Choosing the right whole life insurance company is critical to getting optimal permanent protection, investment growth and value from your policy over the long term. With many providers in Canada to select from, performing due diligence helps ensure you secure coverage from a premier insurer that aligns with your budget and objectives.
This definitive guide compares the top whole life insurance carriers available to Canadians based on a thorough data-driven analysis of the industry’s leading national and regional providers. We cut through the noise to rank the top performers based on critical factors, including pricing, financial strength, customer satisfaction, dividends, cash value growth, policy features, etc.
Read on for full details on Canada’s top whole life insurance companies. Learn how the top life insurance companies in Canada measure up in areas like affordability, stability, dividends and service. Arm yourself with the insights you need to make a confident purchasing decision for your family.
Overview of Whole Life Insurance
Whole life insurance provides permanent lifetime coverage along with a cash value savings component that grows on a tax-deferred basis. The death benefit, premium costs and accumulated cash value remain fixed over the policy’s lifespan.
While more expensive than term insurance, whole life guarantees coverage that never expires as long as premiums are paid. The cash value can be borrowed against or withdrawn in the future. This makes life insurance ideal for final expenses, mortgages, estate planning, and individuals seeking permanent coverage with investment-like features.
When comparing top insurers, key factors to consider include:
- Life insurance premium
- Independent financial strength ratings
- Customer satisfaction rankings
- Dividend payment history
- Policy features, riders and benefits
- Cash value accumulation potential
- Payment options and limited pay plans
- Availability of no medical exam policies
Thoughtfully weighing these factors helps ensure you find the most favourable whole life insurance policy tailored to your budget and needs.
Top Whole Life Insurance Companies in Canada for 2024
Manulife – Best Overall Whole Life Insurance
With its competitive pricing, stellar financial standing and reputation, Manulife is Canada’s best overall choice for whole life insurance.
Quick Facts:
- Founded in 1887, Manulife is among Canada’s largest and most established insurers.
- Rated “A+” (Superior) by A.M. Best for financial strength.
- Offers both participating (dividend-eligible) and non-participating policies.
- Limited 10, 15, 20-year and pay-to-age 90 premium options available.
- No medical exam policies are available with streamlined underwriting.
Policy Highlights:
- A broad selection of permanent and term life insurance plans.
- Below-average premium rates for healthy individuals.
- Strong lifelong guaranteed cash value growth and dividend payouts (if eligible).
- Access to policy loans and withdrawals from accumulated cash value.
Pros
- Competitive premium rates, especially for healthy individuals
- Stellar 130+ year reputation and financial backing
- Broad policy selection and limited payment options
- Dividend payouts and strong cash value growth potential
Cons
- Limited no medical exam policy options
- Higher premiums than some competitors
With over 130 years of experience and expertise, Canadians can trust Manulife to deliver a stellar whole life insurance policy backed by financial strength and enduring value. Their competitively-priced permanent plans balance affordability with asset growth and protection.
Wawanesa Life – Most Affordable Whole Life Insurance
Wawanesa Life is a top pick for budget-friendly whole life insurance with strong guaranteed cash value growth. Their limited pay plans offer excellent long-term value.
Quick Facts:
- Founded in 1896, Wawanesa is one of Canada’s oldest P&C and life insurers.
- Rated “A” (Excellent) by A.M. Best for financial strength.
- Offers participating (dividend-paying) and non-participating permanent policies.
- Features convenient 10-pay or 20-pay limited premium payment terms.
- Optional disability waivers and accidental death riders are available.
Policy Highlights:
- Below average premium rates, especially for 20-pay limited plans.
- Guaranteed cash value growth and dividends (for eligible plans).
- Faster premium payoff with 10 or 20-year limited payment options.
- Added benefits and coverage with optional waiver and accidental death riders.
Pros
- Below-average premium rates, especially for 20-pay limited plans
- Strong guaranteed cash value growth
- Opportunity to pay off policy faster (10 or 20 years)
- Optional disability waiver and accidental death riders
Cons
- As a smaller company, fewer specialized policy options
- Participating policies only; no non-par alternative
Canadians seeking affordable permanent protection with excellent long-term performance should consider Wawanesa. Their limited pay whole-life policies offer tremendous value and certainty.
Sun Life – Best Cash Value Whole Life Insurance
Sun Life leads among top Canadian insurers for whole life insurance policies with strong lifelong cash value growth potential. Their participating permanent plans are built to perform.
Quick Facts:
- Sun Life is Canada’s largest insurance and wealth provider.
- Rated “A+” (Superior) by A.M. Best for financial strength.
- Permanent policies are eligible for annual dividends and robust cash value returns.
- Limited 8, 10, 15 or 20-year premium payment terms are available.
- High maximum coverage amounts to up to $100 million.
Policy Highlights:
- Strong potential for tax-deferred cash value growth and dividends.
- Faster premium payoff with 8, 10, 15 or 20-year limited payment options.
- Higher maximum face amounts up to $100,000,000 are available.
- A broad selection of optional riders for added benefits.
Pros
- Strong potential for cash value growth and dividends
- Faster premium payoff (8 to 20 years)
- High policy face amounts up to $100 million
Cons
- Among the higher premium costs
- More limited eligibility age range (18-75)
Canadians who want a whole life policy ideal for building lifelong savings and wealth should consider Sun Life. Their highly rated participating permanent plans are designed to deliver results.
Desjardins Insurance – Most Flexible Payment Whole Life Insurance
Desjardins stands out by offering exceptional flexibility to pay off whole-life premiums quickly on your terms. Their unique limited pay options provide unmatched customization.
Quick Facts:
- Desjardins is one of Canada’s largest cooperative financial institutions.
- Rated “A” (Excellent) for financial strength by A.M. Best.
- Eligible permanent policies pay annual dividends.
- Can tailor premium term from 5 years up to age 100.
- Also offers regular lifetime pay and 20-year limited pay.
Policy Highlights:
- Short 5, 10, 15 or 20-year premium payment terms are available.
- Dividends are paid on participating permanent plans.
- Unmatched ability to pay off policy faster than competitors.
- Conversion options are available after the limited pay period ends.
Pros
- Short 5, 10, 15 or 20-year premium payment terms
- Dividends paid on eligible participating permanent policies
- Unmatched ability to pay off policy faster than competitors
- Conversion options when the limited pay period ends
Cons
- Limited no medical exam policy options
- Participating policies only; no non-par alternative
Desjardins is a top pick for maximum flexibility to pay off whole life insurance premiums quickly. Their unique limited 5 to 20-year payment terms provide tailored options that fit any budget or financial plan.
Foresters Financial – Best No Medical Exam Whole Life Insurance
Foresters emerge as a leading choice for Canadians wanting streamlined whole life insurance without undergoing medical testing. Their hassle-free underwriting makes getting affordable coverage convenient.
Quick Facts:
- Specializes in no medical life insurance up to $500,000.
- Rated “A” (Excellent) for financial strength by AM Best.
- Permanent plans are offered with and without dividends.
- Participating policies pay dividends to qualifying holders.
- Offers discounted nonsmoker rates to smokers who commit to quitting.
Policy Highlights:
- No medical exam is required for up to $500,000 in coverage.
- Potentially low monthly premiums starting around $25.
- Participating policies are eligible for dividends.
- Lower premium rates for smokers who pledge to quit.
- Family coverage and survivorship plans are available.
Pros
- No medical exam is required for up to $500,000
- Potentially low monthly premiums from $25
- Participating policies eligible for dividends
- Lower rates for smokers who pledge to quit
Cons
- Maximum eligibility age of 70
- Limited premium payment options
For quick coverage without lab tests or exams, Foresters’ no-medical whole life insurance stands out. Its accommodating underwriting helps Canadians get covered.
Canada Life – Best Whole Life Insurance for Seniors
Canada Life earns top marks for its flexible whole life insurance options, which are tailored for older Canadians seeking permanent coverage in their later years.
Quick Facts:
- Canada Life is a leading Canadian insurance and wealth management provider.
- Rated “A+” (Superior) by A.M. Best for financial strength.
- Offers guaranteed acceptance plans for older seniors.
- Participating policies pay annual dividends.
- No maximum age cutoff to apply.
Policy Highlights:
- Specialized underwriting options for seniors.
- Guaranteed issue plans are available with simplified underwriting.
- No maximum age limit to apply for coverage.
- Participating policies are eligible for dividends.
- Various riders are available to enhance benefits.
Pros
- No maximum age cutoff to apply
- Guaranteed issue plans for older seniors
- Participating policies pay annual dividends
- Specialized underwriting for seniors
Cons
- Maximum coverage is limited on no exam options
- Fewer premium payment customizations
For whole life insurance explicitly tailored to the needs of older Canadians, Canada Life is an excellent choice, given its senior-friendly underwriting and flexible policy options designed for aging applicants.
Saskatchewan Blue Cross – Best Direct Purchase Whole Life Insurance
Blue Cross of Saskatchewan stands out as the top pick for Canadians wanting the convenience of purchasing directly from an insurer without going through an agent or broker. Their easy and affordable direct-buy experience makes getting whole life insurance online refreshingly simple.
Quick Facts:
- Saskatchewan Blue Cross is owned by policyholders.
- Rated “A+” (Superior) by AM Best for financial strength.
- Whole life insurance is offered directly online or over the phone.
- Participating policies pay annual dividends.
- 10 and 20-year limited payment schedules are available.
Policy Highlights:
- Purchase directly without an insurance agent or broker.
- Potential for annual dividends on eligible policies.
- Option for 10 or 20-year limited premium payment term.
- Tax-deferred cash value accumulation.
- Convenient online purchase and servicing capabilities.
Pros
- Purchase directly without an agent
- Annual dividends paid on eligible policies
- 10 or 20-year premium payment terms
- Policyholder owned company
Cons
- Online purchases are not available outside of Saskatchewan
- Fewer riders than larger national companies
Canadians wanting speed and convenience should consider Saskatchewan Blue Cross, which offers direct-buy access to simple, affordable whole life insurance without the hassle of agents.
Find the Best Whole Life Insurance Company for Your Needs
| Insurer | Best For | Financial Rating | Sample Monthly Premium |
| Manulife | Overall | A+ (Superior) | $165 |
| Wawanesa Life | Affordability | A (Excellent) | $112 |
| Sun Life | Cash Value | A+ (Superior) | $233 |
| Desjardins | Flexible Payments | A (Excellent) | $139 |
| Foresters | No Medical Exam | A (Excellent) | $92 |
| Canada Life | Older Age Applicants | A+ (Superior) | $148 |
| Saskatchewan Blue Cross | Direct Purchase | A+ (Superior) | $104 |
While the top-rated insurers above represent leading choices for whole life insurance in Canada, it is wise to compare quotes and policies from a shortlist of companies that interest you. Look for the optimal mix of pricing, financial stability, and specific policy features and services that best align with your budget and insurance goals.
Consulting with an independent life insurance broker or advisor can also provide tremendous value. An expert can educate you about different policy types and guide you in determining the ideal whole life insurance provider based on a thorough assessment of your financial situation and objectives.
To recap, weigh the following core factors when choosing whole life insurance coverage:
Premium Costs: Balance the policy’s death benefit, premium term and payment schedule with your budget.
Financial Strength: Select a highly-rated insurer with proven long-term claims-paying ability.
Policy Features: Assess available payment and coverage customization options, cash value potential, dividends, riders offered and more.
Customer Service: Gauge the insurer’s reputation for responsiveness and satisfaction among existing policyholders.
Purchase Experience: Evaluate the application, underwriting process, and digital servicing capabilities.
Investing the time upfront to thoroughly compare your options gives you the knowledge to find the whole life insurance policy that optimally shields your assets and those you love over the long haul.
Get The Right Whole Life Insurance For You
Now that you understand more about Canada’s top whole life insurance companies, you are better equipped to make the best choice for protecting your long-term financial security. Compare personalized quotes to find the right policy for your needs and budget. An independent advisor can guide you to select the ideal whole life insurance company for your unique situation.
FAQs about Top Whole Life Insurance Companies in Canada
Why should I consider whole life insurance in Canada?
To cover final expenses, access tax-advantaged cash value in retirement, pay estate taxes, or leave an inheritance. Whole life lasts a lifetime.
When should I buy whole life insurance in Canada?
The younger and healthier you are when purchasing whole life insurance, the lower your premiums will be. Buying early maximizes growth potential.
What factors determine the cost of whole life insurance in Canada?
Age, gender, health, lifestyle, death benefit amount, premium term, dividends, fees, interest rates, and insurance company profit margins and expenses.
What is the difference between participating and non-participating whole life policies in Canada?
Participating policies earn dividends, non-participating do not. Participating premiums are typically higher.
What is a 10 pay or 20 pay whole life insurance policy in Canada?
With limited pay whole life, premiums are paid for 10 or 20 years, then coverage continues with no more due.
How does limited pay whole life insurance work in Canada?
Limited pay has higher premiums but lifetime protection after you finish paying in 10, 20, or 30 years. Total lifetime outlay can be less.
What are the top rated whole life insurance companies in Canada?
Top picks based on ratings include Manulife, Sun Life, Canada Life, Desjardins, Wawanesa, Empire Life, and Foresters.
How do I choose the best whole life insurance company for me in Canada?
Compare costs, financial strength, dividends, cash value potential, policy features, customer satisfaction, ratings, and ease of getting coverage.
What financial ratings should I check when choosing a whole life insurance company in Canada?
Look for an A or A+ rating from third party rating agencies like A.M. Best, which indicates financial strength.
What policy details should I compare when choosing whole life insurance in Canada?
Compare premium costs, death benefit, premium term, limited pay options, dividend eligibility, cash value growth, and riders.
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