Best Whole Life Insurance Companies in Canada (2025)

Looking for a reliable whole life insurance provider in Canada? With so many options available, finding the right one can feel overwhelming. Whether you’re seeking the best coverage for your family, added perks, or policies tailored for children, we’ve got you covered.  

Our expert advisors have carefully ranked the top 15 whole life insurance providers in Canada, including industry leaders like Manulife, BMO Insurance, Sun Life, and more. From performance to unique features, we break it all down to help you choose the perfect fit.  

Keep reading for our comprehensive ratings and reviews of the best whole life insurance companies in Canada!

What is whole life insurance?

Whole life insurance is a type of insurance policy that lasts for your entire life.

Whole life policies provide your beneficiaries with a tax-free death benefit, plus they have a built-in investment component that generates cash value you can use in your lifetime. Some policies also pay dividends.

Most people get whole life insurance to cover long-term needs like paying final expenses or managing future estate taxes.

Want to do more research first? Learn the whole life insurance basics.
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How does whole life insurance work?

Whole life insurance works by providing lifetime coverage, cash value component, access to funds, dividends, and more. Check out the details about how life insurance works:

  • Lifetime coverage: Whole life insurance provides coverage for your entire life, as long as premiums are paid, ensuring your beneficiaries receive a guaranteed death benefit when you pass away.
  • Cash value component: A portion of each premium payment goes into a cash value account that grows over time on a tax-deferred basis, offering a savings component alongside the insurance coverage
  • Access to funds: The accumulated cash value can be accessed through policy loans or withdrawals, providing financial flexibility for emergencies, education expenses, or retirement income
  • Dividends: Some whole life insurance policies pay dividends, which can be used to purchase additional coverage, reduce premiums, or be taken as cash, enhancing the policy’s value
  • Financial security: The death benefit is generally paid out tax-free to beneficiaries, covering funeral costs, and debts, and providing ongoing financial support, ensuring peace of mind and financial stability for your loved ones

What are whole life insurance living benefits?

Whole Life Insurance living benefits include cash value accumulation, policy loans, dividends, and accelerated death benefits. As you pay premiums, a portion of the money builds cash value, which grows over time and can be accessed through loans or withdrawals.

This cash value can fund a child’s education, cover emergency expenses, or supplement retirement income. Additionally, policy loans offer a flexible source of funds with typically lower interest rates and no credit check requirements, though unpaid loans reduce the death benefit.

Another key living benefit is the potential to receive dividends from the insurance company, which can be used to increase the policy’s cash value, reduce premiums, or be taken as cash.

Furthermore, accelerated death benefits allow access to a portion of the death benefit if diagnosed with a terminal illness, providing financial support for medical expenses or other needs during a critical time.

What are whole life insurance death benefits?

Whole life insurance death benefits guarantee a payout to beneficiaries upon the policyholder’s death, offering financial security and peace of mind.

The death benefit is paid out tax-free, ensuring that the full amount can be used for necessary expenses such as funeral costs, outstanding debts, or ongoing living expenses. This benefit provides a crucial safety net for your loved ones, ensuring they are not burdened with financial stress during a difficult time.

Additionally, whole life insurance can play a vital role in estate planning by covering estate taxes and providing liquidity to the estate, preventing the need to quickly sell valuable assets. The death benefit can be used to pay off debts like mortgages or car loans, relieving your family of these financial obligations.

It also serves as an income replacement, maintaining your family’s standard of living by covering everyday expenses, education costs, and other financial needs.

Is a life insurance benefit taxable?

No, life insurance benefits (death benefits) paid to beneficiaries are typically not taxable income. This applies whether the policy is term life insurance or whole life insurance.

The best whole life insurance in Canada 2024

The best whole life insurance companies include Assumption Life, Beneva, BMO, Canada Life, Desjardins and more. Our team at PolicyAdvisor has spent years studying the industry to bring you a list of top companies with the best offerings in different categories.

The following reviews are a must-read for anyone thinking about purchasing whole life insurance. They will help you decide the best options for you and your family.

Best whole life insurance in Canada

Company Best for AM best financial strength rating PolicyAdvisor rating
Assumption Life Quick issue A- 3.5/5
Beneva Complimentary additional features A 3.5/5
BMO Non-participating plans A 4/5
Canada Life Charitable giving A+ 4/5
Canada Protection Plan Non-medical NA 4/5
Desjardins Paying off premiums early NA 4/5
Empire Life Balanced performance A 5/5
Equitable Life Mutual company NA 5/5
Foresters Smokers A 4.5/5
iA Health accommodation A+ 4/5
Manulife Overall performance A+ 5/5
RBC Children’s plans A 3.5/5
Sun Life High net-worth individuals A+ 4.5/5
UV Long-term growth NA 3.5/5
Wawanesa Guaranteed benefits A 4.5/5

How to choose the right whole life insurance policy?

Selecting the right whole life insurance company is a significant decision and involves several considerations such as premiums and charges, customer support, claims handling, policy flexibility, and more. Here are some important things for you to check out: 

  • Premiums and charges: Compare plans to find affordable options and check for additional fees, such as administrative costs 
  • Customer support: Assess the efficiency of claims processing, service availability, and overall client feedback 
  • Claims handling: Choose insurers known for a fast and hassle-free claims process during critical times
  • Policy flexibility: Prioritize providers offering add-ons and customization to tailor coverage to your needs
  • Underwriting requirements: Review medical exam or health questionnaire requirements and explore no-exam policies, keeping in mind potential higher premiums 
  • Company standing: Research the company’s claims settlement ratio and ethical track record to ensure reliability
The Best Whole Life Insurance Companies in Canada
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Reviews: Our top-rated whole life insurance companies

Find the top Canadian life insurance companies for whole life coverage using our ratings and reviews. Read them below.

PolicyAdvisor Rating

Best For Quick Issue

AM Best Rating A-

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1. Assumption Life whole life insurance review

Canada’s best whole life insurance for: Quick-issue policies

Assumption Life is a top choice in Canada for quick-issue policies, offering fast coverage without the need for medical exams or tests. Whether you’re looking for a simple plan or one with dividend options, Assumption Life provides flexibility and convenience to suit various needs.

Key features

  • Quick-issue policies: No medical exam is required for ages 18-45, up to $999,999 in coverage; up to $50,000 for ages 46-69
  • Participating and non-participating policies: Choose between dividend-earning options or simpler plans
  • Dividend flexibility: Five payout options with annual adjustment capability
  • Optional riders: Add extra coverage for more comprehensive protection
  • Non-medical plans: Available for those who prefer no medical questions
Read our Assumption Life Term Life Insurance review
Assumption Life Whole Life Insurance Product Details
Product name:

Assumption Life ParPlus (participating)

Assumption Life ParPlus Junior (participating)

Essential Whole Life (non-participating)

Limited pay:

20 years or until age 100 (participating policies only)

Dividend options:

Cash dividends, cash accumulation, enhanced coverage, premium reduction, paid-up additions

PolicyAdvisor Rating

Best for Complimentary Additional Features

AM Best Rating A

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2. Beneva whole life insurance review

Canada’s best whole life insurance for: Complimentary additional features

Beneva stands out for its complimentary additional features, making it a great choice for those seeking extra benefits beyond standard whole life insurance coverage. With flexible payment options, coverage for multiple lives, and added protection at no extra cost, Beneva offers well-rounded solutions for long-term financial security.

Key features

  • Multi-life coverage: Cover up to 5 lives under one plan
  • Complimentary benefits: Includes Extreme Disability, Disability Waiver of Premium, Accidental Death & Dismemberment, and Accidental Fracture benefits
  • Optional riders: Add Critical Illness Insurance or Child Rider for extra coverage.
  • Flexible payment options: Pay off premiums early if desired
  • Simplified or guaranteed plans: No medical exam is required for qualifying policies
  • Universal life option: Permanent coverage with dividends, though higher risk compared to standard plans
Read our Beneva Term Life Insurance review
Beneva Whole Life Insurance Product Details
Product name:

Whole Life 20

Whole Life 100

T-100

Limited pay:

Life pay, 20-pay

Dividend options:

N/A

PolicyAdvisor Rating

Best for Non-Participating Plans

AM Best Rating A

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3. BMO whole life insurance review

Canada’s best whole life insurance for: Non-participating plans

BMO is ideal for those seeking whole life insurance with cash value but without the need for dividends. Their non-participating plans offer a unique feature—a yearly Performance Bonus—providing flexibility and financial growth opportunities similar to dividends.

Key features

  • Non-participating policies: No dividends but include cash value and a yearly Performance Bonus
  • Premium flexibility:
    • Premium switching: Adjust your payment period as needed
    • Premium offset: Stop paying premiums by using the policy’s paid-up cash value
  • Additional payments: Boost your death benefit and cash value by paying extra premiums
  • Policy loans: Borrow against your cash value for financial flexibility
Read our BMO Term Life Insurance review
BMO Whole Life Insurance Product Details
Product name:

Estate Protector

Wealth Accelerator

Limited pay:

Life pay, 10-pay, 20-pay

Performance bonus options:

Paid-up additions (automatic), premium offset

PolicyAdvisor Rating

Best for Charitable Giving

AM Best Rating A+

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4. Canada Life Insurance whole life insurance review

Canada’s best whole life insurance for: Charitable giving

Canada Life’s My Par Gift is designed for those passionate about charitable giving. This unique whole-life policy allows you to make a lasting impact through a one-time, tax-advantaged premium, ensuring the charity benefits during your lifetime and beyond.

Key features

  • Charity-focused plan: Specifically designed to support charitable donations
  • Single premium payment: Pay a one-time lump sum of $10,000 for lifetime coverage
  • Cash value and dividends for charity: The charity can access the policy’s cash value and dividends during your lifetime
  • Full death benefit: Upon your passing, the charity receives the entire death benefit, extending your legacy
Read our Canada Life Term Life Insurance review
Canada Life Whole Life Insurance Product Details
Product name:

Wealth Achiever Plus

Estate Achiever Plus

Canada Life My Par Gift

Limited pay:

Life pay, 10-pay, 20-pay

Dividend options:

Cash dividends, premium offset, paid-up additions

PolicyAdvisor Rating

Best For Non-Medical Plans

AM Best Rating N/A

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5. Canada Protection Plan whole life insurance review

Canada’s best whole life insurance for: Non-medical coverage

Canada Protection Plan (CPP) is the top choice for those seeking non-medical whole life coverage. These straightforward, affordable policies offer a minimum of $10,000 in coverage and are ideal for individuals with health issues or those looking for funeral insurance.

Key features

  • Non-medical coverage: No medical tests are required, making it accessible to a wide range of applicants
  • Non-participating policies: Simple plans without dividends
  • Funeral insurance option: Covers end-of-life expenses like funeral costs and debts
  • Flexible for health issues: Broad range of coverage options for individuals with medical conditions
  • Quick approval for healthy applicants: Streamlined process for those in good health
Read our Canada Protection Plan Term Life Insurance review
CPP Whole Life Insurance Product Details
Product name:

Guaranteed Acceptance Life

Deferred Life

Deferred Elite Life

Simplified Elite Life

Preferred Life

Preferred Elite Life

Limited pay:

20-pay, pay-to-100

Dividend options:

N/A

PolicyAdvisor Rating

Best for Paying Off Premiums Early

AM Best Rating N/A

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6. Desjardins whole life insurance review

Canada’s best whole life insurance for: Paying off premiums early

Desjardins stands out for its flexible limited pay options, allowing you to pay off your whole life insurance policy early while still enjoying lifetime protection. With plans offering cash value growth, annual dividends, and various additional benefit options, Desjardins provides both convenience and comprehensive coverage.

Key features

  • Limited pay options:
    • Pay off your policy in 5, 10, 15, or 20 years, or until age 100
    • Lifetime protection with no further payments after the chosen period
  • Cash value and dividends: Enjoy growth in cash value and annual dividend payouts
  • Flexible plans: Choose from basic non-dividend plans or dividend-earning options
  • Senior-friendly policies: Special permanent life plans for  senior individuals aged 50+ with no medical exam required
  • Add-on benefits: Enhance coverage with optional riders for added protection
Read our Desjardins Term Life Insurance review
Desjardins Whole Life Insurance Product Details
Product name:

Desjardins Basic Permanent Life Insurance

Estate Enhancer

Accelerate Growth

5 Pay Par

Limited pay:

Life pay, 5-pay, 10-pay, 20-pay (par plans)

Life pay, 10-pay, 15-pay, 20-pay, pay-to-65 (non-par plans)

Dividend options:

Paid-up additions, deposit with interest, cash dividends, premium reductions, enhanced coverage

PolicyAdvisor Rating

Best for Balanced Performance

AM Best Rating A

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7. Empire Life whole life insurance review

Canada’s best whole life insurance for: Balanced performance

Empire Life offers balanced performance through its EstateMax and Optimax plans, making it an excellent choice for long-term wealth building and secure growth. While not the highest in cash values, their policies provide steady, reliable benefits that appeal to individuals seeking financial stability and flexibility.

Key features

  • EstateMax plan: Ideal for long-term wealth growth and increasing life insurance payouts
  • Optimax plan: Designed for near-retirees, offering access to cash value within the first 20 years
  • Steady growth: Provides secure, consistent growth over time
  • Affordable premiums: Compared to some term-to-100 policies, they offer great value
  • Popular and trusted: A top choice for Canadians seeking whole life coverage
Read our Empire Life Term Life Insurance review
Empire Life Whole Life Insurance Product Details
Product name:

Empire EstateMax

Empire Optimax Wealth

Solutions 100 with Cash Values

Limited pay:

Life pay, 8-pay, 10-pay, 20-pay

Dividend options:

Annual premium reduction, cash accumulation, cash dividends, enhanced coverage, paid-up additions

PolicyAdvisor Rating

Best Mutual Company

AM Best Rating N/A

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8. Equitable Life whole life insurance review

Canada’s best whole life insurance for: Mutual values

Equitable Life is Canada’s best choice for those seeking mutual values in their insurance provider. As a mutual company, it’s owned by policyholders rather than shareholders, allowing for a customer-focused approach and potentially more competitive rates.

Key features

  • Mutual company: Policyholders share in ownership, avoiding market-driven pressures
  • Dividend-earning policies: All whole life policies offer dividends for long-term cash value growth
  • Competitive rates: Often provides better rates due to the mutual business model
  • Strong cash value growth: Ideal for building wealth over time
  • Top mutual insurer: Outshines other mutual companies like Beneva and Wawanesa in this category
Read our Equitable Life Term Life Insurance review
Equitable Life Whole Life Insurance Product Details
Product name:

Equitable Equimax

Estate BuilderEquitable

Equimax Wealth Accumulator

Limited pay:

Life pay, 10-pay, 20-pay

Dividend options:

Annual premium reduction, cash accumulation, cash dividends, enhanced coverage, paid-up addition

PolicyAdvisor Rating

Best for Smokers

AM Best Rating A

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9. Foresters Financial whole life insurance review

Canada’s best whole life insurance for: Smokers

Foresters Financial is the best choice for smokers looking for life insurance. Their Quit Smoking Incentive Plan rewards your commitment to quit with lower rates, offering a unique way to save on premiums. Additionally, Foresters’ plans provide cash value growth and the potential for dividends, making them a solid option for those seeking long-term financial security.

Key features

  • Quit smoking incentive: Lower rates if you stop smoking within 2 years
  • Cash value and dividends: Most plans offer cash value growth, with some also paying dividends
  • Health-friendly options: Offers a wide range of life insurance plans for individuals with health issues
  • Affordable for smokers: Competitive rates compared to traditional policies for smokers
  • Long-term protection: Lifelong coverage for you and your family
Read our Foresters Term Life Insurance review
Foresters Whole Life Insurance Product Details
Product name:

Foresters Non-Par

Advantage Plus

Limited pay:

10-pay (Advantage Plus only), 20-pay, pay-to-100

Dividend options:

Paid-up additions, cash, deposit, premium reduction, enhanced coverage

PolicyAdvisor Rating

Best for Health Accommodation

AM Best Rating A+

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10. Industrial Alliance Whole Life Insurance Review

Canada’s best whole life insurance for: Health accommodation

If you have health issues, you should seriously consider Industrial Alliance (iA) for your insurance needs. They have something called a Superior Risk Tolerance Program, where you’re more likely to get approved even if your health isn’t in peak condition.

You can get a participating or non-participating plan, and they give you a lot of flexibility. You have options like:

  • Limited pay options to pay off your premiums early
  • Cover up to 9 people under the same policy
  • Optional life insurance riders and benefits to add to your coverage
  • Pay premiums semi-annually, instead of monthly or yearly like most providers

Of course, many Canadian companies also offer no-medical insurance — which we rated Canada Protection Plan as the best in. But if you want standard coverage despite health concerns, iA is a great choice too.

Read our iA Term Life Insurance review
iA Whole Life Insurance Product Details
Product name:

Whole Life Insurance

iA Par

Child Life & Health Duo

Life and Serenity 65

Limited pay:

Life pay, 10-pay, 20-pay, pay-to-65

Dividend options:

Paid-up additions, cash dividends, deposit with interest, annual premium reduction

PolicyAdvisor Rating

Best for Overall Performance

AM Best Rating A+

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11. Manulife Whole Life Insurance Review

Canada’s best whole life insurance for: Overall performance

Manulife is a top choice for those seeking overall performance in their whole life insurance. As one of North America’s largest and most successful life insurance providers, their plans offer reliability, flexibility, and a robust range of benefits, making them an excellent all-around option.

Key features

  • Participating and non-participating plans: Choose between dividend-earning or non-dividend plans
  • No medical exam options: Available for those seeking quick and easy approval
  • Standard whole life benefits: Includes cash value growth, lifelong coverage, and more
  • Flexible payment options: Change your payment method if needed
  • Affordable: Competitive pricing for comprehensive coverage
  • Reliable coverage: A trusted provider with strong financial backing
  • Robust investment options: Offers solid investment potential for your policy
  • Good coverage amounts: Adequate coverage for your needs with growth potential
Read our Manulife Term Life Insurance review
Manulife Whole Life Insurance Product Details
Product name:

Manulife Par

Manulife Par with Vitality Plus

Performax Gold

Limited pay:

Life pay, 10-pay, 15-pay, 20-pay, pay-to-90

Dividend options:

Paid-up additions, cash dividends

PolicyAdvisor Rating

Best for Children's Plans

AM Best Rating A

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12. RBC Whole Life Insurance Review

Canada’s best whole life insurance for: Children’s plans

RBC Insurance stands out as the best choice for children’s plans with their unique Juvenile Guaranteed Insurability Benefit. This feature ensures that your child or grandchild can expand their coverage later in life without needing to pass medical exams or face approval hurdles. This benefit is included for free, making RBC a top pick for securing your child’s financial future.

Key features

  • Juvenile Guaranteed Insurability benefit: Allows children to buy additional coverage or a new policy later without medical tests
  • Free benefit: Unlike many competitors, RBC includes this benefit at no extra cost
  • Ideal for estate and long-term financial planning: Great for securing a child’s future and managing family wealth
  • Reliable coverage: Offers comprehensive life insurance options for other needs, including estate planning
  • Strong provider: RBC is one of Canada’s leading financial institutions, ensuring trust and stability
Read our RBC Term Life Insurance review
RBC Whole Life Insurance Product Details
Product name:

RBC Growth Insurance

RBC Growth Insurance Plus

Limited pay:

Life pay, 10-pay, 20-pay

Dividend options:

Paid-up additions, cash dividends, premium reductions, dividends on deposit, enhanced coverage

PolicyAdvisor Rating

Best for High Net-Worth Individuals

AM Best Rating A+

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13. Sun Life Insurance whole life insurance review

Canada’s best whole life insurance for: High net-worth individuals

Sun Life Insurance is the best choice for high net-worth individuals, offering large coverage amounts and flexible policy options. With a minimum coverage of $250K, they cater to those who need substantial life insurance. Their plans provide both non-participating options (with cash value) and participating options (with cash value and dividends). They also offer no-medical exam plans for those with health concerns.

Key features

  • High coverage limits: Minimum coverage starts at $250K, ideal for high-net-worth individuals
  • Participating and non-participating plans: Choose from plans with or without dividends
  • No-medical exam options: Available for those with health issues or who prefer a simplified application process
  • Reliable provider: Sun Life is one of Canada’s largest and most trusted life insurance providers
  • Cash value growth: Plans come with the potential for long-term financial growth
Read our Sun Life Term Insurance review
Sun Life Whole Life Insurance Product Details
Product name:

Sun Spectrum Permanent Life Insurance II

Sun Permanent Life

Sun Par Accelerator

Sun Par Protector II

Sun Par Accumulator II

Limited pay:

Life pay, 8-pay, 10-pay, 15-pay (Sun Permanent Life only), 20-pay

Dividend options:

Cash dividends, cash accumulation, enhanced coverage, premium reduction, paid-up additions

PolicyAdvisor Rating

Best for Long-Term Growth

AM Best Rating N/A

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14. UV whole life insurance review

Canada’s best whole life insurance for: Long-term growth

If you want an insurance policy that can give you a LOT of growth over years, UV just might be the right pick for you. They just came out with a new Whole Life High Values plan in 2022 (fairly recent for insurance!) that promises your patience will pay off.

If you keep the plan until you’re 65, your cash value growth could be as much as 50% of what your original coverage amount was with this high-performance plan. That’s no small figure!

Key features

  • High cash value growth: The Whole Life High Values plan offers up to 50% growth on your coverage amount by age 65
  • Non-participating plans: No dividend payments, but strong cash value accumulation
  • Life insurance for health issues: This insurance is available even to those with health concerns
  • Recent plan launch: New options will be introduced in 2022 for enhanced long-term performance
Read our UV Term Life Insurance review
UV Whole Life Insurance Product Details
Product name:

Whole Life High Values

Whole Life Pay to 100

Adaptable

Limited pay:

Life pay, 20-pay, pay to age 25, 35, 45, 55, 65, 75, or 85 (non-par only)

Dividend options:

N/A

PolicyAdvisor Rating

Best Value for Guaranteed Benefits

AM Best Rating A

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15. Wawanesa whole life insurance review

Canada’s best whole life insurance for: Value for guaranteed benefits

Wawanesa is an excellent choice for those seeking value for guaranteed benefits. Their whole life insurance policies offer high cash values with the potential to break even or even exceed the amount paid in premiums within 20 years. They also offer affordable premiums, making them one of Canada’s most cost-effective whole life insurance options.

Key features

  • High cash value: Opportunity to exceed premiums paid in as little as 20 years
  • Affordable options: One of the most competitively priced whole life insurance plans in Canada
  • Participating and non-participating policies: Choose the option that suits your needs
  • No medical exam options: Available for those who prefer a simplified application process
  • Guaranteed benefits: Provides guaranteed value and coverage
Read our Wawanesa Term Life Insurance review
Wawanesa Whole Life Insurance Product Details
Product name:

Wawanesa Whole Life

Limited pay:

Life pay, 20-pay

Dividend options:

Paid-up additions

Methodology: How did we come up with the rankings?

We determined the top-ranking whole life companies in Canada based on industry knowledge, the hands-on expertise of our advisors, and factors such as policy details, coverage amounts, cash value growth potential and more:

1. Financial strength ratings

We prioritize stability and reliability by looking at financial strength ratings to ensure the insurer can consistently pay claims and dividends

We review ratings from multiple agencies and only recommend insurers with strong and stable ratings, ensuring your investment is secure

2. Policy details

Each whole life insurance policy has unique terms and conditions that must match your specific needs and goals

We analyze the fine print, including premium payment periods, cash value accumulation, and riders, to present policies offering tailored flexibility and benefits

3. Key features

Additional features and riders can significantly enhance a policy’s value and relevance to your circumstances

We compare features like accelerated death benefits, waiver of premium riders, and guaranteed insurability options, ensuring policies include valuable extras for security and flexibility

4. Premium costs

Affordability is crucial, so premiums must fit within your budget while providing the necessary coverage and benefits

We gather and compare premium quotes from various insurers to find policies offering the best value for your money, balancing cost with comprehensive benefits

5. Coverage amounts

The coverage amount should protect your loved ones and meet your financial goals, aligning with your long-term objectives

We help determine the appropriate coverage amount based on your needs and compare policies to ensure sufficient coverage at competitive rates

6. Cash value growth potential

The cash value component can grow over time, providing financial flexibility through loans or withdrawals

We analyze the cash value growth potential, considering interest rates and dividend performance, ensuring strong growth prospects for your investment

7. Dividend options

Dividends can enhance a policy’s value by providing additional cash value, reducing premiums, or being taken as cash

We assess the dividend history and options of different insurers, preferring companies with a strong track record of paying reliable dividends for added benefits

We’re all about helping Canadians get the coverage they need. Use this list as a guide to which whole life insurance is best for you and your family, based on your specific needs.

You can find Canada’s best whole life insurance quotes on our website in minutes. Or, contact us and let our experts help you out one-on-one.

How do whole life insurance policies compare to term life insurance in Canada?

Whole life insurance provides lifelong coverage with a cash value component that grows over time, making it ideal for long-term financial planning. Unlike term life insurance, which only provides coverage for a specific period, whole life policies offer permanent protection and can accumulate cash value that can be borrowed against. 

While whole life insurance is typically more expensive than term life, it offers more stability, which is why companies like BMO and Empire Life are popular choices.

What is the difference between a participating and non-participating life insurance policy?

Participating policies allow policyholders to share in the insurer’s profits through dividends, which help to reduce premiums or can be taken as cash. Non-participating policies do not provide dividends.

Difference between participating and non-participating life insurance

Feature Participating life insurance Non-participating life insurance
Definition Offers policyholders a share in the insurer’s profits through dividends Does not provide dividends; only offers guaranteed death benefits
Premiums Higher due to the potential for dividends and additional benefits Lower as it only includes guaranteed benefits and no profit-sharing
Dividends Policyholders may receive dividends No dividends are paid to policyholders
Cash value growth Cash value grows faster Cash value grows at a fixed rate
Suitability Suitable for individuals seeking long-term growth  Ideal for those wanting a straightforward, cost-effective policy

Why should I get permanent life insurance Canada?

There are three very good reasons why you should get permanent life insurance, including covering your final expenses, cash value growth and planning your estate:

  1. To cover your final expenses: You can use permanent life insurance to make sure your family doesn’t have to go into their pockets to pay for your final expenses in life. If you happen to pass away before paying any bills, your family can use your whole life policy to take care of it.
  2. To access cash value now/during retirement: Cash value grows over time, and you can use it in many ways — as supplemental income in retirement, as collateral for a loan to buy a home, or any number of other ways. Cash value is one of the key differences between term vs whole life insurance.
  3. To plan your estate: The best permanent life insurance policies can also be used to pass on your planned inheritance to your loved ones without them having to pay taxes. The death benefit or insurance payout is tax-free, so the final amount they get won’t be lower.

Of course, you don’t need to fit into just these categories to get permanent life insurance quotes. Most people can benefit from whole life insurance in Canada one way or another!

If you’re unsure, speak with an advisor or insurance broker to find out if a permanent plan can work for you.

Are there any alternatives to whole life insurance?

here are several alternatives to whole life insurance that cater to different financial needs and preferences:

  1. Term life insurance:
    • Overview: Provides coverage for a specific period (e.g., 10, 20, or 30 years).
    • Benefits: Typically more affordable than whole life insurance for the same coverage amount.
    • Considerations: Coverage ends at the end of the term, and it does not accumulate cash value.
  2. Universal life insurance:
    • Overview: Offers flexible premiums and death benefits, with a savings component linked to interest rates.
    • Benefits: Allows adjustments in coverage and premium payments over time.
    • Considerations: Premiums can vary based on market conditions, and policy performance affects cash value growth.
  3. Variable life insurance:
    • Overview: Combines death benefits with investment options in stocks, bonds, or mutual funds.
    • Benefits: Potential for higher returns on cash value compared to traditional whole life insurance.
    • Considerations: Investment risk is borne by the policyholder, and cash value can fluctuate with market performance.
  4. Indexed universal life insurance:
    • Overview: Offers flexible premiums and death benefits, with cash value growth tied to a stock market index.
    • Benefits: Potential for higher cash value growth than traditional universal life insurance, with downside protection.
    • Considerations: Returns are capped, and policy performance depends on index performance.
  5. Guaranteed universal life insurance:
    • Overview: Provides lifetime coverage with fixed premiums and a guaranteed death benefit.
    • Benefits: Offers permanent coverage without the investment risks associated with other types of permanent insurance.
    • Considerations: Limited or no cash value accumulation, and premiums are typically higher than term life insurance.

Choosing the right insurance type depends on your financial goals, risk tolerance, and budget. Each alternative offers distinct features that may better suit your specific needs compared to traditional whole life insurance.

Get the best whole life insurance quotes in Canada

We hope our ratings and reviews of the Best Permanent Life Insurance Canada were helpful to you. If you have any questions or need any help, don’t hesitate to contact us!

Book some time with our licensed advisors to make sure you’re getting the right plan for you and your family’s financial security.

Need insurance help?

Give us a call at 1-888-601-9980 or book some time with our licensed experts.

Frequently asked questions

Is whole life insurance payout taxable?

The death benefit paid to beneficiaries is typically not taxable, and the cash value growth accumulates tax-deferred. Policy loans are generally not taxable as they are considered loans, not income.

Can you borrow money from a whole life policy?

Yes, you can borrow money from a whole life insurance policy through policy loans. These loans typically have lower interest rates compared to traditional loans. However, unpaid loans may reduce the death benefit and cash value available to beneficiaries.

What is the best age to buy whole life insurance?

The best age to buy whole life insurance is typically younger. Purchasing at a younger age locks in lower premiums and ensures longer-term coverage. It also allows more time for the policy’s cash value to accumulate and grow.

How long does a whole life insurance policy last?

A whole life insurance policy lasts for your entire life as long as you continue to pay premiums. It provides lifelong coverage, unlike term life insurance which covers a specific period (e.g., 10, 20, or 30 years). This permanence ensures the policy remains in effect and the death benefit is paid out to beneficiaries whenever the insured passes away, regardless of age.

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What is a life insurance rider? How do they work?

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.

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Types of Life Insurance Riders: Quick Reference Guide

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

Rider Name Description
Term Rider Additional term life insurance on top of the base policy. Can be used to offer different amount of coverages for different time periods for the life insured under the base policy, or can also cover someone else, such as children
Child Term Rider Term life insurance for life insured’s children
Guaranteed Insurability Option to purchase additional coverage without medical underwriting at future specified intervals
Business Insurability Option to purchase additional insurance coverage without medicals as business value grows
Accidental Death and Dismemberment (AD&D) Additional payout upon: death of insured in an accident, or loss of limbs or body function as a result of an accident
Accelerated Death Benefit Early access to portion of death benefit in case of terminal illness
Critical Illness Lump sum payout if the life insured contracts a covered critical illness
Child Critical Illness Critical illness insurance for life insured’s children
Return of Premiums Premiums paid are returned when term ends, if no claim
Disability Waiver of Premium Premium waiver if life insured becomes totally disabled
Parent/Payor Waiver of Premium Premium waiver upon policy owner’s death or total disability
Credit/Mortgage Disability Insurance Covers all or part of the insured’s debt or mortgage payments in the event of their disability
Extreme Disability Benefit (EDB) Early access to a portion of death benefit in case of total permanent disability
Long Term Care (LTC) Payment to meet long term care expenses at insured’s home or in a facility
Hospitalization Income Daily cash payout in case of hospitalization
Fracture Lump sum payout if insured suffers a fracture in an accident

How do you add a rider to your life insurance?

Adding a rider to your life insurance application is a simple process. Once you decide what riders you wish to add to your life insurance policy, make sure they are offered by the insurance provider you choose.

There is much variation in the numbers and types of riders offered by various insurance companies. To ensure you get the right policy and type of coverage you want, we suggest enlisting the help of a licensed insurance broker. Insurance experts, like those at PolicyAdvisor, have extensive knowledge of all the riders offered by Canada’s best insurance companies, and can make certain you choose the provider which best suits your needs.

Our experienced advisors can help make sure all the appropriate riders are added to your policy application. Or if you feel confident enough to try it out yourself, we have created an easy-to-use tool for you to compare different life insurance companies and the riders and benefits they offer.

Can you add a rider to an existing life insurance policy?

Life insurance riders are typically added to insurance policies at the time of submitting the application or during the underwriting process.

While these riders may be used to enhance the quality of coverage for the applicant, they also increase the potential risk or total amount of payout for the insurance company. The insurance company underwriters, therefore, require riders to be included at the time of the application process, so any additional risk can be evaluated and priced upfront.

If you did not add a rider at the time of initiating the coverage and were looking to add the rider after the policy coverage has begun, then you will need to seek the insurance company’s approval. In most cases, you will have to repeat medical underwriting or at least complete a health questionnaire to establish continued good health, before a new rider can be added to your policy.

In some cases, a rider may not be available to be added after the policy has been initiated. Therefore, it is essential to review the available riders with your advisor and identify what works best for your needs.

Can you drop a rider from an existing life insurance policy?

Yes, you can generally drop a rider from an existing life insurance policy. Many insurance companies allow you to remove additional riders via a straightforward process.

Typically, one fills out a form indicating which rider(s) they wish to remove and submits it to their provider. The insured’s base coverage however continues, uninterrupted.

If you are paying for the rider and have dropped the rider from your coverage, then your premium will accordingly reduce too. However, there won’t be any refund for the period that you had a rider attached to your policy.

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Should I get a life insurance rider?

Insurance riders are a great way to personalize your coverage to meet your specific needs. The need for riders depends on your circumstances. For some, riders may not be necessary while for others, it presents a cost-effective way to get additional or better coverage without purchasing a separate insurance policy. For example, term riders can be a valuable and affordable tool to align coverage with your future protection needs that change with age.

Similarly, riders for accidental death and disability ensure that one’s family is adequately protected for sudden unexpected circumstances. But, this isn’t to say that all life insurance riders are worth it for everyone looking for augmented coverage. For example, if you have adequate life insurance coverage, you may not wish to add a separate accidental death rider. Or if you have a standalone comprehensive disability insurance policy, you may not see the value of adding a disability rider that waives your premium payments in the event of a disability.

Ultimately, the best way to identify which riders to choose is by determining one’s insurance needs and comparing different structures that address those needs. Speak to one of our licensed insurance agents today; they can help you figure out your insurance needs, whether you need the extra benefit that riders provide, and present you with the best avenues to get covered.

Glossary: Types of Life Insurance Riders

There are various types of riders that can be added to a life insurance policy, depending on what aspect you choose to augment in the policy. We have segregated them below into riders that either augment the life insurance coverage or provide a critical illness benefit or a disability or other income benefits.

Life insurance riders

Life Insurance Coverage Riders

What is a Term rider?

A term insurance rider is an option available to provide additional temporary life insurance cover, under the insured individual’s base life insurance policy. Term life riders are essentially an individual term life insurance policy that is shorter in term length than the base policy. Multiple term riders or life policies can be stacked on top of each other, to provide different layers of coverage for different time periods.

As the term riders gradually expire over time, the coverage and life insurance premium reduce allowing the insured individual to only pay for coverage that they truly need. This approach of using term riders is called ‘laddering’ and is particularly useful for circumstances where a higher death benefit is required in the early years of a policy e.g. while mortgage debt is outstanding. The term riders have a length smaller than the base policy e.g. you can add a Term 10 or a Term 20 rider to a 30-year policy.

What is a Child Term rider?

Child Term rider provides low-cost term life coverage for the insured’s child or children. The aim is to provide a death benefit rider, albeit of a limited amount, if one or more children of the insured pass away while the policy is in force. This rider allows the grieving parents and families to cover funeral expenses and help pay for counselling or other services.

A single child rider will usually cover all children of the insured, including any future additions. Generally, these riders offer a maximum of $20,000 to $30,000 in coverage. The rider typically covers natural-born children, adopted children and stepchildren named in the application and approved for coverage.

The child or children do not have to go through medical underwriting (no medical tests are required), though companies will ask a few questions to determine their insurability. Children are usually covered up to the age of 25 and have the option of converting the coverage into a permanent life insurance policy. These policies usually have fixed prices per $1,000 of coverage.

What is a Parent Protection rider?

A Parent Protection rider lets a policyholder take life insurance coverage for their parents as a rider on their base policy. Each parent requires a separate rider. The rider’s purpose is to cover estate costs (funeral costs, settling debts, taxes) on the passing away of the parents.

What is a Guaranteed Insurability rider?

Also known simply as an Insurability rider, a Guaranteed Insurability rider allows the insured to increase the amount of their death benefit. The amount and intervals at which it is allowed vary across different providers. This is helpful for those looking to increase their cover when achieving certain milestones like marriage, starting a family, or buying a home. This rider is also a good option for those expecting their income to increase significantly in the future, but cannot afford to pay for higher coverage or do not require a larger amount of coverage at present.

What is a Business Value Protector rider?

The Business Value Protector rider is a unique optional feature offered by a few insurance companies to help with the unpredictable rate at which a business can grow and the added coverage a business owner may therefore need over the years. The Business Value Protector rider gives a business owner the option to purchase additional coverage, without medical underwriting, based on the value of the business. It can also be used to protect other stakeholders in the insured’s business(es), to fund buy/sell agreements, or to pay capital gains tax if the business owner passes away.

What is an Accidental Death & Dismemberment rider?

The Accidental Death & Dismemberment rider (AD&D) provides additional financial protection. An additional benefit payment is made if the life insured dies or suffers a loss of limbs or bodily function (such as loss of hearing, sight) due to an accident.

Due to its narrower scope of coverage, accidental death benefit riders are usually cheaper to add than increasing the overall life insurance coverage amount on your policy. Many people use accidental death riders to augment their coverage without significantly increasing the cost of coverage or to provide additional support to their families in the event of an unexpected passing away from an accident. This rider also allows for lump-sum payments in the event of a loss of limbs or other bodily injuries. There are some restrictions and exclusions with accidental death & dismemberment riders. To receive benefits related to an accident, injuries or death generally must occur within a specified duration, generally within 180 days. This time period is usually within a few months of the accident date.

The rider usually expires once the insured reaches the age of 65. Also, the benefit is paid only if the death occurs from a covered accident and injuries are a direct result of the accident. Death or losses incurred due to self-inflicted injuries, war, or the commission of a crime are generally excluded.

What is an Accelerated Death Benefit rider?

An Accelerated Death Benefit rider helps you (life insured) access a portion of your death benefit, prior to when it would ordinarily be available i.e. prior to your passing away. Payment of an accelerated death benefit is usually triggered by an extreme health situation such as the advent of a terminal illness.

A terminal illness is defined as a serious ailment expected to result in limited life expectancy or death within a fixed time span, usually 12 months. Many insurance companies build terminal illness benefit riders into their policies, in which case a policyholder is not required to pay any extra premium. The terminal illness benefit is typically restricted to a maximum amount, which may be a percentage of the original death benefit.

Companies generally impose a limit on the amount of the accelerated death benefit to 50% of the policy amount or $250,000, whichever is less. That means if you have a $1 million policy, the amount that can be paid out in the event of a terminal illness is limited to $250,000. If the accelerated death benefit is claimed and approved, it reduces the tax-free, lump-sum paid upon the death of the life insured by the amount of the death benefit advanced upfront.

Accelerated death benefit riders may also be made available in the event of a permanent disability.

Critical Illness Benefit Riders

critical illness riders

What is a Critical Illness rider?

Critical Illness rider pays out a tax-free lump sum when the life insured is diagnosed with a covered illness (subject to certain conditions). This is known as a living benefit. With some policies, you may be able to choose the number of illnesses covered as well as the amount of coverage and the term length of the rider. Critical illness riders typically have a 30 day survival period that needs to be completed, before the policy can pay out the proposed benefit of the rider.

What is a Child Critical Illness rider?

A Child Critical Illness rider provides coverage for the insured’s children if they are diagnosed with a childhood illness. The exact list and number of illnesses covered vary across insurers. This rider can help parents cover the costs associated with treating some of the more serious children’s illnesses. Similar to the child term rider, this benefit can cover multiple children without necessitating medical tests.

What is a Return of Premium on Death or Expiry rider?

A Return of Premium on Death or Expiry rider returns all or a part of the premiums one has paid over the course of their policy when the policy term ends or when the individual passes away. Such riders are typically associated with a critical illness policy or critical illness insurance riders.

Disability Income Riders

disability riders

What is a Disability Waiver of Premium rider?

There are two types of Disability Waiver of Premium riders:

Total Disability Waiver: for the insured

Under this rider, life insurance premiums are waived if the life insured suffers a permanent total disability. This rider covers disabilities due to accidents as also those suffered due to a permanent illness. To claim under this rider, the life insured must:

  • not be able to perform essential duties of their occupation,
  • not be engaged in any other occupation, and
  • be receiving medical care for the condition that has caused total disability.

Generally, disability waiver riders only pay out after the individual has been totally disabled for at least 4 or 6 consecutive months. The premiums can be waived retrospectively, including for the initial 4 or 6 months waiting period. The rider is valid till a certain age of the person to be insured, most often up to the age of 60 or 65.

Parent/Payor Disability Waiver: for the policy owner or payor

The Disability Waiver rider can also be obtained on the policy owner or the payor of the policy. A Parent/Payor Disability Waiver rider is useful in cases where the policy owner or the payor of the policy and the insured are different people. As the name suggests, Parent disability waiver riders are usually applicable in cases where the life insured is the policy owner’s child while the payor waiver covers the individual making the payments for the policy (eg spouse paying premiums for a policy).

Depending on the policy, premiums may be waived upon the policy owner’s death or if they suffer a permanent total disability. This rider requires both the policy owner and life insured to provide proof of insurability at the time of the application.

What is a Disability Income rider?

A Disability Income rider provides monthly payments to the life insured in case they become disabled and unable to work. The policyholder will need to choose the time period for which the payments are to be made and the monthly payment (which is usually capped). This rider typically has a 30 or 90 day waiting period, with retrospective payments that start after the waiting period is over.

What is a Mortgage Disability or Credit Disability Insurance rider?

A Mortgage Disability rider covers all or part of the life insured’s monthly mortgage or line of credit payments in the event of their temporary or permanent disability. The payments are made for a specified period of time such as 2 years from disability, 5 years from disability, or up to the age of 65. Credit riders typically have a waiting period of 90 days, although can be retroactive to 31 days in the event of disability from an accident. Proof of the outstanding loan is usually required at the time of the claim.

What is an EDB (Extreme Disability Benefit) rider?

An Extreme Disability Benefit rider is available exclusively from Beneva as part of their term life insurance coverage at no additional cost. In the unfortunate event of a permanent and irrecoverable disability, you may receive a portion of your life insurance benefit (up to $250,000) in advance of your death. This rider generally expires at the age of 60.

Other Riders

What is a Long Term Care rider?

A Long Term Care rider pays out a portion of your death benefit if you are unable to live independently and require assistance (either at home or in an assisted care facility). This means you are no longer able to perform two or more activities of daily living (ADLs) independently.

What is a Hospitalization Income Benefit rider?

A Hospitalization Income Benefit rider provides a steady income if the life insured is hospitalized. The rider pays out a daily fixed cash amount. Typically, there is a limit on the number of days of hospitalization covered, as well as the total amount paid out. There may or may not be a limit to the number of claims.

What is a Fracture rider?

A Fracture rider provides a benefit if the insured suffers a bone fracture or total breakage following an accident. An applicant can purchase units of fracture coverage. Generally, different amounts are paid out depending on the nature and placement of the fracture (facial bones/ribs/skull, etc).

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What is a guaranteed insurability rider and how does it work?

We don’t know where life will take us. We may suddenly need more life insurance coverage due to events such as marriage or having another child. In a few years, we might face new health conditions or lifestyle changes that work adversely against our insurability. 

To partially solve this issue, a guaranteed insurability rider (GI rider) allows individuals to expand their prior life insurance coverage without worrying about their future health or lifestyle conditions. 

In this article, we explain GI riders and insurance riders more generally. This post also describes how GI riders work, how much they cost, and who should consider them.

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What are insurance policy riders?

Life insurance riders are an optional add-on to enhance your policy’s coverage. If your life insurance policy were a burrito, a rider would be the option to add guacamole! The variety of riders available allow you to customize your policy to further fit your bespoke needs. 

The rider availability and costs depend on your insurer, the rider details, your health, and more. Some riders include: 

  • Hospitalization income: regular payouts in case you’re hospitalized
  • Extreme disability benefit: early access to your death benefit if you face a severe disability 
  • Return of premiums: returns some of the premiums you’ve paid over the policy’s lifetime if you’ve never made a claim
  • Critical illness: A critical illness insurance rider pays a lump sum should you be diagnosed with a covered illness

What is a guaranteed insurability option rider?

A guaranteed insurability rider allows you to increase your policy’s death benefit up to a pre-determined amount, without another medical examination. At set times throughout your policy’s life, you have the option to add this additional coverage up to the pre-determined amount. This rider is excellent for those that need a policy that can accommodate future changes that they may not be able to predict. 

Although providing a medical examination to an underwriter might not be a lot of work, your premiums could skyrocket if the test discovers new health issues. 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.

Some insurers may offer this rider on term and permanent life insurance, but it’s most common for permanent life policies.

How does a guaranteed insurability rider work?

The typical GI rider works by allowing the insured individual the option to purchase additional coverage periodically in the future, without providing new evidence of insurability (i.e. a new application or exam). The standard timeline to exercise the rider would be 5 years from the effective date of the original policy. Many policies will also allow exercising the option to purchase additional coverage upon certain life events such as the purchase of a new house, or marriage or birth/adoption of a child. Generally, you must exercise the option within a pre-defined period upon any of these life events.

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When can you buy a guaranteed insurability (GI) rider?

The availability of a guaranteed insurability rider depends on your insurer. But, the decision of whether to add it is generally decided upon when you apply for your life insurance policy. The addition of the GI rider is approved at the stage of the underwriting process. At this stage, the insurer can view the additional financial risks of providing you with a GI rider and approve the proposed costs.

The guaranteed insurability rider cannot be added after the initial policy contract is issued, so it’s important to review its need at the time of the policy application. 

For example, if during the medical exam, the underwriter discovers that you have had cancer or other condition that commonly resurfaces after years of remission, increasing your death benefit may be financially risky to the insurance company, as the likelihood that they would have to pay out the larger death benefit would be high. (Read more about how cancer affects life insurance.)

Your insurer may let you add a GI rider after this point, but it depends on their procedures.

How often can you use a guaranteed insurability rider?

There are usually two ways to apply the guaranteed insurability option — at a set number of years or upon predetermined life milestones. These are also referred to as option dates. 

Your option dates may arrive every three to five years. Or, your policy may allow you to have your option dates coincide with events such as marriage, having a child, or other significant life events. Increasing your death benefit at life milestones may be beneficial to accommodate such significant changes as your needs may change during these times. Perhaps before one of these events, such as buying a house, you had fewer liabilities, but after you want to make sure they are covered upon your death. GI riders can help cover your increasing life insurance needs.  

To calculate your insurance needs right now, try out our life insurance calculator. This calculator takes factors such as your current liabilities (debts, mortgages, credits) and determines the amount of death benefit coverage you need for full protection.

Check out PolicyAdvisor's life insurance calculator.

How much does a guaranteed insurability rider cost?

The guaranteed insurability rider is a relatively inexpensive rider to add to your policy. But some insurers may add a guaranteed insurability rider option for free. Even when there’s a charge, it’s usually inexpensive — a few extra dollars a month depending on your insurer. 

Guaranteed Insurability Rider Options

If you are looking to have $100,000 coverage added to your death benefit in the future, the guaranteed insurability rider cost varies depending on age and gender. Keep in mind that your premiums may also increase at the time you actually exercise this rider—the following prices are for the rider only, not the increase in coverage. 

 

Age Male Female
25 $3.06 $2.55
30 $3.06 $2.55
35 $3.26 $3.06
40 $10.71 $8.36
45 $21.02 $14.99

After the initial cost of adding the option of a GI, there is another cost associated with the actual exercising of the GI option when it’s available (such as the pre-determined 3 or 5 years or upon a significant life event). Your insurer ultimately increases your annual premium to accommodate the extra death benefit they will be providing. The overall monthly premium will increase to reflect the higher death benefit being made available for you. The calculation of the increase is based on the age at which you have exercised the GI option. The later you exercise the option, the higher the price of the exercise.

Who needs a guaranteed insurability rider?

A GI rider benefits you if you have prior medical conditions or family health histories that may worsen your circumstances later. If you are concerned about health issues or lifestyle choices in the future but need additional coverage, the rider lets you obtain the additional coverage without another medical examination. So, you can protect your loved ones with adequate life insurance but without a significantly higher premium, that may be associated with adverse health or lifestyle circumstances. 

A GI rider is also beneficial where you want

Riders provide numerous ways to customize your life insurance policies. A GI rider, specifically, can help you expand your coverage in the future without an additional medical examination.

PolicyAdvisor’s licensed insurance experts can help you learn more about the life insurance and rider options available to you. Book some time with us and see how you can customize a life insurance plan for you and your family’s needs.

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Does COVID-19 affect life insurance? Coronavirus FAQ

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.

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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.

Covid-19 life insurance frequently asked questions

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.”

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Fast facts

If you have an existing life insurance policy, your coverage is not impacted by COVID-19.

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.

 

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Fast facts

Life insurance companies – generally speaking – do not currently have any policy exclusions for coronavirus or other infectious diseases in their life, critical illness, or disability policies.

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

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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.

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State of the Nation: Canadian Life Insurance Trends 2021

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. 

While the data found consumers plan to trim budgets across the board in 2022, life insurance is spared from major cuts at this point in the pandemic.

Canadians know they’ll feel some pocketbook pain in the next 12 months. Cost uncertainty of pricing for items like grocery bills and mortgage rates are top of mind and may lead to spending cuts across the board.

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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.
life insurance trends 2021

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.

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The survey was conducted via Survey Monkey’s Canadian panel in November 2021 and included 500+ qualified respondents. All graphs rounded to the nearest percentage point.

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State of the Nation: Canadian Life Insurance Trends 2020 – Pandemic Checkup

Canadians are anxious right now. A global pandemic has changed the way we interact, live, and work. The State of the Nation: Life Insurance Trends 2020 – Pandemic Checkup is a follow-up to our 2019 State of the Nation. Back then we examined consumer trends and attitudes about life insurance planning across the country; but, a lot can change in a year! This year’s checkup seeks to determine consumer attitudes and buying behaviour towards life insurance coverage considering COVID-19’s impact on their lives.

Our research – which you can find below – shows that the recent Coronavirus pandemic has changed the way Canadians value life insurance and introduced an urgency to their need for coverage. Canadians are looking to protect themselves from unforeseen circumstances now more than ever, and are held back by misconceptions when it comes to extending their life insurance coverage during COVID-19.

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Majority of Canadians feeling anxious about their finances

More than 8 out of 10 Canadians with dependents feel anxious about their financial future in the face of COVID-19. This could be due to many factors including a pessimistic view on economic recovery, especially for those that have lost or are at the risk of losing employment or those needing to cash out their retirement savings at this time. As public and private debt continue to soar, austerity measures are expected in the medium term.

Hopefully, with recent news of effective vaccines on the way in early 2021, some of these anxieties will prove to be unfounded.

financial anxiety post covid-19

Almost 2 in 5 Canadians rely solely on their employer for life insurance coverage

38% of respondents stated they only have life insurance coverage through their group or workplace benefits, while 14% stated they don’t have any life insurance coverage at all.

Overall, 65% of Canadians say they rely on their group benefits for some or all of life insurance coverage. Recent research from the Conference Board of Canada suggests that 12% of companies making layoffs due to COVID-19 don’t plan on extending workplace benefits to laid-off employees. This could leave some Canadian households with a significant insurance shortfall.

Almost half of respondents say they have some sort of individually-owned coverage whether it is their sole coverage or augments the policy they have through their workplace benefits.

2020 canadian life insurance coverage source

Cutting expenses, but not premiums

Only 13% of Canadians plan on trying to save money by reducing what they spend on life insurance premiums. Instead, most Canadians plan on tightening their budget when it comes to entertainment, restaurants, travel, and clothing.

It’s safe to say that Canadians value life insurance and the security it offers in tumultuous times. However, for those Canadians that do feel the need to take a critical financial eye to what they are spending on coverage, there are ways to save money on life insurance.

They have options such as:

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What types of insurance to Canadians value most

Coverage that protects one’s life and health is considered the most essential to Canadians right now; this is understandable given the health concerns of the current pandemic.

Home and auto coverages are deemed a little less important. The devaluation of auto insurance can be attributed to more people working from home and no longer using their vehicle to commute; this has led to many Canadians choosing a lower mileage tier in their auto coverage.

Travel insurance is not highly valued at the moment with travel restrictions in place in most parts of Canada. This answer may have been different in March when COVID-19 travel restrictions were new and led to many trip cancellations for Canadians, both abroad and in their own country.

 

canadians value life insurance more during pandemic

How important is life insurance to Canadians?

Only 2% of Canadians feel life insurance is less important to own considering COVID-19, while 35% have not changed their views one way or the other.

However, almost two-thirds (63%) of Canadians now feel life insurance is more important to own than before the pandemic hit. COVID-19 has led to a majority of Canadians realizing how suddenly life-changing events can affect the financial outcome of those that depend on them.

how important is life insurance to Canadians

Are Canadians buying more life insurance coverage?

44% of Canadians plan on or have already purchased additional life insurance coverage because of COVID-19. COVID-19 has been a trigger for Canadians to purchase life insurance and a wake-up call for them to understand the state of their finances, create a budget and plan, and lock in the financial support and security they require to feel safe and sound for anything life may throw at them next.

While the other 56% of Canadians may have made no changes to their life insurance, this can be attributed to their comfort with their level of coverage and knowledge that the insurance products they’ve chosen can adequately protect them at this time.

Canadians are buying more life insurance coverage due to covid-19 graph

Barriers to purchasing life insurance

The perceived inability to purchase coverage online prevents 30% of Canadians from purchasing life insurance or adding to their existing coverage. Since COVID-19, Canadian consumers have seen industries and legacy companies adapt to the new reality of online service fulfillment. In turn, they expect insurance companies to work like e-commerce but have not seen that expectation realized.

27% feel life insurance is too expensive and 23% cite product complexity. There is a clear knowledge gap when it comes to the life insurance marketplace.

Canadians can save money and learn more about their potential policies by comparing quotes with an online broker.

Almost 12% of respondents feel buying life insurance takes too long, which can also be addressed with more modern insurance tools and practices via an online broker. 11% of respondents don’t want to participate in the exams or blood collection that can accompany medical underwriting. This speaks to another blind spot for Canadian insurance seekers unaware of the many non-medical life insurance options available.

Lastly, a lack of need prevents 36% of Canadians from purchasing any additional coverage, as they most likely already have coverage and feel no need for an additional policy.

what prevents canadians from purchasing life insurance

Customers expect insurance to work like other online retailers

Speaking to the aforementioned expectations of shoppers in the post-COVID landscape, the majority of Canadians would purchase life insurance online if given the choice. Only 21% of respondents now insist on meeting with a broker (compared to almost 30% in our previous survey).

Luckily for Canadians, online options for life insurance have increased post-COVID. Many insurance companies are approving up to $1 million in coverage (with some even going up to $2 million) without requiring a medical exam (for those below the age of 50 and in regular health).

Unfortunately, almost a quarter of respondents are not sure one way or the other if they would purchase life insurance if they complete their transaction online. More solid education from carriers and brokers around the options that are available to them could help them make an informed choice.

canadians want to buy life insurance online

Final thoughts

The biggest realization one can take away from this research is that COVID-19 has changed Canadian opinions about how much coverage they need and how they want to get it. 44% of respondents have either taken out new life insurance coverage or plan on doing so in the near future.

The appetite for online fulfillment of a life insurance policy has increased 50% year over year. Coronavirus has jump-started several industries into a new online era, and life insurance is no different. If there is any silver lining, it is the innovation in Canadian policy delivery that we have seen so far in 2020, and the even greater advances we’ll see in 2021 and beyond.

The survey was conducted via Survey Monkey’s Canadian panel in November 2020 and included 500+ qualified respondents. All graphs rounded to the nearest percentage point.

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State of the Nation: Canadian Life Insurance Trends 2019

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?

Life insurance ownership rates

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?

Life insurance average years of coverage

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.

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How often do you review your life insurance coverage?

Life insurance coverage checkup frequency

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?

Life insurance coverage confidence

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?

Life insurance knowledge confidence

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?

Life insurance reasons for not getting

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?

Appetite for digital offerings in 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.

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