About Whole Life Insurance

As the name suggests, Whole Life Insurance is life insurance that provides protection for your whole life. Premiums are fixed from the application date and generally do not change. With a whole life policy, you often have the option to pay for life or pay up early in 10 or 20 years, or until age 65. This unique feature of Whole Life Insurance gives you more freedom to determine how you cover your plan premiums. You can choose to have them spread out evenly for life, or you can choose to pay off your coverage faster.

Cash Value Options

Whole life insurance plans are also able to build guaranteed cash value. The money can be withdrawn or borrowed against. In addition, if you decide to cancel your plan you will receive the accumulated cash sum, subject to provisions of your policy.

Your cash value accumulates over time as you own the policy and can be used in a number of ways, including:

• To cover premium payments,
• To supplement retirement income,
• For emergencies where you need cash fast,
• For a loan,
• To help make a larger purchase.

Two Types of Whole Life Insurance

There are two types of whole life policies you can choose from: participating and non-participating whole life. Let’s take a closer look at the benefits of each.

Benefits of Non-Participating Whole Life:

• Protects you for life.
• Your premiums are guaranteed never to change.
• A cash value that can serve as emergency money as you need it.
• Affordable life insurance coverage due to its lack of investment options.
• Guaranteed tax-free death benefits.

Benefits of Participating Whole Life:

• Protects you for life.
• Invest into your policy to lower premiums or build value.
• Tax-deferred investments managed by professional investors and financial advisors.
• An excellent option for those who have topped out RRSP contributions.
• Annual dividends.
• Guaranteed premiums.
• Guaranteed tax-free death benefits.

We work with all major Canadian providers to offer you the best rates on Whole Life Insurance. Our advisors work with the whole market to find you a plan that matches your budget and unique circumstances.

Please complete our short enquiry form to get a free, no-obligation quote for Whole Life Insurance.

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