Best Whole Life Insurance Plans in Canada

Expert Reviewed
Expert Reviewed
Written by: Bonnie Stinson
Insurance Writer
Reviewed by: Erik Heidebrecht
Customer Service Manager and Licensed Insurance Advisor
Edited by: Helene Fleischer
Content Marketing Manager
Updated
April 23, 2026

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.

TL;DR The best whole life insurance plans in Canada in 2026

The best whole life insurance plans in Canada come from Assumption Life, Empire Life, and IA. 

Whole life insurance policies from these companies are a good fit for Canadians who want affordable whole life policies, accelerated underwriting, and flexible options for cash value and/or tax-advantaged investments.

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

Who is whole life insurance best suited for? 

While we believe that term life insurance coverage is the best life insurance solution for most Canadians, there are situations where whole life insurance might make the most sense. 

There are four reasons you may need a whole life insurance policy: 

  • 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 and compare life insurace quotes.
  • 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.

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: 

Company
Product
Rating
Average premiums*
Assumption Mutual Life Insurance Company
ParPlus (Life Pay Enhanced)
★★★★☆ (4.5)
$30/month
Canada Protection Plan
Preferred Whole Life
★★★☆☆ (3.5)
$33/month
Empire Life
Solution 100
★★★☆☆ (3.5)
$33/month

* For each product, we display the approximate monthly cost for a 30-year-old female non-smoker seeking a whole life insurance policy with $50,000 in coverage.

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

Best whole life insurance - #1
Assumption Mutual Life
( 4.5 )
Great Customer Service
Costs 8% less
than industry average

The price of ParPlus by Assumption Life starts at 17% below the industry average and maintains its competitive streak until applicants reach the age of 44. At that point, older adults and seniors are better off seeking a non-participating permanent life insurance product to save on premiums. However, its pricing remains below-average for smokers of any age.

Pros

  • $5,000 - $4 million in lifetime coverage available
  • $80 Annual policy fee
  • 7 Available riders
  • Choice of paying for 20 years or until age 100
  • Choice to receive dividends as accumulation, cash, enhanced, paid-up additions or reduced premiums
  • Choice of individual or joint life coverage
  • Includes the ability to vote at annual general meetings

Cons

  • Above-average rates for older applicants and seniors
  • Phone call may be required to quote and purchase
FlexTerm

Term: 10-35 years

Coverage: $100,000 - $10 million

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YouthPlus

Term: Until age 25

Coverage: $35,000 - $175,000

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Non-Participating Whole Life

Term: Lifetime

Coverage: $5,000 - $10 million

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ParPlus and ParPlus Junior

Term: Lifetime

Coverage: $5,000 - $4 million

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Bronze, Silver, Golden and Platinum Protection Whole Life

Term: Lifetime

Coverage: $5,000 - $750,000

Preferred Whole Life by Canada Protection Plan

Best whole life insurance #2
Canada Protection Plan
( 3.5 )
Costs 2% more
than industry average

Preferred Whole Life is no medical, permanent life insurance issued by Canada Protection Plan. If you're in good health, you'll qualify for CPP's second-best rates and an above-average amount of coverage. Otherwise, you'll have to settle for higher insurance premiums and a lower face amount.

It's a good product from a trusted insurer with an "A" from A.M. Best, but we recommend first applying for a fully underwritten policy (with a possible medical exam). According to the Canadian Life and Health Insurance Association, 96% of life insurance applicants receive the coverage they applied for and qualify for standard rates.

Pros

  • $50,000 - $1 million in lifetime coverage available
  • 10-Day Free Look Guarantee
  • 3 Available riders
  • Choice of paying for 20 years or until age 100
  • Guaranteed cash value starting in year 5
  • Includes terminal illness benefit, transportation benefit and access to online will creator, learning library, orphan benefit and more
  • No waiting period

Cons

  • Above-average rates for all ages and smokers
  • Restricted to applicants in good health

Preferred Elite, Express Elite, Preferred, Simplified Elite and Deferred Elite Term Life Insurance with $25,000 - $1 million in coverage for 10-30 years and no medical exam

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Preferred Elite, Preferred, Simplified Elite, Deferred Elite, Deferred and Guaranteed Acceptance Life with $5,000 - $1 million in lifetime coverage and no medical exam

Solution 100 from the Empire Life Insurance Company

Best whole life insurance - #3
The Empire Life Insurance Company
( 3.5 )
Advisor Required
Cost 2% more
than industry average

Solution 100 is a non-participating whole life insurance product from Empire Life. Despite the lack of dividends, it still costs more than term life insurance, and your only advantage is a guaranteed cash surrender value starting in year four. The problem with cash surrender values is that you have to wait a long time to see substantial value.

For example, in a 2020 case study by Empire Life, the guaranteed cash surrender value of "Jack's" policy was a mere 2% higher than all his premiums paid after 20 years. Jack might have done better by buying a 20-year term life insurance policy, investing the money he saved, and shopping for a new term policy once his old one expired.

Pros

  • $10,000 - $10 million in lifetime coverage available
  • $50 Annual policy fee
  • 8 Available riders
  • Below-average rates for applicants between the ages of 18-29
  • Choice of reduced coverage starting in year 4
  • Choice of single, joint or multi-life coverage
  • Guaranteed cash surrender value starting in year 4

Cons

  • Above-average rates for most ages and smokers
Solution 10-30

Coverage: $25,000 - $20 million

Term: 10-30 years

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Solution ART

Coverage: $25,000 - $499,999

Term: 3 years

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EstateMax

Coverage: $10,000+

Term: Lifetime

Features: Participating dividends

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Optimax

Coverage: $5,000+

Term: Lifetime

Features: Participating dividends

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Solution 100

Coverage: $10,000 - $10 million

Term: Lifetime

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Term to 100

Coverage: $10,000 - $20 million

Term: Lifetime

*We compared each product's yearly costs to the average cost of similar products for the same type of applicant. This figure shows the approximate price difference for a 30-year-old female non-smoker shopping for a whole life insurance policy with $50,000 in coverage.

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

Best term life insurance - #1
PolicyMe
Get My Quote
( 5.0 )
Great Customer Service
Quote Online
Buy Online
Cost 5% less
than industry average
Get My Quote

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

  • $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

Cons

  • Not well-suited for high-net-worth individuals looking for an estate planning tax strategy
Term life insurance

Term: 10-30 years

Coverage: $100,000 - $5 million

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Term 100 life insurance

Term: Lifetime

Coverage: $10,000 - $5 million

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Plus health and dental insurance and critical illness insurance

**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.

How to find the best whole life insurance in Canada

To find the best whole life insurance rates in Canada, it’s most important to shop around and get quotes from multiple life insurance providers. 

First, decide which type of whole life coverage works best for you.

You have two initial choices:

  • Participating or non-participating whole life (dividend eligibility and growth stability)
  • Life pay or limited pay (premium size and how long it lasts)

Participating vs. non-participating whole life insurance policies in Canada

Participating policies are best for long-term cash value growth for estate planning purposes, though dividends are not guaranteed.

Feature
Participating
Non-participating
Initial premium
Higher
Lower
Cash value
May increase more quickly with dividend growth
Increases more slowly at a guaranteed rate
Growth
Higher potential, less predictable
Less growth, more stable

Life pay vs. limited pay for whole life insurance policies in Canada

Life pay is a good fit for people who want lower premiums for life, whereas limited pay is a good option for older buyers and high earners who want to pay off their policy sooner (and can afford it).

Feature
Life pay
Limited pay (10- or 20-pay)
Premium timeline
Spread out over entire life
Pay premiums for a set period
Premium amount
Lower
Higher until fully paid up
Policy fully paid
Only when you pass
Sooner, often while you’re still working

Next, follow this advice from life insurance expert Erik Heidebrecht when considering whole life insurance policies in Canada: 

"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?"

Remember, whole life policies can differ in cash value, coverage options, withdrawal and policy loan options, savings components, and premium payment options — so be sure you’re comparing apples to apples.

Methodology: best whole life insurance

About the data

PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance products and providers. Our analysis combines 450,000+ quotes for 70+ policies and 20+ insurers, drawing on trusted sources such as COMPULIFE, WinQuote and official provider websites, supplemented by ratings from Google.

About star ratings

Each product received a star rating out of five based on pricing, customer satisfaction and ease of purchase, customized by age group, sex at birth, and smoking status. We awarded three stars to every provider with insolvency protection from Assuris and a financial stability rating of “A-” or higher from a respected credit rating agency such as A.M. Best.

Products with an average price at least 5% below the industry average received one extra star for affordability, while providers with a Google Reviews score of 4.0 or higher earned an extra half-star for customer satisfaction. Finally, products offering convenient online quoting options earned another half-star for accessibility. 

About the categories

The 10 “Best Of” categories use criteria reflecting the most popular types of coverage and buyer needs. Most term life insurance categories compare the average price of a 10-30-year policy with $600,000 in coverage for non-smoking women between the ages of 30-44. The “best of” categories for smokers and seniors compare policies for smoking women and 60-year-old women, respectively.

Most customers purchase a smaller amount of permanent and no medical coverage because it’s expensive, and they require coverage for end-of-life expenses rather than debt or income replacement. We therefore capped the coverage for the permanent and no medical life insurance categories at $50,000. Similarly, we compared the best products for seniors using $150,000 of coverage.

About rankings

The rankings within each category are determined first by star rating and then by average monthly premiums by age group, sex at birth and smoking status. 

About pricing comparisons

To ensure fairness and accuracy, we made all pricing comparisons between products of the same type, with the same coverage amount, and for the same combination of age group, sex at birth and smoking status. The rates listed in this article are based on publicly available rates as of April 2026.

For example, the cost of a 10-year term policy for non-smoking women aged 18-29 with $400,000 in coverage is always compared to the industry average for all 10-year term policies for the same demographic segment and with the same amount of coverage.

Similarly, the average cost of a fully underwritten permanent life insurance policy for non-smoking women aged 30-44 with $75,000 in coverage is always compared to the industry average for all fully underwritten permanent policies for the same demographic segment and with the same amount of coverage.

Disclaimer

PolicyMe’s findings use unaltered data and are free from paid placements or sponsored influence. While we strive to keep our information up-to-date, we cannot guarantee the validity of third-party data. These results are intended as a helpful reference and not as a substitute for personalized financial advice.

FAQ: best whole life insurance companies Canada

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

Bonnie Stinson is an insurance writer and researcher in Toronto with a decade of experience producing helpful, accurate content for Canadians. They have published resources for some of Canada's most innovative and consumer-trusted companies in the health, legal, and fintech sectors. 

Bonnie Stinson is an insurance writer and researcher in Toronto with a decade of experience producing helpful, accurate content for Canadians. They have published resources for some of Canada's most innovative and consumer-trusted companies in the health, legal, and fintech sectors. 

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