledged shortfall that respondents know exists but they haven’t started bridging it yet. 

There are several potential reasons for a shortfall like this to exist. First, many may not realize how underinsured they really are, until they are asked the question. When asked how often they reviewed their life insurance coverage, less than a quarter (22%) of respondents indicated they did so annually (the recommended frequency). 

Twenty-eight percent said they review life insurance coverage either every two or three years, but more than a third (36%) say they have never reviewed their life insurance coverage and needs. All in, almost 80% of Canadians fail to sufficiently review their life insurance coverage.

Suggested reading

• How much life insurance do I need?
• When should I buy life insurance?
• What are the biggest life insurance companies in Canada?

How often do you review your life insurance coverage?

And, despite more than three quarters of Canadians being significantly under-insured, nearly half of respondents (43%) say they are confident that they have adequate life insurance, with 57%knowing about or unsure of the adequacy of their coverage.

How confident are you in the adequacy of your life insurance coverage?

This shows a definite disconnect between the perception and reality of the country’s financial protection. Canadians are either misinformed, or simply don’t understand what their life insurance needs are. Traditional advisors and brokers don’t make it easy to educate ones’ self in regards to the ins and outs of life insurance. 

Regardless, it’s clear Canadians require more education when it comes to making life insurance decisions – and luckily PolicyAdvisor.com is dedicated to giving them the answers they seek.

Key life insurance needs takeaways

• The average self-acknowledged life insurance shortfall for Canadians with financial dependents is $256,000
• Almost 80% of Canadians fail to adequately review their life insurance coverage.
• Fifty-seven percent don’t know or acknowledge they don’t have enough life insurance coverage.

Life insurance literacy – not a thing yet

Only 35% of Canadians claim they understand how their life insurance policy works “very well,” versus the balance who only understand their coverage “somewhat” or not at all.

Do you understand how your life insurance policy works?

In light of this knowledge deficit, Canadians offered many reasons for not obtaining additional life insurance, with almost half indicating cost and 20% the aforementioned lack-of-understanding as a barrier.

This further underscores the need for better education and transparency around life insurance. There is a clear misconception that life insurance policies are unaffordable and complicated. This is unfortunate, as there are potentially many ways Canadians can provide themselves with financial protection within their budget with straightforward terms and coverage.

Other reasons for not obtaining additional insurance included procrastination (29%) and lack of a trusted advisor (10%).

Why have you not purchased life insurance?

Key life insurance knowledge takeaways

• Sixty-five percent of those surveyed don’t totally understand how insurance works
• Almost half of those surveyed think life insurance is prohibitively expensive
• Twenty percent of those surveyed put off purchasing life insurance because they think it is too complicated

Appetite for digital disruption

Thanks to an evolving digital landscape and a tech-savvy population, Canadians are able to better educate themselves about their insurance needs. However, while they are happy to seek information online, they are slower on the uptake when it comes to purchasing life insurance digitally.

This is gradually improving. Although 29% of respondents said they prefer a traditionally fulfilled in-person process with an advisor, 60% indicated a preference for an online process with  some support to complete the transaction. The main takeaway? Over 70% of Canadians crave an online component to their life insurance buying journey. 

How would you prefer to purchase life insurance?

While globally, digital fulfillment for life insurance is quite common, this is still new territory for Canadians. Despite some hesitations, we see a definite appetite amongst Canadians to add life insurance coverage, if supported through online pathways, and PolicyAdvisor.com is here to help guide them through their life insurance buying journey. One life insurance purchase at a time.

Download the report below, or check it out and pass it along using Slide Share.

The survey was conducted via Survey Monkey’s Canadian panel in September 2019 and included 500+ qualified respondents. All graphs rounded to the nearest percentage point.