The best companies for whole life insurance in Canada include Manulife, BMO Insurance, Sun Life, Empire Life, Desjardins, and more. The one you should choose depends on your needs.
Our expert advisors have ranked the top 15 Canadian whole life insurance providers to help you find the perfect match. We’ve ranked them based on the best for performance, the best for added features, the best for children’s policies, and more.
Keep reading to see our ratings and reviews of the best companies for whole life insurance in Canada!
The best whole life insurance in Canada 2024
Our team at PolicyAdvisor.com 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.
Full list: 15 Best Whole Life Insurance Companies in Canada – March 2024
- Assumption Life: Best for quick issue
- Beneva: Best for complimentary additional features
- BMO: Best for non-participating plans
- Canada Life: Best for charitable giving
- Canada Protection Plan: Best for non-medical
- Desjardins: Best for paying off premiums early
- Empire Life: Best for balanced performance
- Equitable Life: Best mutual company
- Foresters: Best for smokers
- iA: Best for health accommodation
- Manulife: Best for overall performance
- RBC: Best for children’s plans
- Sun Life: Best for high net-worth individuals
- UV: Best for long-term growth
- Wawanesa: Best value for guaranteed benefits
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.
Assumption Life Whole Life Insurance Review
Canada’s best whole life insurance for:
Quick-issue policies
Assumption Life Insurance wins the award for its potential for a fast-issue policy with no doctors or blood tests. They don’t ask you to do a medical test if you’re 18-45 and if you want whole life insurance coverage up to $999,999. This is sometimes called accelerated issue policies.
As you get older, they may not give you accelerated issue for as much coverage. But you can still get up to $50,000 without a medical exam up to age 69.
But that’s not the only reason Assumption came out on top in our rankings. They offer two types of coverage: one that pays dividends (participating) and one that doesn’t (non-participating). If you choose the participating policy, you have 5 options for how you get dividends, and you can change your options every year.
They also offer extra options called life insurance riders to help you add more coverage. And, if you want a plan without answering any medical questions at all, they also offer non-medical plans.
Beneva Whole Life Insurance Review
Canada’s best whole life insurance for:
Complimentary additional features
Beneva whole life insurance products are a good choice if you want a whole life policy that includes additional benefits. Their plans have all the usual benefits included in a whole life insurance plan. But their plans can also:
- Cover multiple lives — up to 5, depending on the plan
- Include 4 benefits free of charge to give you additional coverage: Extreme Disability Benefit, Disability Waiver of Premium Benefit, Accidental Death & Dismemberment (AD&D) Benefit, and Accidental Fracture Benefit
- Have 2 rider options, which can give you extra coverage at a low price: Critical Illness Insurance Rider and Child Rider
They give you several payment options if you want to finish paying your life insurance premiums early. And you can get policies without a medical exam with their simplified or guaranteed plans.
Most of Beneva’s plans are life insurance with cash value but not dividends. But they do offer Universal Life Insurance, which is a permanent life insurance plan that pays out dividends but comes with a higher risk.
BMO Whole Life Insurance Review
Canada’s best whole life insurance for:
Non-participating plans
Bank of Montreal (BMO) is a great choice for people who want whole life insurance with cash value and aren’t too concerned about getting dividends.
Their policies are all non-participating, so you don’t get dividend payments. But you get cash value and a yearly Performance Bonus that you can use similarly to how you would use dividends.
BMO Insurance also gives you A LOT of choices for how to handle your life insurance costs:
- Premium switching, which lets you change your premium payment period
- Premium offset, where you can stop paying premiums and have them deducted from your paid-up cash value instead
- Additional payments, where you can pay extra premiums to increase the death benefit and cash value
- Policy loans, where you can borrow against your cash value
Canada Life Insurance Whole Life Insurance Review
Canada’s best whole life insurance for:
Charitable giving
Canada Life’s My Par Gift is the perfect plan for people who want to leave a lasting impact by donating to charity. This whole life policy was created just to help you do that.
You just pay one tax-advantaged lump sum premium of $10,000 and the policy is locked in. The charity receives the policy’s cash value and dividends, which they can then use however they need to.
Once you pass away, the charity receives the full death benefit. This means you can help the charity and its work for more than a lifetime.
Canada Protection Plan Whole Life Insurance Review
Canada’s best whole life insurance for:
Non-medical coverage
Canada Protection Plan is a great option if you want whole life coverage without taking a medical test. The plans are non-participating, so you will not get dividends. But they’re still straightforward, affordable life insurance policies that can give you at least $10,000 in coverage.
Their plans are also good for funeral insurance. This type of insurance covers expenses related to the end of life, such as funeral costs or any remaining debts.
CPP gives you a wide range of coverage options if you have health isssues, so your chances of finding a plan that fits your needs are very high.
They also have regular policies for people who are healthy and who want quick approval.
Desjardins Whole Life Insurance Review
Canada’s best whole life insurance for:
Paying off premiums early
Desjardins gives you some of the best options to pay off your policy early so you only have to pay it for a certain number of years. This is called limited pay, and Desjardins is one of the only Canadian companies that lets you pay it off in as little as 5 years.
You pay higher yearly or monthly premiums for those 5 years only and then you don’t have to pay anything else for the rest of your life. Or you can choose to pay in 10, 20, 15 years, or until age 100.
When you choose limited pay, you can rest easy knowing you have lifetime protection, cash value growth, annual dividends, and no more bills!
Desjardins’ plans also come with a lot of benefit options you can add on for even more coverage. They offer basic plans without dividends, and a special permanent life policy for seniors 50+ who don’t want to take a medical exam.
Empire Life Whole Life Insurance Review
Canada’s best whole life insurance for:
Balanced performance
Empire Life’s whole life product, EstateMax, is a great option for people who want to build wealth in the long term and increase their life insurance payout. They don’t give the highest cash values in the Canadian market, but they’re far from being the lowest.
This is a good choice if you want steady, secure growth — especially the longer you have your policy.
Their Optimax plan is also designed specifically for people who plan to retire soon and want to access their plan’s cash value in the policy’s first 20 years.
Empire’s policies can be just as affordable as some Term-to-100 policies. It’s no wonder they’re one of the most popular choices for whole life coverage in Canada.
Equitable Life Whole Life Insurance Review
Canada’s best whole life insurance for:
Mutual values
If you specifically want to work with an insurance company that is partially owned by the people who have insurance with them, Equitable Life may be the right choice for you.
This is called a mutual company. This kind of business doesn’t have to answer to stakeholders or market pressures like other carriers do. They can sometimes offer more competitive rates on insurance as a result.
There are other insurance mutuals, like Beneva and Wawanesa. But we feel their strongest points are in other areas, so Equitable takes the cake in this category.
Equitable only offers whole life policies that earn dividends, and their cash values can grow quite well in the long run.
Foresters Financial Whole Life Insurance Review
Canada’s best whole life insurance for:
Smokers
If you’re planning to quit smoking, wouldn’t it be better if someone was paying you to do it? Foresters Life Insurance doesn’t exactly give you money, but their Quit Smoking Incentive Plan is a great motivator.
Smokers usually get charged more for life coverage, or they can be denied completely. Foresters Financial offers the opposite. They give you lower rates if you commit to stop smoking within 2 years.
That’s more air in your lungs, more money in your wallet, and lifelong coverage that your family can rely on!
All of Foresters’ plans give you cash value, and some also pay dividends. Plus, they have a wide variety of life insurance options for people who have health issues.
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.
Manulife Whole Life Insurance Review
Canada’s best whole life insurance for:
Overall performance
There’s a reason why Manulife is one of North America’s largest life insurance companies. They’re quite successful and most of their products are high-quality. In Canada, their whole life plans are no different.
If you want all-around good performance that you can rely on, Manulife is a great choice. They offer both participating and non-participating plans, and plans that don’t make you take a medical exam.
You get all the standard benefits of a whole life policy with Manulife. And, they even give you the option to change your mind and choose a different payment option if you like.
Choose Manulife if you’re not really looking for anything specific but need a policy that checks all the boxes:
- Affordable
- Flexible
- Reliable
- Robust investment options
- Good amount of coverage
- And more!
RBC Whole Life Insurance Review
Canada’s best whole life insurance for:
Children’s plans
If you’re looking to buy the best whole life insurance for children, Royal Bank of Canada (RBC) Insurance could be a great option.
They have a special feature called the Juvenile Guaranteed Insurability Benefit that will give children a financial leg-up once they grow up. This benefit acts like a Hall Pass for your child or grandchild. When they reach adulthood, they can buy a new policy or add more insurance to their plan without having to take a medical test or go through any hassle to get approved.
Many other companies will give you the option to buy this kind of benefit — but RBC includes theirs for free! This is why we have to recommend them for whole life insurance policies for children in Canada.
Their plans are great for other uses too, like estate planning or just long-term financial planning in general.
Sun Life Insurance Whole Life Insurance Review
Canada’s best whole life insurance for:
High net-worth individuals
The more you earn, the more insurance you’ll likely need. You’ll want to choose a provider who you know can provide those high amounts of coverage, and Sun Life Insurance is exactly that choice.
Sun Life is another one of Canada’s largest life insurance providers. They offer a minimum coverage amount of $250K, which is way higher than the $10,000 or less some other providers start with.
They offer plans with just cash value (non-participating) and plans with both cash value and dividends (participating). Plus, even if you have health issues you can apply for their plans that don’t ask you to take a medical exam.
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!
UV also gives you life insurance options if you have health issues. But UV’s plans are all non-participating, so you won’t get any dividend payments from them.
Wawanesa Whole Life Insurance Review
Canada’s best whole life insurance for:
Value for guaranteed benefits
Most investments involve some level of risk. Not so with Wawanesa! They offer high cash values that you can access early on if you need to, especially if you pay the policy off in 20 years.
With Wawanesa, there’s a very good chance you will “break even” — have a higher cash value than the entire amount of premiums you paid to the company in those 20 years or less!
They give you more insurance coverage and have some of the lowest whole life insurance quotes in Canada. It’s no surprise that they’re one of the most affordable options people choose.
You get to choose between a participating or non-participating policy, or one that doesn’t make you take a medical exam.
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 like:
- Financial strength ratings
- Policy details
- Key features
- Premium costs
- Coverage amounts
- Cash value growth potential
- Dividend options
- And more
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.
Why should I get permanent life insurance Canada?
There are 3 very good reasons why you should get permanent life insurance:
- To cover your final expenses
- To access cash value now/during retirement
- To plan your estate
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.
Talk to a licensed professional
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.