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Whole life is permanent insurance that never expires as long as you pay premiums. Each payment partly funds the death benefit and partly builds tax-sheltered cash value you can access during your lifetime.
Term life rents coverage for a fixed period — 10 to 35 years — with no cash value or refund if you outlive it. Whole life owns coverage permanently and accumulates value you can borrow against.
Whole life is most often used for estate transfer, leaving a tax-free inheritance, or funding final expenses. It's also a tool for high-net-worth Canadians shifting taxable assets into tax-sheltered growth.
Part of every premium covers the death benefit; the rest grows inside the policy at a guaranteed rate. After 5-10 years, cash value becomes significant enough to borrow against or supplement retirement income.
Premiums stay locked for the entire policy — typically until age 100 or for life. Inside the policy, cash value grows yearly at the insurer's guaranteed rate, often with dividends layered on top.
Whole life costs 5-10× more than term life — about $75/month for $100k coverage at age 40, healthy. The premium is locked at signup and never increases regardless of age or health changes.
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Flexible premiums and adjustable death benefit. You can dial coverage up or down as life changes — cash value growth varies with market rates.
Death benefit and cash value tied to investments you pick. Higher upside than fixed plans, but you carry the market risk.
Earn annual dividends from the insurer's profits. Reinvest to grow cash value, take cash payouts, or offset future premiums.
Small affordable policy for funeral, burial, and end-of-life costs. Quick to qualify for and designed to keep your family out of debt.
Life insurance costs are always unique to the insured. How much you will pay for coverage depends on many factors, such as:
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With whole life, you're covered for life no matter which option you choose — the only difference is how many years you keep paying premiums. Pay over fewer years to finish faster and own a paid-up policy sooner, or stretch payments across your lifetime for the lowest monthly cost.
Pay higher premiums for 10 years, then coverage is paid up for life.
Balance affordability and finish line — done paying in 20 years.
Lowest monthly premium, paid as long as you live, with full coverage.
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