Whole life insurance is the best option for Canadians with higher incomes and want permanent coverage with guaranteed cash value.
The best whole life insurance in Canada is from Sun Life, Manulife, Equitable Life, Canada Protection Plan and BMO Insurance based on policy types and customer reviews.
Canadians looking for life insurance that’s more affordable and flexible should consider term insurance instead.
We’ve laid out all the important factors for each company their respective policies to help you pick the best whole life insurance policy in Canada for you.
Best whole life insurance policies in Canada
The best whole life insurance policies in Canada are from Sun Life, Manulife, Equitable Life, Canada Protection Plan and BMO Insurance.
We looked at each insurance company’s whole life coverage options, cash values and dividends and customer reviews.
Then we categorized them based on which situations they’d be best for Canadians.
Best cash value with whole life insurance: Sun Life
Best whole life insurance for couples: Manulife
Best whole life insurance with guaranteed premiums and high cash value: Equitable Life
Best no-medical whole life insurance: Canada Protection Plan
Best whole life insurance with flexibility: BMO Insurance
1. Sun Life: best cash value with whole life insurance
Insureye score: ★★☆☆☆ (2.3)
Sun Life has some of the best options for cash value with whole life insurance. They have three types of participating life insurance policies to choose from, which we'll break down below.
Pros of Sun Life
Sun Life has a lot of experience with whole life insurance policies and policies with investments
Lots of options for riders to add to your policy, but these are an additional cost on top of your monthly premiums
A good option for people with high incomes
Most of their whole life policies offers a joint first-to-die policy for couples
Cons of Sun Life
Client reviews suggest that they have poor customer service
There isn’t a lot of information about their policies available online
Their cost of insurance premiums tends to be more than other whole life insurance providers
Sun Life's whole life insurance policies
Sun Par Protector II
This is best if you want whole life insurance with the chance to grow cash value and your death benefit long-term
This is best if you want whole life insurance and can afford to pay off the plan in eight years. It also gives you cash value growth and death benefit growth
Coverage amount: $250 thousand to $15 million
Premiums fluctuate
Payment options: 8 pay
Enhanced dividend options
Not sure how whole life insurance compares to term? Generally, whole life insurance rates can be up to 10x pricier than term.
And PolicyMe offers some of the best term life insurance rates in Canada. See just how affordable term can be — get your quote in just a few clicks, no obligation required.
2. Manulife: best whole life insurance for couples
Insureye score: ★★☆☆☆ (2.1)
Manulife has some the best whole life insurance for couples.They have two whole life insurance options for Canadians:
Manulife Par whole life insurance
Performax Gold® whole life insurance
Pros of Manulife
Highly experienced with participating whole life insurance policies
It’s also the biggest insurance company in Canada in terms of market capital (over $43 billion) according to the Toronto Star
Save money if you and your partner both buy policies with the same coverage and length
You can see a sample policy for their different life insurance products online
Cons of Manulife
Online customer complaints suggest they have bad customer service
Customers have also had trouble with cancellations and long waiting times
Only two options for whole life insurance
Manulife's whole life insurance policies
We’ve outlined the key features of both Manulife options in the table below.
Policy feature
Performax Gold® whole life insurance
Manulife Par whole life insurance
Coverage period
Lifelong
Lifelong
Coverage amount
Minimum $25 thousand
Minimum $100 thousand
Stability of premiums
Not stated on website
Premiums are level
Cost of premiums
5–10x more expensive than most term life policies
5–10x more expensive than most term life policies
Payment options
Life pay or 15 pay
20 pay or 10 pay
Death benefit
Paid whenever you pass away
Paid whenever you pass away
# of people covered
One
Up to two
Cash value
Guaranteed cash value
Option to withdraw dividends on an annual basis
Policy type
Non-participating
Participating
3. Equitable Life: best whole life insurance with guaranteed premiums and high cash value
Insureye score: ★★★☆☆ (2.5)
Equitable Life has the best whole life insurance with guaranteed premiums and high cash value. They have two participating whole life insurance options for Canadians:
Equimax Estate Builder
Equimax Wealth Accumulator
Pros of Equitable Life
They offer competitive cash values
You can add critical illness insurance as well as your children or grandchildren to your policy. But both add-ons will make your premiums more expensive
Access your policy and account online
Cons of Equitable Life
They don’t have much information on their website about their policies
Online reviews suggest that they have a poor customer service
Premiums are mid-range compared to other companies
Equitable Life's whole life insurance policies
Here's what you need to know about both Equitable Life whole life insurance policy options:
Policy feature
Equimax Estate Builder
Equimax Wealth Accumulator
Coverage period
Lifelong
Lifelong
Coverage amount
$11 thousand to $20 million
$11 thousand to $20 million
Stability of premiums
Premiums are level
Premiums are level
Cost of premiums
5–10x more expensive than most term life policies
5–10x more expensive than most term life policies
Payment options
Life pay, 20 pay or 10 pay
Life pay or 20 pay
Death benefit
Paid whenever you pass away
Paid whenever you pass away
# of people covered
Up to two
Up to two
Cash value
Guaranteed cash value with 5 dividend options
Guaranteed cash value with 5 dividend options
Policy type
Participating
Participating
Best for you if
You want high cash value in the long term
You want cash value in the short term
4. Canada Protection Plan: best no medical whole life insurance
Google Reviews score: ★★★★☆ (4.0)
Canada Protection Plan has the best no medical whole life insurance. They have four no medical, non-participating whole life insurance options for Canadians.
Pros of Canada Protection Plan
Regardless of health conditions, you can qualify for a life insurance policy
Online reviews show customers have had positive experiences with Canada Protection Plan's advisors
A quick turnaround to find out if you’re approved (sometimes within a day!)
Cons of Canada Protection Plan
No medical life insurance policies tend to be expensive because all applicants, even if they have good health, are assessed as high-risk
The maximum coverage amount is $500 thousand depending on your age
Some plans offer lower coverage ranges for people aged 61–80
Canada Protection Plan's whole life insurance policies
Guaranteed Acceptance Life
Best for: People with health conditions or critical illnesses who can’t get life insurance elsewhere, people with high-risk hobbies or jobs, people who smoke or have a history of substance abuse
Coverage: $5 thousand to $50 thousand
Included: Terminal illness benefit and transportation benefit
Optional: Accidental death benefit
Deferred Life
Best for: People with serious health conditions, including a heart condition, cancer or diabetes. And people who’ve been declined permanent insurance before
Coverage: $5 thousand to $75 thousand
Included: Terminal illness benefit and transportation benefit
Optional: Accidental death benefit
Deferred Elite Life
Best for: People with less serious health conditions, including a heart condition, cancer or diabetes. And people who’ve been declined permanent insurance before and who want a high amount of coverage
Coverage: $5 thousand to $350 thousand
Included: Terminal illness benefit and transportation benefit
Optional: Accidental death benefit and child term benefit
Simplified Elite Life
Best for: People with relatively good health and people who engage in extreme sports who want a high account of coverage
Coverage: $5 thousand to $500 thousand
Included: Terminal illness benefit and transportation benefit
Optional: Accidental death benefit, child term benefit, hospital cash benefit
5. BMO Insurance: best whole life insurance policy in Canada with flexibility
Insureye score: ★★★☆☆ (2.6)
BMO Insurance has the most flexible whole life insurance in Canada. They have two whole life insurance options for Canadians:
BMO Estate Protector
BMO Wealth Accelerator
Pros of BMO Insurance
Their whole life insurance policies are highly flexible with premium payments
Comfort and security in buying from one of the oldest banks in Canada
Financial strength rating: A.
Cons of BMO Insurance
You have to apply for life insurance through a BMO advisor over the phone
Online reviews indicate they have poor customer service
You can’t access your policy online so expect lots of paperwork
BMO Insurance's whole life insurance policies
We’ve outlined other key features of BMO’s whole life options in the table below. Although the features are the same, the policies differ in how they address distinct markets.
Policy feature
BMO Estate Protector
BMO Wealth Accelerator
Coverage period
Lifelong
Lifelong
Coverage amount
$50 thousand to $20 million
$50 thousand to $20 million
Stability of premiums
Premiums are level
Premiums are level
Cost of premiums
5–10x more expensive than most term life policies
5–10x more expensive than most term life policies
Payment options
Life pay, 20 pay or 10 pay
Life pay, 20 pay or 10 pay
Death benefit
Paid whenever you pass away
Paid whenever you pass away
# of people covered
One
One
Cash value
Guaranteed cash value with performance bonus
Guaranteed cash value with performance bonus
Policy type
Non-participating
Non-participating
How do I find the best whole life insurance rates in Canada?
To find the best whole life insurance rates in Canada, shop around and get quotes from different companies. Make sure to keep in mind that not all whole life insurance policies have level premiums or the same amount of cash value.
Many companies don’t offer online quotes for whole life insurance. So you’ll likely have to book phone appointments with each company to get a quote. And ask if and how premiums are flexible.
Finding the best life insurance policy: advisor pro tips
On how to decide what the best whole life policy for you is, life insurance advisor Erik Heidebrecht has this advice "Get very clear about what you're looking for in a whole life policy. Ask yourself:
Why do you want a whole life insurance policy? For investments? For estate planning?
What coverage amount do you want? The more coverage you need, the pricier the premiums.
Do you want the policy to be plug-and-play or do you want to tinker with your investment options?
Does the whole life insurance company have high MERs? Make sure to cross-check with the market with how much those funds would be to track separately.
Do they use investment options that are in your best interest? Do they fund index funds? ETFs?"
Ask yourself why you need whole life insurance. For investments? Estate planning? Read more about the differences between term life vs. whole life insurance to help you decide if whole is the right product for you.
Interested in optional riders? Research which ones you want and how much they’ll cost.
Shop around and get quotes. Remember to ask about penalties that affect premiums, such as smoking or high-risk hobbies.
Consider your options. Which companies offer the best value for your needs?
Consider talking to an insurance / financial professional if you need advice.
Apply for the policy you want. If you’re denied, try your other options or a no medical policy.
Read your policy carefully, including all the fine print, before signing and paying for it.
If you’re looking for affordable life insurance, term policies might be best option. Plus, you can easily find the best rates online. Curious? Check out get a term life insurance quote in just a few clicks, 100% online.
FAQ: best whole life insurance companies Canada
What is the most popular whole life insurance company in Canada?
Manulife is the most popular whole life insurance company in Canada because it’s one of the largest life insurance companies in the country.
But they don’t have the best or most affordable options, when compared to other Canadian life insurance companies like Sun Life for whole policies or PolicyMe for term policies.
What are the best dividend-paying whole life insurance companies in Canada?
The best dividend-paying whole life insurance companies in Canada are Sun Life, Manulife and Equitable Life. All three companies offer different kinds of policies with dividends; typically a permanent type of life insurance.
Remember, the best dividends is only one of many key factors in deciding what type of life insurance policy to buy. In some cases, Canadians would be better off maxing out their TSFA and RRSP before considering a whole life policy.
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