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Best Whole Life Insurance in Canada (And Whether It’s Right For You)

Expert Reviewed
Expert Reviewed
Written by: Jessica Barrett
Content Marketing Manager
Reviewed by: Erik Heidebrecht
Customer Service Manager and Licensed Insurance Advisor
Edited by: Helene Fleischer
Content Marketing Manager
Updated
July 16, 2025

PolicyMe content follows strict guidelines for editorial accuracy and integrity. Learn more about our editorial guidelines.

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Key Takeaways
  • Assumption Life, Empire Life, and IA offer some of the best whole life insurance policies in Canada.
  • Our picks for best whole life insurance in Canada emphasize affordable coverage, convenient applications, and accelerated underwriting.
  • For most Canadians, term life insurance offers more affordable, flexible protection for their loved ones than whole life insurance.

The best whole life insurance policies in Canada

Most Canadian life insurance companies offer whole life insurance — but which plan is best? We’ve analyzed offerings from over 20 companies and summarized our picks below: 

Provider
Product
Rating
Average premiums*
Assumption Mutual Life Insurance Company
ParPlus (Life Pay Enhanced)
★★★★☆ (4.5)
$30/month
The Empire Life Insurance Company
Solution 100
★★★☆☆ (3.5)
$33/month
IA (Industrial Alliance)
Access Life L100 Immediate Plus
★★★☆☆ (3.5)
$34/month

* For each product, we average the monthly premiums for female non-smokers between the ages of 30-44 . The results show the approximate cost of a whole life insurance policy with $50,000 of coverage.

ParPlus (Life Pay Enhanced) from Assumption Mutual Life Insurance Company

Provider
Product
Rating
Price comparison*
Assumption Mutual Life Insurance Company
ParPlus (LifePay, Enhanced)
★★★★☆ (4.5)
8% below industry average

Our expert take: Assumption Life’s ParPlus participating whole life insurance policy is an excellent option for most Canadian adults in search of lifelong coverage. While a 20-year pay option is available, we think the Life Pay policy with Enhanced dividends offer the best value for money along with the best financial security for policyholders and their loved ones. 

  • Accelerated underwriting available for face values up to $2M for applicants aged 45 and under
  • 5 dividend options available, including reduced premiums and paid-up additions
  • 8 optional riders available
  • Competitive rates for smokers and applicants under age 45
  • No online quotes
  • Premiums for seniors are 10% above industry average
  • $80 annual policy fee

Solution 100 from the Empire Life Insurance Company

Provider
Product
Rating
Price comparison*
The Empire Life Insurance Company
Solution 100
★★★☆☆ (3.5)
2% above industry average

Our expert take: If you’re in search of an affordable permanent life insurance solution with a guaranteed cash value component but no complex bells and whistles, Empire Life Insurance’s Solution 100 option might be a good fit. Empire Life describes Solution 100 as a good pick for seniors, young children, and those looking for affordable coverage. 

  • $10,000–$10 million in lifetime coverage available
  • Below-average rates for applicants under age 30
  • 8 life insurance riders available
  • Must meet with an advisor to buy
  • Guaranteed cash surrender value not available until year 10
  • $50 annual policy fee

Access Life L100 Immediate Plus from IA (Industrial Alliance)

Provider
Product
Rating
Price comparison*
IA (Industrial Alliance)
Access Life L100 Immediate Plus
★★★☆☆ (3.5)
6% above industry average

Our expert take: For those in search of whole life insurance who have had difficulty getting covered elsewhere, IA’s Access Life L100 option offers permanent coverage with a tax-advantaged investment option with no medical exam for any applicant. IA’s simplified underwriting sorts applicants into four tiers — Guaranteed Access, Deferred, Deferred Plus, and Immediate Plus — based on their answers to a brief set of health questionnaires. Our pick, the Immediate Plus option, offers up to $500,000 in face value coverage to applicants under age 50. 

  • No medical exam required
  • Same-day insurance available in some cases
  • Option to combine permanent and term coverage
  • Face values max out at $500,000
  • Above-average rates for all age groups
  • No online quotes
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Other top picks for whole life insurance

While the plans highlighted above stand out as the most affordable, convenient, and customer-friendly whole life insurance products in Canada, other companies offer great products that may be a better fit for your needs. Financial institutions like Sun Life, Manulife, and BMO offer whole life insurance policies that could be worth your consideration.

Best alternative to whole life insurance in Canada

In most cases, term insurance tends to be a better choice than permanent coverage. A term life policy is more flexible and typically comes with considerably lower premiums. It allows you to secure coverage during the years you have financial obligations (like a mortgage or dependent kids) and adjust or discontinue your coverage once those obligations end. 

  • Better returns on investment: Term life doesn’t have an investment component, but you’ll have the option to put the cash you saved on premiums into a traditional investment account, which typically offers better interest rates.
  • Smaller lifetime cost: Whole life insurance costs are steep, and in many cases you must continue paying premiums for your entire lifetime. Term life insurance carries lower premiums that stop when your policy period ends, saving you thousands over time.

Term life insurance by PolicyMe

Provider
Product
Rating
Price Comparison*
PolicyMe
Term life insurance
★★★★★ (5.0)
Costs 5% less than industry average

‍Our expert take

PolicyMe offers one of the most affordable term life insurance policies in Canada, with rates as low as 23% below the industry average. Our streamlined application process delivers cost-effective coverage backed by Securian Canada, which has been rated "A" or higher by A.M. Best for over 75 years.

Most applicants don't require a medical exam, and there are family-friendly features like complimentary child coverage and a first-year couple's discount. The downside is that PM's insurance rates aren't so competitive for high-risk cases such as seniors and smokers.

Pros & Cons

  • $100,000 - $5 million in coverage available for 10–30 years
  • $10,000 of complimentary coverage per child with every policy
  • 31-day missed payment grace period
  • 30-day trial period
  • 10% first-year couple's discount
  • Below-average rates for applicants under the age of 60
  • Buy online or over the phone
  • Convertible
  • High Google review scores
  • Pay by credit card
  • Renewable
  • Above-average rates for seniors
  • No accidental death and dismemberment or disability riders
  • No brick-and-mortar offices

‍Available products

  • Term life insurance with $100,000 - $5 million in coverage for 10-30 years
  • Term 100 life insurance with $10,000 - $5 million in lifetime coverage

**We compare the yearly cost of each product to the average cost of similar products for the same type of applicant. These figures show the approximate price difference for a female non-smoker between the ages of 30-44 seeking a 10-30-year term life insurance policy with $500,000 of coverage.

What is whole life insurance?

Whole life insurance is a type of permanent life insurance policy that covers you for your entire life. This guaranteed coverage offers financial protection for your beneficiaries, ensuring they receive a financial payout (guaranteed death benefit) upon your death, no matter when it occurs. 

A portion of your whole life insurance premium also contributes to a cash value account, which grows steadily over time. This feature allows you to access funds for emergencies, investments, or future needs.

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Whole life vs. universal life

Universal life insurance is another popular type of permanent life insurance policy. Unlike whole life insurance, which offers fixed premiums, universal life insurance allows policyholders to adjust their premium payments and death benefit over time.

‍Learn more: Whole life insurance, explained

Is whole life insurance right for you? 

We believe that term life insurance coverage is the best life insurance solution for most Canadians, but there are situations where whole life insurance might make the most sense. You might need a whole life insurance policy if: 

  • You have a high net worth. If you’ve maximized your FHSA, RRSP, and/or TFSA contributions and want an additional way to leave a legacy or take advantage of tax-free growth, you might consider a whole life policy.
  • You can afford higher premiums. Permanent coverage is 5 to 15 times more expensive than term coverage and lasts your lifetime, so before you purchase a policy, you want to ensure that you can comfortably afford the cost. 
  • You have lifelong dependents. If you’re caring for a dependent who will still rely on you at the time of your death, this type of policy can provide for their ongoing care and your peace of mind. It’s best to speak to an attorney if you’re interested in setting up a trust for this purpose.
  • You want to build cash value. A whole life policy’s cash value grows over time at a rate set by your insurance provider.
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Be wary of upselling

Whole life insurance policies represent a bigger commission for agents, so there’s a strong incentive to sell these policies even in cases where term life insurance would offer adequate (or better!) financial protection. If your insurance advisor tells you to consider whole life insurance, weigh the advantages against the steep costs.

How to find the best whole life insurance in Canada

To find the best whole life insurance rates in Canada, you’ll want to shop around and get quotes from multiple life insurance providers. When doing so, be sure you’re comparing apples to apples. Not all policies have the same cash value, coverage options, or premium payment options. 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?"
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Find out how much life insurance you need

If you’re not sure what type of policy you need, PolicyMe’s simple life insurance calculator can help you estimate the amount of coverage you and your family need from a term or whole life insurance policy.

FAQ: best whole life insurance companies Canada

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Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:

Jessica is a content marketing manager with PolicyMe. She has over a decade of experience creating content, including 10 years freelancing for nonprofits and small businesses in North America and beyond. She was previously the senior editor handling car insurance content for Silicon Valley startup, and the managing editor for creditcardGenius. She's passionate about breaking down complex financial topics into clear, approachable content that helps readers feel confident about their decisions.

Jessica is a content marketing manager with PolicyMe. She has over a decade of experience creating content, including 10 years freelancing for nonprofits and small businesses in North America and beyond. She was previously the senior editor handling car insurance content for Silicon Valley startup, and the managing editor for creditcardGenius. She's passionate about breaking down complex financial topics into clear, approachable content that helps readers feel confident about their decisions.

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